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Orange County Transfer of Development Rights Feasibility Study 17 <br />DRAFT Economic Feasibility Report <br />attractive market.' This imbalance in supply and demand can be addressed through <br />increasing the density bonus rate; adjusting the TDR allocation rate; modifying the <br />language in the conservation easements placed on Sending Areas to be more restrictive <br />of allowable uses; a reduction in the participation rate of the sending areas; enlarging <br />the size of the receiving areas; reduced demand through applying design standards or <br />affordable housing requirements; and/or through the conversion of sending area credits <br />to credits for increasing commercial development within Economic Development Zones, <br />rural development nodes, or other compatible areas of Orange County. <br />Another program option that would help address the imbalance is allowing certain types <br />of development, such as Planned Unit Developments (PUD), to be eligible for using more <br />TDR credits, PUDS would act as an alternative option For developers and may <br />accommodate more than the density bonus, In order to obtain the additional credits, <br />the developer would have to meet specific requirements set forth in the TDR provisions, <br />These requirements could include: certain design criteria, multi-family housing units, <br />mixed-use development, affordable housing, public infrastructure investments, etc, This <br />option would require additional review and approval above and beyond the normal <br />process carried out by the Planning Board, County Commission or a TDR Committee, <br />Under the current scenarios, this program option would enable the receiving areas to <br />accommodate more credits and provide a better balance of supply and demand. <br />Tahla l~ SIIMM4RV <br /> <br />Total Eli ible Sendin Acres . ~ <br />180 471 . <br />82 892 ~ <br />74 723 <br />Total TDR Su I 100% Partici ation 180 471 82 892 74 723 <br />Total TDR Su I 80% Partici ation 144 377 66 314 59 778 <br />Total TDR Su I 50% Partici ation 90 236 41 446 37 361 <br /> <br />Total Eli ible Receivin Acres 7 513 7 513 7 513 <br />Maximum Allowed TDR Credits <br />80% Ad'ustment for Utilization <br />TDR Credit Ca aci dwellin units 25 358 25 358 26 358 <br /> <br />Net Su I -Demand 100% Partici anon 155 113 57 534 49 364 <br />Net Su I -Demand 80% Partici anon 119 019 40 956 34 420 <br />Net Supply-Demand_(50% Partici anon 64 878 i6 088 12 003 <br />Analysis of TDR Pricing <br />Since the value of land in Orange County varies dramatically, the price of TDR credits <br />will also vary, all other things being equal, Based on case studies and conversations <br />with Analytical Consultants, a firm with expertise in appraising the value of conservation <br />easements with a thorough knowledge of the market in Orange County, conservation <br />easements are valued based on the "percentage of fee value" or percentage of the total <br />' Rick Pruelz, <br />(Marina Dei Rey, <br />pg. 139-190, <br />6J Z006 <br />