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A. Town To Town Transfers: A transfer of density from one lot or parcel within the town to another lot or parcel within the town may be approved by the town council only in connection with the approval of a development agreement, or density may be transferred between locations within a master plan through an approved original or amended master plan. Density may be transferred between locations within a master plan, but a master plan shall not authorize the transfer of density between different master plans or between a location inside a master plan and another location outside the same master plan is only allowed through a development agreement. Transfers of density from properties owned by the town may also be allowed, in conjunction with an approved development permit or by resolution or ordinance of the town council. In no case may density be transferred into the Historic District or Land Use District 1. If a density transfer is approved, the transfer shall be evidenced by a written covenant which shall be in a form and substance acceptable to the town attorney. Such covenant shall provide: 1) the amount of density transferred; 2) the total amount of density remaining on the sending parcel; 3) the new total amount of density on the receiving parcel; and 4) an acknowledgment by the owner of the receiving parcel that the density which has been transferred may be used on the receiving parcel only in accordance with a separate development permit obtained in accordance with the requirements of this chapter. The covenant shall be recorded with the Clerk and Recorder of Summit County, and shall conclusively establish the amount of density on both the sending and receiving parcels as of the date of such covenant. Upon the execution of the density transfer covenant described above, the owners of both the sending and receiving parcels shall execute such documents as may be required by the Director in order to assure that the records of the town correctly reflect the current amount of allowed density for both parcels. Development approval shall include a condition of approval that specifies the time or times at which all requirements as set forth above are complied with (e.g., prior to issuance of building permits). (Ord. 12, Series 2012)

B. Other Transfers: A transfer of density to a lot or parcel within the town from either one lot or parcel located outside of the town, but within the Upper Blue River Basin, or pursuant to a certificate of development rights issued pursuant to that certain "Intergovernmental Agreement Concerning Transferred Development Rights Between the town and Summit County, Colorado", as amended from time to time, may be approved by the town only in conjunction with approval of a development agreement, with the exception that a transfer of density involving 0.5 SFEs or less of transferred density may be allowed in conjunction with a development permit and does not require a development agreement. If the vesting period expires on a development permit with a density transfer, then a new development agreement must be obtained to allow a density transfer in association with a new development permit for the property. In no case may a density transfer be allowed into the Historic District or Land Use District 1. A density transfer pursuant to the referenced intergovernmental agreement that includes a transfer of development rights sending area wetland lot shall be limited so that no more than twenty five percent (25%) of any density approved for transfer (not to exceed 2 development rights) may originate from a qualifying wetland lot of "high importance" or "concern" as defined in the intergovernmental agreement; only whole development rights are eligible for transfer from wetlands lots. If a density transfer is approved, the transfer shall be evidenced by a written covenant which shall be in a form and substance acceptable to the town attorney. Such covenant shall provide: 1) the amount of density transferred; 2) the new total amount of density on the receiving parcel; 3) the total new amount of density on the sending parcel; and 4) an acknowledgment by the owner of the receiving parcel that the density which has been transferred may be used on the receiving parcel only in accordance with this chapter. The covenant shall be recorded with the Clerk and Recorder of Summit County, and shall conclusively establish the amount of density on the receiving parcel as of the date of such covenant. Upon the execution of the density transfer covenant described above, the owner of the receiving parcel shall execute such documents as may be required by the Director in order to assure that the records of the town correctly reflect the current amount of allowed density on the receiving parcel. Development approval shall include a condition of approval that specifies the time or times at which all requirements as set forth above are complied with (e.g., prior to issuance of building permits). Development permit conditions of approval shall state the amount of density required to be transferred and shall not include specific dollar amounts for purchasing such density. The cost of purchasing density shall be based on the current rate established for sale of TDRs at the time of purchase, as outlined in the intergovernmental agreement. (Ord. 1, Series 2019)

C. Attorney Fees: The applicant shall reimburse the town for its reasonable attorney fees incurred in connection with the preparation of any covenant that is prepared pursuant to this section.

D. Density Transfer: Density may be transferred only in accordance with the provisions of this section. Any attempt to transfer density except in compliance with the provisions of this section shall be null, void and of no effect whatsoever. The town shall not recognize any density transfer except pursuant to this section. (Ord. 20, Series 2000)

E. Density Includes Mass: As used in this section, the term "transfer of density" shall include "transfer of mass".

F. Effect Of Density Transfer: Unless otherwise expressly provided in this code, density transferred to a property pursuant to this section shall be used in calculating or determining any requirement of this code that is based upon the density of such property. (Ord. 4, Series 2006)