106 Agreements Planning

When it comes to real estate development, 106 agreements planning may not be on the forefront of your mind. But as a developer or property owner, it’s important to understand what these agreements entail and how they can impact your project.

What is a 106 Agreement?

A 106 Agreement is a document that outlines the responsibilities of a developer or property owner in regards to historic preservation. This agreement is required by Section 106 of the National Historic Preservation Act and applies to any project that receives federal funding, assistance, or permits.

The goal of a 106 Agreement is to ensure that any changes or alterations made to a historic property or site are done in a way that preserves its historic significance. This may include requirements for documentation, archaeological surveys, and public outreach.

Why is 106 Agreements Planning important?

If your project requires a 106 Agreement, it’s important to plan for this process in advance. Failure to comply with the agreement can result in legal action, fines, and even the revocation of federal funding or permits.

Additionally, a poorly executed 106 Agreement can result in delays and added expenses for your project. By planning for this process early, you can ensure that the agreement is completed in a timely and efficient manner.

Tips for successful 106 Agreements Planning:

1. Research early: Determine if your project requires a 106 Agreement and what the process will entail. This will help you prepare for any potential costs or delays.

2. Communicate with stakeholders: Reach out to local historic preservation organizations, government agencies, and other stakeholders to understand their concerns and requirements. This can help you anticipate any potential issues and find ways to address them.

3. Hire experts: Consider hiring a consultant or expert in historic preservation to help you navigate the 106 Agreement process. They can help you understand the requirements and ensure that your project is compliant.

4. Budget accordingly: The cost of a 106 Agreement can vary depending on the scope of the project. Make sure to include these costs in your budget and plan accordingly.

5. Stay organized: Keep detailed records of all documentation and communication related to the 106 Agreement process. This can help you stay on track and ensure that all requirements are met.

In conclusion, 106 Agreement planning may seem like a small detail in the grand scheme of real estate development. However, it’s an important step to ensure that your project is compliant with historic preservation requirements and avoids potential legal issues. By planning for this process early and following these tips, you can ensure that your project is successful and avoids unnecessary delays or expenses.