Cash proffers; land transfer, extinguishing development rights.

Cash proffers; land transfer; extinguishing development rights. Provides that (i) cash payments proffered pursuant to relevant zoning law and (ii) the transfer of land may be used by an applicant for the purpose of extinguishing development rights elsewhere in the locality if the development rights to be extinguished are greater than the development rights being granted and the extinguishing of those development rights results in a perpetual conservation easement. The bill also provides that cash payments proffered may be used to seek matching funds from the Virginia Land Conservation Foundation and the Virginia Farmland and Forestland Preservation Fund.