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<br />Legal Feasibility <br />a, Orange County can rely on its existing authority to purchase conservation easements, <br />award density bonuses, designate sending and receiving areas, and establish <br />eligibility, bonus limit criteria, and establish varying levels of development <br />bonuses, <br />b. Development rights may not `float." The transaction must be between a willing, <br />private seller (sending area owner) and a willing, private buyer (receiving area <br />developer), An open market approach is best. <br />c. County municipalities may wanf to be part of the County TDR program, but initially the <br />County should establish its own TDR program. <br />Economic Feasibility <br />a. Balancing supply (sending area) and demand (receiving area) is critical. <br />b. Sending areas will produce a sufficient supply of TDR credits. <br />c. Appraisals for the conservation easements on sending area properties are <br />recommended to ensure that both buyers and sellers are treated fairly and <br />receive a similar and accurate price. <br />d, Receiving areas are somewhat fixed by public water and sewer availability, <br />e. Sending areas can vary in location. Prioritization of areas is probably necessary to <br />create a balance between the sending and receiving areas. <br />Administrative Design Feasibility <br />a. An initial investment of County funds will be needed to develop an administrative <br />organization to operate the TDR program. <br />b. Informing and educating stakeholders and the public is critical. <br />c, Performance objectives and measures for program evaluation are recommended. <br />d. TDR program design should be coordinated with other County programs and <br />initiatives. <br />Program Design Issues: Phase III <br />a, Methods of designating sending and receiving areas. <br />b, Sending area participation based on criteria merits or open to al! properties, <br />