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19 <br />quantity of vacant developable land, land <br />value, sales or market prices, etc. <br />ii, The model would utilize the build-out estimates <br />from the residential and nonresidential supply <br />analysis in Phase I and determine the available <br />credits and value within the sending areas, <br />iii. Apply the appropriate property appraisal <br />technique (e.g., sales, net income, replacement <br />cost) and estimate the value of the transferred <br />development credit, adjusting as needed for the <br />costs of land and improvements by location in the <br />County. <br />B. Assess "Receiving Areas" potential with Task Force <br />1. Identify eligible receiving areas and <br />i. Establish eligibility criteria, including but not <br />limited to size and capacity/demand criteria <br />(such as adequate water/sewer and transportation <br />infrastructure, and avoidance of sensitive <br />natural areas), etc.; <br />ii. Establish criteria for using TDR credits maximum <br />TDR limits & ratio to TDR credits to dwelling <br />unit or floor area densities) <br />2. Develop TDR Feasibility Assessment Model ("Receiving <br />Module" and <br />i. Design, for the receiving areas, a spreadsheet <br />model that facilitates different "what if" <br />scenarios reflecting different values for key <br />variables (i.e., "as-of-right" densities, higher <br />proposed densities, absorption rates, <br />construction costs, capitalization rates, <br />infrastructure plans), <br />ii. The model shall compare the as-of-right density <br />of the receiving areas to the future estimates of <br />residential demand (both from Phase I) to <br />determine the overall demand for transferred <br />development credits, <br />iii. The appropriate property appraisal technique <br />shall be applied to estimate the value of the <br />transferred development credit, <br />C. Determine overall economic viability of TDR market <br />1. Comparison of supply and demand for TDR credits using <br />the information gathered in the TDR Feasibility <br />Assessment Model (Sending and Receiving Modules), the <br />available credits and values within the sending areas <br />will be compared to the overall demand for credits in <br />