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Draft August 26, 2004 12 <br />Proposed Process. To select a sending zone site, County Planning Department staff will apply <br />zoning criteria to the parcel or parcels. The resulting number represents the number of <br />development rights, which potentially could be hansferred to a receiving site before any <br />conversion into a transfer certificate. <br />Application. <br />Sending Zone, Before a payment to the owner of a sending zoning tract can be authorized only <br />after the owner provides a legal description of the property to be encumbered and the Planning <br />Department staff makes a formal determination of the number of development rights assignable <br />to the property. <br />Receiving Zone. A property owner wishing to develop a property shall make application to the <br />Planning Department. <br />Discussion. Issues that should be resolved might include the following: <br />• Establishment of a planning management procedure to transfer and to develop property <br />rights. <br />• TDR certificates, <br />• Is down zoning needed, and if so, where? <br />• Will rezoning be required or can this be accomplished administratively? <br />• Will the sending and receiving zones need to be down zoned or can it be accomplished <br />with the present situation? <br />Market Evaluation <br />Proposed Policy. To create and maintain a sustainable TDR program that can accurately mrd <br />reliably monitor and evaluate actual market ecaronric petrormance over time for the benefit of <br />the public healtk, safety, and welfare.. <br />Potential Action Statements. <br />• Continue to run county and small area growth scenarios using alternative densities and <br />growth patterns. <br />• Initiate constructive criticism from local developers, financial institutions, and real estate <br />representatives. <br />• Monitor trends in purchase prices of development rights and their marketability,. <br />• Monitor bends in local demand for transferred development rights. <br />Issues. The following questions may be issues for further discussion. <br />• Is there an economic market with sufficient vitality to sustain a Transfer Program? <br />• How do we compare the Orange County real estate marketplace to other communities <br />with successful programs? <br />• What incentives must Orange County provide to initiate a TDR program? <br />• Are all TDR densities (development rights) equal in value? <br />• Conversion of'residential development rights to commercial development rights at a rate <br />of one unit to gross square feet of commercial or square feet of office gross <br />floor area. <br />GRB <br />