The City’s Coastal Transfer of Development Rights (TDR) program allows the city to transfer the development rights of city-owned property (sending sites) in the Coastal High Hazard Area to other properties.
The current method for calculating the cost of a TDR credit is to apply the annual Consumer Price Index (CPI) to the purchase price.
This method is not the most effective method for calculating the true value of real estate for development credits.
The ordinance proposes to use a State Certified General Appraiser to determine the fair market value for development credits that will reflect the current market conditions that is to be reviewed by the Community Redevelopment Agency and to be approved by the City Council.