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Draft April 16, 2004 <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 Zorre. 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 acrd maintain a sustainable TDR program drat can accurately and <br />r°eliably monitor and evaluate actual nrarlcet economic performance over time for the bereft of <br />tTre public healtL, safety, mrd 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 trends 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 />