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Byrne
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services — a common failing with traditional zoning.
• a requirement that the owner of the sending parcel, the TDR seller, record the transaction with the county clerk. The procedure would be similar to recordation of an easement or other deed restriction. The buyer would record a similar docu. ment for the receiving property when the TDRs are applied to that property.
One innovation in the Virginia proposal is inter-jurisdictional transfers of development rights. This concept was included, Del. Byrne said, to prevent the common practice by local governments of trying to locate growth — especially unwanted development — as close to the county borders as possible. “This represents a small step toward regional land use planning,” she explained.
TDRs do offer flexibility to the seller, because they enable him to keep the physical property — a farm, for example, or an historic property — while reaping some economic gain. That often means the difference between a landowner selling a property for development, or preserving it in its present use.
In jurisdictions using TDRs, Del. Byrne said, their value has ranged between $4,000 and $8,000 each. However, Del. Byrne warned, having TDRs to sell doesn’t mean an instant payoff. The market controls both the demand and the price, and that can fluctuate widely.
For the buyer, TDRs offer the advantage of increasing density beyond the “by-right” maximum in an area designated by the locality for development. However, it also represents a risk, especially if the TDRs are purchased as a speculative in
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