Transfer of Development Credits Program gets a boost

Ron Sims applauded the King County Council today for it’s unanimous approval of the Denny Triangle Transfer of Development Credits (TDC) Interlocal Agreement. As part of the agreement, qualified rural landowners from the Cedar, Green and Snoqualmie River Basins may now sell their development rights to property owners in the Denny Triangle neighborhood of Seattle.

New buildings inside the Triangle can achieve a 30 percent increase in building height only through the acquisition of rural development rights. In exchange for sale of their development rights, rural landowners accept a permanent conservation easement to preserve forest and farm lands, and preclude new residential development.

“Today represents an historic leap forward for growth management in the Puget Sound Region,” Sims said. “This is the first open-ended TDC agreement between two separate jurisdictions in the Pacific Northwest, allowing transfers of development credits between private rural and urban property owners. Rural forests and farms will be preserved and rural sprawl will be curtailed. I especially want to thank Councilmember Larry Phillips for his tireless work to make the TDC program a reality.”

King County will contribute $500,000 for the design and construction of public amenities to make the Denny Triangle neighborhood a vibrant place to live. This will be matched by developer contributions based on the additional square footage acquired under the TDC Program.

The interlocal agreement was unanimously adopted by the Seattle City Council in November of 1999.

At today’s King County Council meeting, Jim Cook, owner of 285 acres in the Cedar River Basin, urged the council to act. “This interlocal agreement is a win-win for everyone. I can sell 56 development credits, allowing me to preserve my 285-acre tree farm property. Without this program, I’m afraid I would have had to sell my property to developers.”

Link to: Transfer of Development Credits Pilot Program

Updated: April 10, 2000