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A. Where specifically authorized in Title 14 SMC, one or more whole TDR credits may be used to exceed the building height, density, or other development standard allowed by-right, subject to the limitations and requirements in this section and conformance to all other applicable development regulations. A TDR credit shall have no value except as specified in this title for a specific receiving site.

1. The exchange rate of TDR credits shall be established by ordinance as amended from time to time, and the exchange rate of a TDR credit shall be based on the standards in effect at the time a land use application requiring TDR credits is determined complete as provided by SMC 14.55.012.

2. Within the Pilchuck District land use designation:

a. Each TDR credit associated with a development application determined complete prior to January 1, 2017, shall have an exchange rate of 18,000 square feet of gross floor area above the third story.

b. Each TDR credit associated with a development application determined complete on or after January 1, 2017, shall have an exchange rate of 14,000 square feet of gross floor area above the third story.

B. Use of TDR credits shall be subject to the following:

1. TDR credits shall be approved for use in designated receiving areas only.

2. If located within a shoreline environment designation, building height shall not exceed the limitations in the Snohomish Shoreline Master Program.

3. The development potential represented by one TDR certificate may be applied to more than one building only when all buildings are on one contiguous site and approved as part of one land use application. Otherwise, fractional TDR credits shall not be accepted as part of a building permit application.

4. The use of TDR credits shall not entitle the bearer to establish or expand land uses other than those permitted under Title 14 SMC for the land use designation in which the site is located or to modify other development standards except as specifically provided in Title 14 SMC. Development permitted with the use of TDR credits shall be subject to all applicable codes, standards, and requirements for impact mitigation.

5. No building permit requiring the use of TDR credits shall be issued prior to submittal of an original TDR certificate.

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