§ 156.03 PROCEDURE.
   (A)   Any proposed transfer of development rights from a sending property to a receiving property shall be subject to the notice, hearing and Planning Commission and Town Council approval requirements of A.R.S. § 9-462.04 and the zoning ordinance and shall be subject to the approval and consent of the property owners of both the sending property and the receiving property.
   (B)   Agreement. The sending property owner and the receiving property owner shall execute an agreement ("TDR Agreement") approved by the Department whereby the development rights of the sending property are severed and affixed to the receiving property. The agreement shall include a site plan for both the sending property and the receiving property. For the sending property, the site plan shall illustrate the area of the transferred development rights and the land use calculations for the undisturbed area percentages. For the receiving property, the site plan shall satisfy the requirements of the Town of Cave Creek Zoning Ordinance. The sending property owner and the receiving property owner shall obtain the approval of any person or entity holding a lien on the sending property and the receiving property
   (C)   Restrictive covenant running with the land. The Department may direct the owner of the sending property to record either a conservation easement or a development agreement containing the terms of the transferred development rights and limitations thereto as permitted by this chapter binding the owner of the sending property and every successor in interest to the owner of the sending property to the terms of the conservation easement or development agreement.
   (D)   Delayed effectiveness. The effective date of the severance of transferable development rights from the sending property shall be the date of the recording of the conservation easement or development agreement required by § 156.03(C) of this code. The effective date of the development rights transferred to the receiving property shall be ten days following the recording of the conservation easement or development agreement.
   (E)   Transferred rights. The purchase, sale, exchange or other conveyance of the transferable development rights shall become effective ten days following the recording of the TDR Agreement, provided consideration has been made by the receiving property owner to the sending property owner.
   (F)   Monitoring. The system for monitoring the severance, ownership, assignment and transfer of development rights shall be administered by the Department. As part of the review and approval process of each development rights transfer application, the Department shall review each application relative to the following criteria:
      (1)   Site plan. Application requirements in the case of the receiving property;
      (2)   Transferable development rights shall be used for undisturbed land use requirements only;
      (3)   Transferable development rights shall comply with the general plan and any applicable specific plan; and
      (4)   The total area of the transferable development rights must be equal to or less than the total square footage of the receiving property's undisturbed area excluding any landscaped area requirements which shall not be subject of a transferable development right, as required by the Town of Cave Creek Zoning Ordinance. The Department shall monitor and maintain records for each receiving property transfer of development rights on a square foot basis and deduct each transfer from the total square footage of the sending property, until such time the total square footage of the sending property is exhausted in terms of available square footage.
   (G)   Right to purchase. The town shall have a right of first refusal to purchase or exchange transferable development rights from the sending property to hold them for resale, provided the purchase price or exchange rate offered by the town shall be fair market value.
   (H)   Interjurisdictional transfers. The town shall have the right at its discretion to enter into an intergovernmental agreement with another municipality or a county for the transfer of development rights between jurisdictions when the sending property a receiving property are in different jurisdictions.
   (I)   Process. The property owners desiring to transfer development rights under this chapter of the town code shall complete an application and submit the application to the Department together with a registration fee in accordance with the town’s adopted fee schedule.
(Ord. O2016-06, passed 7-18-16)