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In the Denny Triangle area of Seattle each TDR unit can be applied as 2,000 square feet <br /> of commercial office or residential development. It has been used for three high rise <br /> buildings in the area. <br /> The City of Bellevue has recently designated Bel-Red as a receiving site. Other future <br /> partners with the county include: Sammamish, Maple Valley, Kirkland, Normandy Park, <br /> Redmond, and Black Diamond. <br /> The combined experience in the two counties indicates that: <br /> • There are many more transactions at the sending ends than actual redemptions at <br /> the receiving sites. <br /> • The value of development rights purchased in the private market is much lower <br /> than the price paid through the public programs at the sending end. <br /> • Activity levels vary with real estate markets, and current activity is slow <br /> compared to levels in 2006 and 2007. <br /> • Based on current market data, a sending site rural TDR credit is worth$15,000. <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT <br /> PROPERTY COUNSELORS PAGE 13 <br />