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Definitions for terms used in the Development Regulations are located in Chapter 18.25 PCC. Terms unique to this Chapter are included below.

"Certificate" is a form of currency that displays how many development rights are available for sale and use.

"Conservation easement" means a legal agreement between a landowner and a land trust or government agency that permanently limits uses of the land in order to protect the land's conservation values. It is recorded on the title of the property. It allows the landowner to continue to own and use the land and to sell it or pass it on to heirs. Conservation easements are placed on a sending site at the time development rights are transferred from the property or are extinguished. The conservation easement prohibits any further development of the property, except as specified within the provisions of the conservation easement, but allows resource uses such as farming and forestry to continue.

"Conversion rate" means the relationship between the number of development rights allocated to a sending site (typically a specified number of single-family dwelling units) and the amount of density credits available on the receiving site (which may be extra single-family units, multi-family units, commercial square footage, or flexibility in development standards).

"Density credit or development credit" is the Transfer of Development Right (TDR) commodity used on receiving sites.

"Development Rights Bank" means an entity that exists to purchase certificates from the owners of designated sending sites for the purpose of future resale to the owners of designated receiving sites.

"Interlocal agreement" means a written agreement between Pierce County and another jurisdiction that describes the development rights transfer process between the County and the other jurisdiction.

"Non-transferable development rights" means development rights that are purchased and which are extinguished and are not available for transfer to a receiving site.

"Program" means the Transfer and Purchase of Development Rights Program established pursuant to Chapter 18G.10 PCC.

"Purchase of Development Rights (PDR)" means the purchase and extinguishment of the right to develop or build on a sending site for the purpose of conservation rather than transfer to a receiving site.

"Receiving site" means land where the procurement of development rights facilitates a permissible change in the allowed intensity of development on the property pursuant to this Chapter and all other controlling policies and law.

"Sending site" means land where landowners may sell their development rights either directly to a receiving site owner, a Development Rights Bank, or a TDR investor in exchange for placing a conservation easement on the property.

"Sending site application" means an application that a sending site landowner must file in order to be eligible for consideration for designation as a sending site.

"TDR Administrator" means the County employee assigned to administer the Transfer and Purchase of Development Rights Program and to provide support to the TDR Technical Oversight Committee as set forth in PCC 2.101.040.

"TDR Technical Oversight Committee" means the Transfer of Development Rights Technical Oversight Committee established pursuant to Chapter 2.101 PCC.

"Transfer of Development Rights (TDR)" means the transfer of the right to develop or build from sending sites to receiving sites.

(Ord. 2013-87s § 1 (part), 2013)