Transfer of Development Rights

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3 Transfer of Development Rights King County Darren Greve May 15,

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5 TDR Sending & Receiving Areas Urban Receiving Areas Rural Sending Areas Rural Sending Areas

6 City County TDR Partnerships GOAL: Partner with cities to relocate development away from important open space lands into Urban areas Invest in city planning and infrastructure to create urban places where city residents want to work, play, and live.

7 City County TDR Partnerships 1. Preserve Open Space lands important to the City 2. Link economic redevelopment to land preservation - smart growth management 3. Provide the City with Amenity Funding for infrastructure investments

8 TDR Partner Cities Bellevue Issaquah Sammamish Seattle work under way with Cities of Kirkland, Normandy Park, and Maple Valley

9 Landscape Conservation and Local Infrastructure Program (LCLIP) New voluntary tool TIF-TDR 2011 WA State legislature passed ESSB 5253 Links Tax Increment Financing (TIF) with TDR Eligible cities (over 22,500 population + employment) in King, Pierce, and Snohomish Counties Focus is on development right transfers into cities Focus on farm and forest land, and rural lands in KC

10 TIF / TDR Creates a new revenue stream for City to fund infrastructure investments in a designated area Allows the City to capture up to 75% of King County s portion of property tax from new construction, within a designated area, for up to 25 years (no other taxing districts involved)

11 TIF / TDR Designated area can encompass up to 25% of total assessed value of the City Amount of rural/resource land TDRs from King County the City agrees to accept, over a 25 year time horizon, determines the amount of King County property tax the City captures

12 Woodinville

13 TIF / TDR Total # of TDRs available in the 3 county region = 18,576 (as reported by the counties to PSRC)

14 Landscape Conservation and Local Infrastructure Program Adopted TDR Allocations (per ) The following allocations were adopted by the PSRC Executive Board on March 22, Table 1: Allocation for Cities Meeting Eligibility Threshold in 2011 City Allocation City Allocation Arlington 273 Marysville 593 Auburn 596 Mercer Island 92 Bellevue 1,081 Mill Creek 92 Bothell 365 Monroe 212 Burien 273 Mountlake Terrace 92 Covington 92 Mukilteo 92 Des Moines 213 Puyallup 364 Edmonds 189 Redmond 587 Everett 1,491 Renton 849 Federal Way 444 Sammamish 215 Issaquah 452 SeaTac 561 Kenmore 213 Seattle 3,440 Kent 519 Shoreline 231 Kirkland 501 Tacoma 1,843 Lake Stevens 252 Tukwila 405 Lakewood 370 University Place 232 Lynnwood 461 Woodinville 218 Maple Valley 92 Total Allocation = 18,576 TDRs

15 TIF / TDR Of the 3-county Total 18,576 TDRs, Woodinville s allocated share = 218 TDRs (allocated by PSRC based on growth targets)

16 Woodinville Downtown and Little Bear Creek Corridor

17 Woodinville Downtown and Little Bear Creek Corridor

18 TIF / TDR Woodinville can choose to accept between 20% and 100% of its PSRC allocation i.e. between 44 and 218 TDRs The more TDRs the City agrees to accept, the more tax revenue it receives; e.g TDR allows City to capture 75% of KC property tax TDR, 50% of allocated share, allows City to capture 37.5% of KC s property tax (e.g. 50% x 75%) - 44 TDR, 20% of the allocated share, allows City to capture 15% of KC s property tax (e.g. 20% x 75%)

19 Thresholds: TIF / TDR Year 0: 25% of the TDRs agreed to by the City need to be permitted for or acquired by the city before access to tax revenue. (e.g. 55 TDRs for maximum 75% tax capture) Year 10: 50% of the TDRs agreed to by the City need to be permitted for (e.g. 109 TDRs for max tax capture). Ensures city receives tax revenue for 5 more years. Year 15: 75% of the TDRs agreed to by the City need to be permitted for (e.g. 164 TDRs). Ensures city receives tax revenue for 5 more years. Year 20: 100% of the TDRs agreed to by the City need to be permitted for (e.g. 218 TDRs). Ensures city receives tax revenue for the full 25 more year time period.

20 TIF / TDR King County can lower the barrier to entry for Threshold #1 to allow the City to begin bonding for infrastructure investments up-front with this new revenue stream

21 2007 Issaquah King County TDR Interlocal Agreement

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24 Transfer of Development Rights King County Darren Greve

25 Bellevue s Bel-Red Corridor

26 Bellevue s Bel-Red Corridor

27 Bel-Red TDR Interlocal Agreement

28 Bel-Red TDR Interlocal Agreement Mid Mountain Property

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