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Every parcel of land located in the TDR sending area shall have credited to it, upon certification by the Clallam County Department of Community Development, transferable development rights in the amount set forth below. These transferable development rights allocated in accordance with this section may be used to obtain approval for established residential densities on lands located within TDR receiving areas, in accordance with the zoning in the TDR receiving areas.

(1) Transferable development rights within Agricultural Retention zones are calculated as follows:

(a) When a property located within an Agricultural designation and within the Agricultural Retention zoning district is proposed for a separation of its development rights which will create an agricultural reserve area protected from nonagricultural development by a conservation easement and which agricultural reserve is at least as large in area as the agricultural reserve which would be established through an Agricultural Retention development on that same property, then that property may be credited with transferable development rights calculated by multiplying the gross acreage of the parcel within the Agricultural Retention zoning district by 0.30 (acres in AR * 0.30).

(b) As an alternative to the method in subsection (1)(a) of this section, when a property is to be developed with a partial separation of its development rights with an accompanying Agricultural Retention development proposal, then that property may be credited with transferable development rights calculated by multiplying the gross acreage of the parcel within the Agricultural Retention zoning district by 0.30 (acres in AR * 0.30).

(c) Lastly, should an owner of land zoned Agricultural Retention decide to sell development rights without protecting through conservation easement a portion of the farm equivalent to that which would be created through an Agricultural Retention development on that same farm then the transferable development rights on that parcel would be calculated by dividing the gross acreage of the parcel within the Agricultural Retention zoning district by five (5) (does not qualify for fifty (50) percent density bonus).

(2) Transferable development rights within a Very Low Density/Open Space designation on the Port Angeles Regional Comprehensive Plan Map or in an Open Space Overlay Corridor are calculated as follows: The number of transferable development rights credited to parcels located within a Very Low Density/Open Space designation on the Port Angeles Regional Comprehensive Plan Map or in an Open Space Overlay Corridor identified by the Port Angeles Regional Comprehensive Plan Open Space Overlay Map is calculated by determining the acreage of the entire parcel which has at least a portion of the Very Low Density/Open Space designation or a portion of the Open Space Overlay Corridor found within the parcel boundary and dividing the entire qualifying parcel acreage by the density allowed in the underlying zoning district rounded down to the nearest whole number.

(3) One development right shall be subtracted for each residence located on a parcel in the TDR sending area which exists as of the effective date of this chapter or is built after the effective date of this chapter.

(4) No fractional development rights shall be created.

(5) The use of a parcel from which development rights have been transferred remains subject to the density and other restrictions of the underlying zone. If the number of development rights remaining on a parcel is less than that permitted by the underlying zone, the property may be developed only to the extent of the remaining development rights.