King County TDR Program Overview 1 King County TDR Bank Purpose - - PowerPoint PPT Presentation

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King County TDR Program Overview

King County TDR Bank

Purpose

• Protect land (which creates TDRs)
• Sell TDRs (to generate revenue)
• Create predictability

TDR Supply (1,546.5 TDRs)

• TDR Bank: 950 TDRs
• Private Market Inventory: 596.5

Rural TDRs

TDR Bank Financials

• $4.2M cash on hand (~ $2.7M is

restricted for protecting farmland)

Bellevue TDR Bank Sale:

• 100,000sf of bonus density (23 TDRs) sold to Bel-Red

development project for $1.4 million Seattle TDR Bank Sales:

• 226,000sf of bonus density (160 TDRs) sold to seven

Seattle developers for revenues of $3.7 million

• Entered contracts for nine additional sales for 640,000sf

(480 TDRs) for $10.2 million in revenue Private Market Transactions (no revenue to KC)

• Four transactions transferring 10 TDRs for urban area

developments and ADU square footage increases

• Three private enrollments in process (all expected to certify

in 2017)

2016 TDR Sales to Developers

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• Tall Chief Farm (Snoqualmie) – 191ac, 30 TDRs
• Reynolds Farm (Enumclaw APD) – 28ac, 5 TDRs
• Rose Farm (Green/Newaukum) – 20ac, 3 TDRs
• Spring Beach (Vashon) – 19ac, 3 TDRs
• Matsuda Farm (Vashon) – 7ac, 2 TDRs
• Carnation Fields Farm (Snoqualmie) – 26ac, 5 TDRs
• Horton Farm (Enumclaw APD) – 40ac, 3 TDRs

Pending (413 ac, 64 TDRs):

• Local Roots Farm (Snoqualmie APD)
• Casey Farm (Snoqualmie APD)
• Horath Farm (Enumclaw APD)
• Soaring Eagle Addition (Sammamish Plateau)

2016 TDR Easement Acquisitions (331 ac, 51 TDRs)

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Sammamish Town Center TDR Sending Areas:

• Private Land
• Outside UGB

Soaring Eagle Park

TDR Sending Areas:

• Private Land

KC TDR Sending Areas:

• Private Land
• Outside UGB

Phase 1 (February 2017)

• 20 TDRs from former WA DNR Property,
• $1.6 million ($1.2M to KC, $400K to Sammamish)

Phase 2 (before June 2018)

• 32 TDRs from Soaring Eagle Addition Properties
• $2.56 million ($1.92M to KC, $640K to Sammamish)

Phase 3 (before June 2018)

• 23 TDRs from Emerald Necklace; exact location TBD
• At least $1.84 million ($1.38M to KC, $460K to Sammamish)

King County Purchase & Sale Agreement with STCA

Total $6M in TDR sales ($4.5M to KC, $1.5M to Sammamish)

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• Seattle: Active
• Sammamish: Active. Pending contract for sale of up to

75 TDRs from Emerald Necklace ($6 million in revenue, $1.5M of which will be shared with City per ILA)

• Normandy Park: Agreement in place, but no activity
• Tukwila: Council adopted resolution to advance ILA

development in 2017

• Bellevue: One 2016 sale met allotment of initial ILA;

now advancing continuation

• Issaquah: Agreement in place, though there is currently

a development moratorium in place Issaquah

• Shoreline: Code adopted in 2016 for TDR in Link Light

Rail station area rezones; beginning negotiations for ILA

Other City TDR Interlocal Agreements

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Michael Murphy

King County TDR Program Manager michael.murphy@kingcounty.gov 206-477-4781