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25 <br />i. Eligibility criteria; <br />ii. Down-zoning of Sending Areas ("mandatory" TDR) vs. existing zoning <br />densities for Sending Areas ("voluntary"); <br />iii. Criteria for awarding TDR credits uniform vs. variable scales, & ratio of <br />TDR credits to existing development rights); <br />2.` Develop TDR Feasibility Assessment Model Sending Module (LBG) <br />i. A spreadsheet model in EXCEL will be prepared drat will facilitate the <br />exploration of key: variables and enable a series. of "what if' scenarios to <br />be investigated. The model will support a systematic exploration of the <br />range of outcomes for market feasibility by substituting values of key <br />variables. Scenarios will account for important elements in the TDR <br />program that would be subject to change or variation including the <br />administrative framework (ie., free market approach, laid banking <br />system), existing development density, as-of-.right zoning density, quantity <br />of vacant'developable land,'land value, sales or mazket prices, etc. <br />ii. The model would utilize the build-out estimates from the residential and <br />nonresidential supply analysis in Phase I to determine the available. credits <br />iii. The appropriate property appraisal technique,(e.g„ sales, net income <br />replacement cost) will be applied to estimate the value of the transferred <br />development credit, adjusting as needed for the costs of land and <br />improvements by location in the County. <br />B. Assess Receiving Areas potential with Task Force <br />1. Identify eligible areas (Institute) <br />i. Eligibility criteria; <br />ii. Criteria for using TDR credits maximum TDR limits & ratio to TDR <br />credits to dwelling unit or floor area densities) <br />~elop TDR Feasibility Assessment Model -Receiving Module (LBG) <br />i. 'For the receiving areas, the spreadsheet model would again be designed to <br />facilitate different "what if' scenazios reflecting different values for key <br />vaziables l(i.e, "as-of-right" densities, higher proposed densities; <br />absorption rates, construction costs, capitalization rates, infrastructure <br />spare the as-of-rightdensity of the receiving areas to <br />'residential demand (both from Phase I) to <br />iemand for transferred development credits. <br />rty appraisal technique will be applied to estimate <br />;reed development credit. <br />C. Assess Issues, Constraints, Opportunities <br />1. Legal & Administrative (Institute) <br />2. Financial (LBG) <br />D. Develop Feasibility Decision Flowchart (LBG) <br />E, Explore Implications of TDR For existing programs (Institute) <br />L,BG and UNC Charlotte Revised Proposal 11.04.04 <br />