The purpose of this article is to permit the voluntary transfer of development rights from one property in a sending district to another property in a receiving district while simultaneously restricting future development of the subject property in the sending district.

The Transfer of Development Rights (TDR) program is consistent with the goals and recommendations established in the Town of Stillwater Comprehensive Plan and Generic Environmental Impact Statement (GEIS) of 2020. The Town of Stillwater Comprehensive Plan and GEIS of 2020 lists the first two goals as "Preserve and enhance the rural and historic character and small hometown feel of Stillwater" and "Promote further opportunities for agricultural economic development." It further goes on to state that "projected growth has the potential to further encroach on and fragment the Town's farmland and open space resources. Residential development within the Town's agricultural core impinges on the ability to actively cultivate lands and conduct farming practices. The loss of this land would have a significant impact on Stillwater's local character, in addition to having economic implications, potentially impairing Stillwater's ecological health, and resulting in the collective loss of Stillwater's natural and agricultural heritage." The Plan and GEIS further recommends the adoption of a transfer of development rights ordinance with the goal of preserving 1,000 acres of farmland and open space.

The TDR program will allow for the preservation of farmland and associated agricultural uses, including but not limited to agricultural tourism uses in the sending district while also increasing opportunities for development in the Town's receiving districts where there is adequate access to municipal services and utilities appropriate for the level of growth.

The intent for the creation of sending districts is to further the conservation of farmland and associated agricultural uses, along with natural and undeveloped areas, wildlife, flora, underground and surface water sources, and other natural resources, and the preservation of historical, cultural, recreational, archaeological, and scenic areas in the Town of Stillwater.

The intent for the creation of receiving districts is to provide opportunities in the Town for economic growth, improve efficiencies in the use of infrastructure and utilities, while limiting the expansion of utilities and infrastructure in the sending districts, and encourage the development of an adequate supply of affordable housing.

To maintain the agriculture and natural qualities of the agricultural productivity of farmland in the Town with the goal of preserving a desired 1,000 acres of farmland land in accordance with the 2020 Comprehensive Plan.

To encourage developers to develop land in areas identified by the Town as best suited for increased densities while also providing economic returns to owners of property restricted from further development.

To reduce sprawl and improve the economic efficiencies of infrastructure and utilities in the Town.

The Town of Stillwater recognizes the limited resources it has to maintain a "bank" of conserved farmland and has chosen the process of a direct transfer of development rights between the owner of eligible property within the T2 Zoning District and the owner/developer or duly assigned representative (herein after referred to as the "applicant") of land that intends to propose development within the receiving district.

The monetary amount for the sale of each development right shall be established through an agreement between the sending district owner and the receiving district applicant. Refer to Subsection J, Determining the value of development rights, for the acceptable procedures and for establishing the value of development rights.

Lands to be conserved within a sending district and considered eligible for the transfer of development rights pursuant to this section shall include unconstrained land equal to or greater than four acres in a T2 District with a minimum of one available dwelling unit, with an existing farm operation, as defined by this chapter.

Land previously restricted against development by covenant, easement or deed restriction shall not be eligible to transfer development rights unless and until such time as said covenant, restriction or easement is dissolved or rescinded. In the event said covenant, restriction or easement is dissolved or rescinded, such land shall be eligible for generation of TDR credits and the transfer of development rights.

Parcels of land in the receiving district that may be eligible for receiving transferred credits shall include the T3G, T4, and T5 Zoning Districts.

Projects seeking planned development district approval shall not be eligible to participate in the transfer of development rights program.

Minimum requirements for the parcel in the receiving district. After development rights have been acquired and transferred to a receiving parcel, the following uses are the only uses permitted for the application of TDR credits:

Development rights calculation.

Number of units permitted.

Determining the value of development rights. The value of development rights shall be based on the fair market value of the farmland at the time the rights are proposed to be sold, being the difference between the agricultural value and development value of the sending parcel(s) as evidenced by a recent appraisal, assessed value, or other such means deemed acceptable to the Town of Stillwater, and which shall adequately compensate the seller for the value they are foregoing by giving up the right to intensify development on their property.

Application.

Planning Board review procedure.

Decision. The Planning Board may approve, approve with conditions, or deny the proposed project. The Planning Board may impose terms and conditions attached to any approval where density increases are proposed to be used in order to minimize adverse impacts to the community.

Preliminary approval. If the Planning Board intends to approve the proposed project, a preliminary approval shall be issued first, requiring the execution and proper recording of the approved conservation easement in the Office of the Saratoga County Clerk. A recorded copy of the conservation easement shall be provided to the Planning Board as a condition of final approval. The recorded conservation easement shall be kept on file in the Office of the Clerk of the Town of Stillwater.

Final approval. Upon the proper recording of the conservation easement and filing in the Office of the Clerk of the Town of Stillwater, the Planning Board shall issue the applicant a preservation credit certificate certifying that the holder is entitled to a specific number of preservation credits. The certificate shall specify the section, lot, and block number of the sending parcel(s) and the section, lot, and block number of the receiving parcel(s). The certificate shall be recorded in the manner of a deed in the Office of the Stillwater Town Clerk and the Office of the Saratoga County Clerk for both sending and receiving parcels. The Planning Board shall issue final approval of the proposed project upon receipt of the properly recorded preservation credit certificate. A copy of the preservation credit certificate shall be forwarded to the Town of Stillwater Assessor.

Future appraisal. Within one year after a development right is transferred, the assessed valuation placed on the sending and receiving properties for real property tax purposes shall be adjusted to reflect the transfer.

Effect of transfer. A development right which is transferred shall be deemed to be an interest in real property and the rights evidenced thereby shall insure to the benefit of the owner of the receiving parcel(s), and their heirs, successors, and assigns.

Expiration of approval. If the applicable Planning Board approval(s) expire in accordance with the requirements of this chapter, the transferred development right(s) shall remain affixed to the receiving property. However, upon expiration of the approvals, the use of the transferred development right(s) shall be subject to applicable standards in effect at such time and required approvals pursuant to this chapter.

The administration of the TDR program is the responsibility of the Town of Stillwater Building, Planning, and Development Department with assistance from the Town Attorney.

The Department of Building, Planning and Development shall maintain records of all transfers for both the sending and receiving parcel(s). Once annually, the Department shall submit a report to the Town Board outlining the total area and location of the sending districts with corresponding site plan or subdivision parcel(s) and totals transferred to the receiving district. This report shall also be filed with the Town Clerk once annually.