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Orange County Transfer of Development Rights Feasibility Study <br />DRAfT Economic Feasibility Report <br />On each of several issues regarding how the TDR program is designed, there are two or <br />more equally feasible options that will need to be decided among if the County decides <br />to proceed with creating a TDR program. The TDR program's main purpose or purposes <br />will need to be clearly articulated to serve as a guide for many of the decision points <br />that follow: <br />Method of designating Sending and Receiving Areas: mapped boundaries <br />versus criteria-based eligibility? <br />^ Minimum acreaoe requirement in Sending Areas: should there be a minimum' <br />acreage requirement for participation as a Sending Area p~erty? If so, what <br />should the minimum be? <br />^ Partial transfer of Sending Area development potential: Should Sending Area <br />property owners be permitted to retain a portion of their property's development <br />r~hts when they sell development riahts~ If so how large a portion should they be <br />permitted to retain? <br />^ Density bonus cap in Receiving Areas: uniform limit or variable basis? <br />Sending Area allocation of transferable development rights: uniform basis <br />or variable merit basis? <br />Receiving Area awarding of density bonus: uniform basis or variable merit <br />basis? <br />Receiving Area commercial use of density bonus: allow for this at start-up, or <br />decide after acquiring experience with residential uses? If applied at start-up of the <br />program, then how to decide the appropriate TDR density bonus as credits transition <br />from residential to commercial use? <br />Sending Area participation incentives: will pent-up demand from the lands <br />legacy program reduce or eliminate the need for incentives, or will the size of the <br />Receiving Area and its ability to absorb Sending Area development rights dictate few <br />or no Sending Area incentives? If incentives are used, which ones? (Allocating more <br />development rights than the zoning allows -- either with or without the <br />Comprehensive Plan's potential downzoning - or using criteria to vary the allocation <br />of development rights above those allowed by zoning) <br />Receiving Area participation incentives: can the TDR process be designed to <br />be more welcoming to developers than existing processes and so provide an <br />incentive, and if not, what other incentives will be needed to entice developers to <br />participate? (Applying a multiplier to transferred development rights, allowing <br />commercial use of transferred development rights, using criteria to vary the density <br />transfer limit, enacting a modest downzoning?) In Orange County, the most <br />important form of Receiving Area incentive may be providing a process for achieving <br />intensified development that is more certain, less time-consuming and less costly to <br />developers than existing processes. <br />Sending Area development restrictions: will there be a standard set of <br />development restrictions or will they be negotiated on aper-easement basis? <br />22 <br />Formatted: 8uilets and Numbering <br />6.7.2006 <br />