Transfer of Development Rights (TDR) is a practice that authorizes the residential development rights of one property to be transferred to another property. A TDR program can be an incentive to attract development as well as a method to control growth in certain areas while preserving natural amenities, such as open space, in other areas.
The City’s Coastal TDR was first adopted in 2006. This program allows the City to identify City-owned properties in the Coastal High Hazard Area to be designated as “Sending Sites” or properties that are to have their development rights removed and transferred into an “Entitlement Bank” to be utilized for future development.
Several City-owned properties within the downtown are proposed for removal from the existing Sending Sites Map due to their development potential and others have been added that are better suited for preservation.
The proposed Ordinance accomplishes two major items:
- Revises the specific parcels that are included on the Sending Sites Map and changes the Future Land Use designation of all included properties to Recreation/Open Space;
- Updates the Entitlement Bank accordingly.