(A)   It is the policy of the City that landowners subject to development restrictions in the sending areas should be provided regulatory incentives to permanently restrict such lands from urbanization. 11 O.S. §§ 43-101 et seq., authorizes the City to control the density of population through zoning. While such regulations may be legally imposed where they further a legitimate public purpose and are reasonable, the transfer of development rights provides a vehicle to enable the private market to allocate economic benefits to landowners in the restricted areas, thereby enhancing the viability of businesses in the sending areas and avoiding potential legal disputes between the private landowners and the City. This chapter establishes procedures for transferring densities from sending to receiving parcels.

   (B)   The transfer of density/intensity or development rights (TOR) system is based on the carrying capacity. In other words, a finite amount of development is permitted in the areas within the sending and receiving zones. The City is indifferent as to who does the development. Instead, it lets the market decide the price. Accordingly, the accumulation of transfer rights is related to the overall purpose of preserving resources in the area.

(Prior Code, § 11-15-1) (Ord. 04-02, passed 1-6-2004)

   (A)   Severable development rights are hereby created in the sending areas designated below.

   (B)   (1)   All sending areas are assigned development rights at the following ratios:

 

 

      (2)   For purposes of this subsection (B), DEVELOPMENT RIGHT refers solely and exclusively to development density or floor area that may be transferred for development on another site, lot, parcel or portion thereof, and not to development rights within a sending area. Nothing in this subsection (B) shall be construed to limit, waive or exempt any development standards applicable to the Airfield Environs Overlay District (AED), which standards shall remain in full force and effect within the sending area.

   (C)   Documentation of compliance with the requirements for eligibility as a sending area shall be submitted with a master development plan requesting a rezoning to CIO.

(Prior Code, § 11-15-2) (Ord. 04-02, passed 1-6-2004)

   (A)   No severable development rights shall be exercised in conjunction with the development of subdivision of any parcel of land that is not located in a receiving area. A parcel of land that receives development rights pursuant to this chapter shall be referred to as a “receiver site”. The following districts located within the urban area boundary except for land located in the AED zoning overlay designated on the urban area boundary map are hereby designed as receiving areas for purposes of transferring severable development rights: CIO (commercial incentive overlay).

   (B)   Sending areas and receiver sites may be designated on the same lot or parcel, or on separate parcels, whether under the same ownership or common ownership.

(Prior Code, § 11-15-3) (Ord. 04-02, passed 1-6-2004)

   Any proposed transfer of development rights from the sending area or to the receiver site shall be subject to the notice and hearing requirements of 11 O.S. § 43-104.

(Prior Code, § 11-15-4) (Ord. 04-02, passed 1-6-2004)