Development right: means one of a series of rights inherent in fee simple ownership of land. It represents the potential for the improvement of a parcel of property, as measured in the number of potential residential dwellings or square footage of commercial use allowed by the property’s land use designation and site attributes.
Receiving site or area: means one or more properties designated by ordinance to which TDR credits may be transferred for the right to develop property in excess of the development potential entitled by-right.
Sending site or area: means one or more properties from which TDR credits may be transferred to use in a designated TDR receiving site as provided in SMC 14.222.030.
TDR certificate: means a recorded document issued by Snohomish County representing one TDR credit that may be submitted as part of an application for development of a receiving site to allow additional development consistent with the adopted exchange rate.
TDR credit: means a tradable commodity representing one certified development right.
TDR exchange rate: means the development increment represented by one TDR credit for a specific receiving area, as may be measured in building area, building height, lot coverage, residential density, number of residential dwellings, or other development provisions as provided by this chapter.
Transfer of development rights (TDR): means the method by which the entitlement to develop property within a designated sending area may be sold for use within an eligible receiving site or area. At a designated receiving site, TDR credits can be exchanged for the license to place an increment of development on the receiving site in excess of the extent of development otherwise allowed.