transferable development rights


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transferable development rights (TDR)

A zoning and land planning tool often used to preserve undeveloped or culturally significant areas. Typically, the local government will identify an area it wants to retain in a natural state, such as farmland, called the sending area. Government will also identify an area in need of development, usually through rehabilitation, called the receiving area. To meet those two goals—preservation one place,development in another—government will buy development rights from the farmers, for example. The farmers will agree to restrict their land so it cannot be developed. In return, they will receive something in the nature of credits that allow zoning variances in the receiving area.The farmer may sell those credits to a developer who wishes to build or renovate something in the receiving area.The farmer gets cash, the developer gets its variance,some land is preserved,and other land is rehabilitated,all with a minimum of bureaucratic involvement along each step of the way.

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The city's zoning code currently allow owners of buildings that are underbuilt to transfer their unused development capacity (known as transferable development rights, or TDRs) to nearby lots.
Conrad, "Economic Issues in Programs of Transferable Development Rights," Land Economics, 51:4, 1975, 331-340.
A better definition of a TDR could be: Transferable development rights are property use rights that can be severed from one parcel (sending parcel) in a program designated sending area and transferred to another property (receiving property) in a designated receiving area to gain greater development intensity on the receiving property.
City zoning permits the transfer of transferable development rights to adjacent properties by merging multiple lots into one combined zoning lot.
A 20+-story hotel with two elevators with 124 rooms will rise on the site," said Ortiz who added that there is the potential to increase the project size by acquiring transferable development rights from adjacent properties.
The estimated cost of construction for Avalon at Gallery Place is net of approximately $4 million of proceeds that the Company expects to receive upon the sale of transferable development rights associated with the development of the community.
Washington Mutual is contributing to low-income housing, childcare and cultural initiatives via the City of Seattle's Housing Bonus and Transferable Development Rights (TDR) programs.
The value of air rights are based on whether they are used to develop the existing property or whether they are transferred to another property--called transferable development rights, or TDRs.
Ridge earlier last month signed landmark legislation giving our local leaders additional tools to effectively plan for the future of their communities -- including locally designated growth areas and transferable development rights," Coon said.
W Financial Mortgage Fund has closed a $10 million bridge loan collateralized by various assets which include a first mortgage on a West Chelsea Gallery building on West 21st Street, a first mortgage on 4,000 s/f of land under the highline on West 29th Street, a pledge of ownership interests in a ground-up condominium development on Tenth Avenue, and 37,110 s/f of Highline transferable development rights currently in hard contract to a major national developer.
Ridge signed both bills on 110 acres of open space -- known as the Albertson-Yerkes farm -- preserved by West Bradford Township through Transferable Development Rights -- a tool expanded by "Growing Smarter," most notably by allowing neighboring municipalities to partner and shift planned development from open space to areas where growth is needed and wanted.
W Financial Mortgage Fund has closed a $10,000,000 bridge loan collateralized by various assets which include a first mortgage on a West Chelsea Gallery building on West 21st Street, a first mortgage on 4,000 s/f of land under the highline on West 29th Street, a pledge of ownership interests in a ground-up condominium development on Tenth Avenue, and 37,110 s/f of Highline transferable development rights currently in hard contract to a major national developer.