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Natural Resources Inventory Implementation <br />February 3, 2005 <br />Page 3 <br />Fee Simple Acquisition <br />A municipality or land trust purchases the desired preservation area outright, guaranteeing <br />its protection and public access. <br />Conservation or Preservation Easement - A landowner agrees to place a desired area in an <br />easement that is recorded. <br />Purchase of Development Rights <br />Municipality or Land Trust purchases the development rights to the property allowing the <br />private landowner to retain ownership, but not the property's development rights. The <br />private landowner would be required to place the land area that would have been developed <br />in a permanent conservation easement or other land protection program. <br />Overlay Zoning <br />Overlay Zones are a type of resource protection zoning superimposed on traditional zoning <br />in order to protect environmentally sensitive areas while still allowing the underlying use in <br />suitable forms. <br />Transfer of Development Rights <br />A transfer of development rights (TDR) program allows municipalities to preserve unique <br />and environmentally sensitive areas through a form of overlay zoning that targets specific <br />segments of a community for preservation. Landowner property values are protected <br />because they are permitted to transfer their right to develop, based on the underlying <br />zoning district, to a portion of the municipality designated for more intensive development. <br />This allows the environmental corridors to be permanently preserved while still providing a <br />return on the investment to the landowner. The community would have to identify areas <br />where the transfer of density is desired (sending areas) and areas where the density would <br />be received (receiving areas). <br />Bonus/Incentive Zoning <br />Bonus zoning is similar to transferable development rights except that the additional <br />development rights are generated and used by the developer rather than purchased from <br />another landowner. Incentive zones may establish a required set of conditions and an <br />optional set of incentives that the developer may choose to meet in exchange for greater <br />flexibility. For example, an incentive zoning law may allow a developer in a zone to build at <br />a higher density than is normally allowed if the developer agrees to set aside more open <br />space. <br />s:\PARK & REC\02 OS OS Packet\NRI Implementation Final Draft 8.3.A.doc <br />