King County TDR Program Overview 1
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)
2016 TDR Sales to Developers 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) 3
2016 TDR Easement Acquisitions (331 ac, 51 TDRs) • 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) 4 • Soaring Eagle Addition (Sammamish Plateau)
TDR Sending TDR Sending Areas: KC TDR Sending Areas: Areas: • Private Land • Private Land • Private Land • Outside UGB • Outside UGB Sammamish Town Center Soaring Eagle Park 5
King County Purchase & Sale Agreement with STCA Total $6M in TDR sales ($4.5M to KC, $1.5M to Sammamish) 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) 6
Fa Other City TDR Interlocal Agreements • 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 8
Michael Murphy King County TDR Program Manager michael.murphy@kingcounty.gov 206-477-4781 9
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