Xxxx County TDR Bank Sample Clauses

Xxxx County TDR Bank. The City recognizes that the County TDR Bank will play an important role in facilitating the Regional TDR Credit market used in the LIPA by: (1) buying Regional TDR Credits from willing landowners, (2) holding the Regional TDR Credits in reserve as described in Section III.B.2, (3) selling Regional TDR Credits when willing buyers in the LIPA are available, and (4) reinvesting the proceeds of Regional TDR Credit sales into protection of agriculturally-zoned land. Therefore, the City agrees that TDRs purchased from the County’s TDR Bank will qualify for use in the LIPA as Regional TDR Credits, provided that the Credits meet the requirements of Section II.C.
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Xxxx County TDR Bank. 1. The City agrees that the Bank will play an important role in facilitating the City-County TDR Credit market by: (1) buying TDR Credits from willing Sending Area landowners, (2) holding the TDR Credits, and (3) selling the TDR Credits to meet demand in the Receiving Area. The City agrees that at least One Hundred and Eighty Five (185) development rights must be purchased from the Bank and extinguished per Section II.E.2 before any development rights are transferred in any other manner and from any other Sending Area. 3. Nothing herein shall be construed to require the County to deviate from the valuation, purchase, and sale process and procedures required in K.C.C. 21A.37.130, as hereinafter amended, for sales of TDR Credits from the Bank.

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