SB1122: Open-Space Lands Preservation Trust Fund; use of funds, conservation easements.

Legislative Summary

Open-Space Lands Preservation Trust Fund; use of funds; conservation easements to nonprofit land trust. Allows grants made from the Open Space Lands Preservation Trust Fund to be used to aid localities in providing funding for projects approved by the Virginia Outdoors Foundation to persons conveying conservation easements to nonprofit land trusts so long as such easement has a local coholder, as defined in the bill. In cases where a grant is used to purchase all or part of the value of a property interest, such property interest is required to be (i) compliant with the Open-Space Land Act or (ii) a conservation easement under the Virginia Conservation Easement Act, so long as the holder of such easement is accredited by the Land Trust Accreditation Commission or its designated subsidiary entity. If the Land Trust Accreditation Commission accreditation is not available at the time of the grant application for such holder, the Foundation is required to evaluate such holder on a case-by-case basis consistent with its established guidelines. Open-Space Lands Preservation Trust Fund; use of funds; conservation easements to nonprofit land trust. Allows grants made from the Open Space Lands Preservation Trust Fund to be used to aid localities in providing funding for projects approved by the Virginia Outdoors Foundation to persons conveying conservation easements to nonprofit land trusts so long as such easement has a local coholder, as defined in the bill. In cases where a grant is used to purchase all or part of the value of a property interest, such property interest is required to be (i) compliant with the Open-Space Land Act or (ii) a conservation easement under the Virginia Conservation Easement Act, so long as the holder of such easement is accredited by the Land Trust Accreditation Commission or its designated subsidiary entity. If the Land Trust Accreditation Commission accreditation is not available at the time of the grant application for such holder, the Foundation is required to evaluate such holder on a case-by-case basis consistent with its established guidelines.