As previously discussed here and here on this blog, this bill extends plats up to a maximum of ten years. Unlike previous bills it applies to plats not only in city limits, but also in unincorporated areas of a county.
Currently the housing industry is beginning to run into a shortage of lots since new lots have not been brought to market since the recession started. Allowing plats to continue forward should alleviate some of the lot shortage pressure as new plats begin working their way through the entitlement process. 
Here is an article that I wrote in the Daily Journal of Commerce in October 2012 following up on an article I wrote in 2010 explaining that a lot shortage was coming.
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