4.4. SR 11-08-2004 - Laserfiche WebLink

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, ., ,. , ") , ") ., '!I "'I ") "'I ., ,. tial of the property as wned. A landowner in rhe sending wne may either develop their property to the allowable density or, through a TOR program, may sell their assigned number of development credits (their unused rights to develop their land) to a land developer, broker, or speculator who owns land in the receiving wne. The purchaser then "spends" the credits in the designated receiving zone, using the cred- its to exceed the development density they would otherwise be allowed in that area. Credits are bought and sold on the open market, with their value determined by whatever the market will bear. When all the development credits assigned to a par- cel ofland in the sending zone have been sold, permanent restrictions are placed on the property's tide, disallowing future development. This drop in development potential may be reflected in a corresponding drop in the property taxes assessed to the affected land. '$ ., ., ., TDR programs may be established as a nonregulatory program (in which case landowners in the sending zone have the option of developing their land or selling the development rights) or as a regulatory program incorporated into a local zoning ordinance as an official land use control (in which case development in the sending zone is not allowed and landowners in the sending wne have no alternative but the sale of development rights if they wish to be compensated for their property's unused development potential). A successful TDR program oriented toward farmland protection has been imple- mented in Montgomery County, Maryland, with transactions resulting in the per- manent protection of twenty-six thousand acres of farmland. The state of New Jersey has also utilized a TDR program as a means to provide permanent protection for 12,969 acres of the ecologically significant New Jersey Pinelands. Enabling legislation allowing cities, towns, and counties to adopt TDR programs has recendy been approved in Minnesota (via amendments to Chapters 394 and 462 of the Minnesota Statutes), making TDR a viable land use planning tool avail- able to the state's local governments. For an update on the status of TDR programs in the state, contact the Land Stewardship Project (See Resources, p. 98). ., ., .., ., ., .., ., '"'I '"'I '"'I '"'I '"'I ., -1 -.. ~ ;.j .J -1 ".'I ".'I "" ~ ~ -J E. Purchase of Development Rights (PDR) Programs .~... What it is: A formal program by which a unit of government or nonprofit organi- zation purchases conservation easements (development rights) to privately owned land for the purpose of protecting the land's natural features, open space or agricultural values. Commonly set up with a "willing seller" policy. (Cont. p. 43) 41 ...