SB 465

Abstract

Virginia Land Conservation Foundation. Allowsland trusts that have been accredited by the Land Trust AccreditationCommission or a similar set of standards and practices adopted bythe Virginia Land Conservation Board of Trustees (the Board) to hold an interest in land other than a fee simple interest as a resultof a grant or transfer from the Virginia Land Conservation Foundation(the Foundation) without a co-holder. Current law requires thatcertain interests in land as a result of a grant or transfer from the Foundation be held jointly by a holder and a public body. Thebill also allows, whenever a holder acquires fee simple interestin land as a result of a grant or transfer from the Foundation, theBoard to accept a reversionary interest in such land as an alternativeto a public body holding an open space easement in such land.