For purposes of this article, the following words shall have the following meanings:
   (A)   DEVELOPMENT RIGHTS - The potential value of development on a parcel of real property, measured in dwelling units or units of commercial or industrial space. This chapter does not create any such potential that does not otherwise exist.
      (1)   An area designated as a sensitive resource area;
      (2)   An area containing potential development hazards in the city's adopted coastal land use plan; or
      (3)   Other areas designated by the city council from which development rights may be transferred.
   (C)   SENDING PARCEL OR SITE - A parcel or site located in a sending area.
   (D)   RECEIVING AREA - An area designated as appropriate for development beyond its base density through the transfer of development rights.
   (E)   RECEIVING PARCEL OR SITE - A parcel or site located in a receiving area.
   (F)   BASE DENSITY - The number of dwelling units or units of commercial or industrial space permitted by the zoning classification of a parcel in a receiving area without the use of transfer of development rights or other density bonuses.
   (G)   TRANSFER UNITS - The additional units of dwellings, commercial space or industrial space allowed on a receiving parcel over base density through the use of transferable development rights.
   (H)   CONSERVATION EASEMENT - As broadly defined in the California Conservation Easements Act of 1979 (Cal. Civil Code, Section 815-816), any restriction on real property imposed for conservation purposes and binding on future owners of the restricted land.
   (I)   OPEN SPACE EASEMENT - As broadly defined in Cal. Gov't Code, Sections 51070 through 51097, a restriction on real property which will preserve for public use or enjoyment the natural or scenic character of open space land.
   (J)   EXCHANGE RATE - The number of transfer units that can be built upon an acre of receiving area by extinguishing all of the transferable development right on one sending parcel.
(`64 Code, Sec. 37-6.2.0) (Ord. No. 2006, 2716)