Purpose of TDR Market Analysis To determine whether and where there is demand for development over...
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Transcript of Purpose of TDR Market Analysis To determine whether and where there is demand for development over...
Purpose of TDR Market Analysis To determine whether and where there is
demand for development over and above what’s permitted by baseline
zoning How that demand can be harnessed to
conserve landWhile providing an economic incentive for
desired development
Potential Receiving Areas Analyzed Bayview Ridge Urban Growth AreaCity of BurlingtonRural Upzones
Bayview Ridge Urban Growth AreaBonus units of residential density in BR-R
(from 4 to 6du/a) Rezones from BR-Urban Reserve to BR-
ResidentialIndustrial Development
City of Burlington Additional residential development in
Commercial/Mixed Use zonesOpportunities for additional Commercial
intensity
Rural UpzonesCPAs/Rezones resulting in additional
residential development potentialFor example: from Rural Reserve (1 du/10
acres) to Rural Intermediate (1 du/2.5 acres, or 4 du/10 acres)
Preliminary conclusions In short-term (1-5 years), development not
likely to generate significant number of TDR transactions.
Demand down due to Great Recession Significant residential zoning exists in
Burlington and Bayview Ridge UGA
Nearest opportunities The nearest-term TDR market opportunities
may be for additional units of residential density in: The Bayview Ridge Residential (BR-R) zone, and Certain Mixed Use (Commercial/Residential)
zones in Burlington.
Medium to long-term In the medium to long-term (5 – 20 years),
consistent with the County’s and Burlington’s GMA planning horizons, more market potential will appear.
Medium to long-term As existing capacity in the BR-R zone and
Burlington Mixed Use Zones is used up, And demand emerges to rezone additional
land to or intensity those zones Skagit County and Burlington could require
TDR purchase for future rezones or intensification
Rural upzones Few Rural Upzone proposals are
considered/approved by County each year But, there may be significant TDR purchasing
power associated with upzones which create high-value rural lots.
This is another potential opportunity for a TDR purchase requirement.
Bayview Ridge IndustrialGiven the information currently available,
there does not appear to be a ready opportunity to link TDR to Industrial development at Bayview Ridge
Burlington Commercial May be TDR opportunity in Burlington if city
is willing to consider a Floor to Area Ratio (FAR) limit on commercial intensity
Base FAR limit could be exceeded with a TDR purchase
Final phase of market analysis Will draw on preliminary findings Focus analysis on those areas and issues
most useful in determining TDR feasibility and implementation in Skagit County
More precise data on: Developer ability-to-pay for TDR in receiving
areas Estimated value of residential development
rights in various potential sending site zones, and
Recommended exchange ratios to make TDR transactions viable in the marketplace.
Transactions mechanisms Recommendations on what type of
“transaction mechanisms” most viable in Skagit County given market conditions and desire to complement Farmland Legacy Program:Simple buyer-sellerTDR bankDensity credit fees
Bonus densities at Bayview Ridge Final phase of market analysis will provide
essential market data for implementing bonus density provisions in BVR subarea plan and PUD ordinance