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Demand for higher density development is not high enough at this time to support an <br /> extra charge for development rights. Further the amount of development rights currently <br /> identified as available are far greater than the realistic capacity of participating receiving <br /> cities under realistic transfer rates. The Tax Increment Financing program tool for use in <br /> conjunction with TDR's does not provide a significant benefit to the City under current <br /> legislation. <br /> 4. The City should consider proposing changes to the Tax Increment Financing <br /> provisions for the Transfer of Development Rights program, to increase the value of <br /> the infrastructure improvements that could be funded. <br /> The current tax increment funding tool provides a challenging trade-off: the City must <br /> plan for a high share of allocated TDR's in order to receive a high percentage of the tax <br /> increment from new development. The lack of strong demand for transferred rights <br /> discourages a city from accepting a significant share of its allocation. But by accepting a <br /> smaller share, it reduces the value of the potential increment. The City should work with <br /> other jurisdictions to revise the legislation to eliminate the city ratio provisions that <br /> creates the disincentive. <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT <br /> PROPERTY COUNSELORS PAGE 10 <br />