Click here for more information
A project in Kings County, Washington:
http://www.kingcounty.gov/environment/stewardship/sustainable-building/transfer-development-rights/overview.aspx
The overview is quoted here:
"The right to develop land for residential or commercial purposes is
one of a bundle of rights associated with land ownership. The
County's TDR Program allows landowners of designated sending sites
to separate the right to develop land from the bundle of other
property rights. Sending sites are rural or resource lands with
farm, forest, open space, or regional trail amenities.
Through TDR, the separated right(s) are turned into a tradable
commodity that can be bought and sold just as land can be bought
and sold. When a landowner chooses to separate some, or all,
development rights, the property is preserved through a conservation
easement
http://www.kingcounty.gov/environment/stewardship/sustainable-building/transfer-development-rights/definitions.aspx#conservation%20easement
A conservation easement can act to reduce landowner property taxes.
Landowners /can /retain development rights on their property for
future use and the land remains in private ownership.
These transferable development rights or TDRs are typically bought
by developers of designated receiving sites. Receiving sites are
typically Urban areas eligible for increased density. The purchased
TDRs give developers the ability to build additional houses that
exceed the number allowed by the zoning base density. The diagram
below illustrates the basic TDR principle."
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