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based on an evaluation of six zoning and development scenarios. These scenarios are <br /> described in the next section. <br /> EXPERIENCE IN THE REGION <br /> There are established purchase and transfer of development rights programs in the region <br /> that provide experience in valuing development rights. Snohomish County has some <br /> experience with purchased development rights from rural areas, but no experience to date <br /> with redemption of those rights in urban areas. Under the County's Purchase of <br /> Development Rights (PDR) program, nine development rights units were purchased in <br /> two transactions since 2005, with an average purchase price of$112,031 per unit. Under <br /> a separate TDR program, the County purchased 49 development rights units from a <br /> landowner at an average price of $43,000 per unit. The County sought to auction the <br /> rights at $50,000, but didn't receive any offers. The Cascade Land Conservancy (now <br /> Forterra)purchased development rights on forest lands at a price of$29,400. <br /> There has been a more active market in King County. County staff maintains data on all <br /> transactions,both public and private. The level of activity is summarized in Table 2. <br /> Table 2 <br /> Summary of TDR Transactions <br /> King County: 2000 to 2011 <br /> Transactions Development Median Price <br /> Rights Units <br /> Urban TDR's 40 274.0 $8,000 <br /> Rural TDR's 28 1,477.5 $17,500 <br /> Total 68 1,752.5 <br /> Source: King County Transfer of Development Rights Program <br /> A rural TDR credit equals two additional receiving site dwelling units, while an urban <br /> TDR equals one additional receiving site unit. <br /> Of the total TDR's bought and sold during this period, 254 have been redeemed by <br /> developers for increased density. The most recent transactions occurred in January 2011, <br /> with four urban TDR's sold for $28,000. Rural TDR's sold for $15,000 in June 2010. <br /> Prices were roughly twice these levels in 2006 and 2007. <br /> The cities of Seattle and Issaquah have participated as receiving sites for the county <br /> program. In Issaquah, a transferred development right can be applied as one additional <br /> dwelling unit, one pm peak hour trip, 1,000 to 2,000 square feet of impervious surface, or <br /> 1,000 to 2,000 square feet of additional building area above a base height. <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT <br /> PROPERTY COUNSELORS PAGE 12 <br />