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As noted in the first study, there may be potential for applying a TDR program in areas outside Downtown Everett. Areas zoned R3/R4 were specifically mentioned by several developers. The R3 zone allows for a range of housing types with a density limit of 29 units acre, a height limit of 45 feet, and no lot coverage maximum. A project built within the 45' height limit could greatly exceed the 29 unit per acre density maximum, if a density bonus were allowed as part of a TDR or other incentive program. Further analysis should address the potential for this and other zones outside Downtown. The Puget Sound Regional Council (PSRC), together with King, Pierce, and Snohomish counties are evaluating the potential of a regional TDR program as a means to preserve open space and resource lands in the three counties. The City of Everett has received funding a grant from The US Environmental Protection Agency to evaluate the feasibility of a TDR program within receiving sites in the city. This comprehensive analysis of opportunities for a TDR program will address several questions: • Is there market demand for higher density residential development? • What logical increments of development capacity make sense given zoning and building code provisions? • What is the value of the additional development rights allowed? • If the value is positive, how can TDR's be priced to provide an incentive for their use? • What other regulatory and public facility features should be incorporated within a successful program? ORGANIZATION OF REPORT This report documents the results of the feasibility study. It is organized in eight sections. I. Introduction and Summary II. Overview of Transfer of Development Rights III. Zoning Analysis IV. Market Opportunities V. TDR Scenarios VI. Feasibility Analysis VII. Compatibility, Infrastructure Needs, and Mitigation EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT PROPERTY COUNSELORS PAGE 2