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Agenda - 06-27-2006-7b
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Agenda - 06-27-2006-7b
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8/29/2008 6:00:34 PM
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BOCC
Date
6/27/2006
Document Type
Agenda
Agenda Item
7b
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Minutes - 20060627
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\Board of County Commissioners\Minutes - Approved\2000's\2006
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Orange County Transfer of Development Rights Feasibility Study 16 <br />DRAFT Economic Feasibility Report <br />This was then multiplied by the TDR density bonus to derive the maximum density with <br />TDR. In order to calculate the expected TDR demand, the maximum density was <br />multiplied by the expelled increment per acre (e.g., 80 percent of maximum density), <br />The result is the overall expected TDR demand for the subject receiving area, The <br />definitions for each of the terms and the assumptions used in this model are described <br />below. <br />TDR allocation rate -The number of TDRs that a sending site owner can sell per <br />acre. The summary reflects an allocation rate of one TDR credit per acre, For a <br />vacant 10-acre property, the property owner could sell 10 TDR credits, <br />Sending Area participation rate -For purposes of this study, it is assumed that 100 <br />percent of eligible landowners will wish to participate, although for illustrative <br />purposes sending area credits at BO% and 50% participation rates are also shown, <br />Density bonus -The percent increase of allowable units in the receiving area, The <br />summary reflects alive-fold increase in existing zoning in the receiving area. Since <br />the majority of the receiving area is zoned for low density, this large percentage <br />increase still does not produce high densities in most areas, For example, an AR <br />district currently allows one dwelling unit per acre and would be eligible for up to <br />four additional units. This study uses a conversion rate of one TDR credit equals <br />one unit of additional density. <br />Expelled average increment per acre -The amount of allowable units expected to <br />be used in the receiving area. Based on comparable studies, this analysis assumes <br />the developer will use an average of 80 percent of the maximum theoretical <br />increment per acre, <br />Receiving Area participation rate -For purposes of this study, we assume 100 <br />percent of eligible Receiving Area landowners will wish to participate. <br />Assumations <br />We assume that TDR credit transactions are set at a 1:1 ratio for both Sending and <br />Receiving Areas.. Developers purchase eighty percent of the permissible TDR credits at <br />the Receiving site (based on experience in other communities), We backed out lands <br />that were already developed in the Sending Areas, but assumed that hundred percent of <br />the remaining area would be eligible to participate. For illustrative purposes, we <br />calculate an eighty percent and fifty percent participation rate as well. Land prices for <br />each parcel are reflective of recent transactions in a larger area (township). Buyers and <br />sellers of credits have a hundred percent rate of success in reaching agreements, and <br />developers have a hundred percent success rate in seeing their development through to <br />the stage where TDR transactions actually occur, <br />Analvsis of Suouly and Demand <br />The feasibility analysis reveals that, with the above assumptions, supply will exceed the <br />number of Receiving Area TDR Credits in every case. The sending areas produce more <br />TDR credits than the receiving areas can accommodate. This may provide a comfortable <br />"cushion" of demand but may be problematic as well since research indicates that the <br />receiving area should be large enough to accept sufficient TDR credits to make an <br />6.7 2006 <br />
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