Development Agreements

[John Walsh]

<p class=”MsoNormal”><span style=”font-family: Georgia, serif; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;”>Are there any localities out there who use Development Agreements when selling property at Tax Sale auctions?  Richmond sells a number of properties each year, but we find that some of these are purchased by investors who do not really intend to do much with them and just sit on them for years.  Some have even fallen tax delinquent a second time and been auctioned two or more times.</span></p>
 
<p class=”MsoNormal”><span style=”font-family: Georgia, serif; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;”>If you do use development agreements what are the provisions and would you be willing to share a copy of the standard agreement with us?</span></p>

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