The transfer density (TD) overlay zone shall be used to preserve sensitive scenic resources and open space areas as is appropriate to each planning area. This is achieved through transferable densities which allow developers to relocate permitted densities from one area to another area in order to retain and preserve desirable community resources and open space.

   A.   The property or portion of property from which density is to be transferred must be feasible for development. Bluff retreat zones up to a maximum of twenty-five feet in depth, unmitigatable hazard areas, areas in excess of percentage slope requirements, waterways, wetlands and other similar unbuildable areas described in the general plan/local coastal program land use plan are not eligible for transfer density.

   B.   After demonstrating that the additional open space provides increased preservation of scenic and open space resources, the transfer units that could have been constructed on the first lot or portion of said lot may be transferred to another lot or portion of said lot where appropriate. Transfers of density that create excessive density situations may be grounds for denial of the entire transfer or portion thereof. Transfers of density that would create a project with a density, scale, or bulk which is in conflict with the relevant standards of the certified local coastal program land use plan shall not be permitted.

   C.   Density development rights of parcels in the TD overlay zone may be transferred to parcels within the same TD overlay zone for the purpose of retaining open space, to preserve scenic views, reducing hazards and/or providing public access.

   D.   Total densities cannot exceed the number of units allowable on the buildable portion of properties as defined in the general plan/local coastal program land use plan.

   E.   All actions taken under this overlay zone shall be consistent with the relevant goals, policies and programs of the general plan/local coastal program land use plan.