[HISTORY: Adopted by the Board of County Commissioners of Calvert County 10-19-2021 by Ord. No. 45-21. Amendments noted where applicable.]
A. 
There shall be established a Development Rights Reserve.
B. 
The purpose and objective of the Development Rights Reserve is to facilitate the absorption of Transferable Development Rights (TDRs) for the conservation of lands valuable to the heritage of Calvert County.
C. 
The Development Rights Reserve shall be funded from the resale of TDRs, and such other and additional sources as may be approved by the Board of County Commissioners from time to time.
D. 
The owner(s) of TDRs certified by the Calvert County Agricultural Preservation Board, approved by the County Commissioners, and with approved conservation covenants recorded among the land records of Calvert County, may apply for the sale of TDRs to the County.
E. 
The County may not require or condition that any owner of TDRs sell their TDRs to the Development Rights Reserve; the participation of sellers in this program shall be voluntary.
F. 
Each application shall be accompanied by a certificate of title prepared by a licensed attorney certifying the ownership of the TDRs. This is the responsibility of the applicant to provide.
G. 
All owners of the TDRs must join the application.
H. 
Applications meeting minimum qualifications shall be reviewed and either approved or rejected in the order in which they are received.
I. 
No application shall be approved without sufficient funds to purchase the TDRs offered for sale.
J. 
Development rights acquired using Development Rights Reserve funds may be:
(1) 
Deposited and available for resale for use upon a pending development or subdivision application through the program; or
(2) 
Retired. The development rights shall not be available for resale if matching funding sources bar such use of development rights.
A. 
The Development Rights Reserve may sell purchased TDRs.
B. 
The price of development rights sold by the Development Rights Reserve shall be set by the Board of County Commissioners annually.
C. 
Such price shall be presumptively equal to the current fair market value of the development right, plus an administrative fee of 1%.
D. 
Notwithstanding, the Board of County Commissioners may adjust such price based on consideration of such factors as the Board deems relevant, including the prevailing market rates for development rights and the effect such density credit price may have on the development rights market.
E. 
All offers to purchase transferable development rights from the Development Rights Reserve shall:
(1) 
Be in writing;
(2) 
Include a statement that the development rights will be used only inside an identified, eligible receiving area;
(3) 
Include the number of development rights to be purchased; and
(4) 
Include the location of the receiving site.
F. 
Payment for purchase of development rights from the Development Rights Reserve shall be in full at the time the development rights are transferred.
G. 
Once transferred to a receiving site, development rights are converted to density credits or development credits and are extinguished with the approval of the site plan or plan of subdivision for the receiving site.
H. 
The Development Rights Reserve may not resell TDRs for speculation or any other purpose than to be applied to a project with then-current pending approval of the Department of Planning and Zoning.
A. 
Funds of the Development Rights Reserve may be used to facilitate the Program.
B. 
The funds of the Development Rights Reserve shall be available for acquisition of TDRs, to administer and promote the program and Development Rights Reserve, and to retire debt issued for purchases of development rights.
The Calvert County Department of Planning and Zoning, with the advice of the Calvert County Agricultural Preservation Advisory Board (APAB), may develop regulations and policies implementing this program.