9.7.1. The County herein adopts these provisions for the transfer of development rights, in the manner prescribed in this Section.
9.7.2. The purposes of this Section are to:
9.7.2.1. Authorize the owner of oil and gas mineral estates or oil and gas leasehold estates that requires relief pursuant to a beneficial use and value determination, to transfer one or more rights to develop oil or gas drill sites from a sending parcel to a receiving parcel for the following purposes:
(a) to conserve agriculture, ranch, and forestry uses of land;
(b) to protect lands and structures of cultural, architectural, and historic significance;
(c) to ensure that the owners of land that is so preserved, conserved, or protected may make reasonable use of their property rights by transferring their right to develop to other mineral estate owners, or oil and gas lessees that can make use of it;
(d) to provide a mechanism whereby drill site development rights may be reliably transferred;
(e) to ensure that development rights are transferred from both the owner of a mineral estate and oil and gas lessee to oil and gas mineral estates and leases that have received development approvals for an Oil and Gas Overlay Zoning District Classification and a Special Use and Development Permit;
(f) to authorize the County to create a TDR Bank, whereby oil and gas development rights may be purchased and conveyed by the County, in order to stabilize the market in development rights and to regulate or control the development property that the County intends to protect under subparagraphs (a) through (d) above;
(g) to authorize donations of development rights to the County or the TDR Bank.
9.7.2.2. The Board may approve a transfer of development rights by ordinance, and an ordinance pursuant to this Section shall be consistent with:
(a) the General Plan and the General Plan Growth Management and Oil and Gas Elements; and
(b) an Area Plan, including but not limited to a Galisteo Basin Area Plan.
9.7.2.3. The Ordinance shall:
(a) be adopted after a public hearing has been held on the proposed ordinance, with the same as required in Section 9.8 for the application for the Overlay Zoning District Classification;
(b) describe in detail both the sending and receiving properties;
(c) describe the development rights to be transferred in specific detail, quantifying the number of oil and gas drill sites permitted to be transferred and the number of oil and gas drill sites permitted to be located pursuant to subsection 9.4.1.1, with the location of such oil and gas drill sites on the receiving property which shall be described in detail;
(d) require that the mineral owner and/or the lessee of a sending parcel execute, and record with the County Clerk, a deed or instrument relinquishing the released development rights; and
(e) require that, once a transfer of development rights is approved, the County shall issue to the owner and/or lessee of the receiving parcel, and record with the County Clerk, a certificate assigning to the receiving parcel, and all present and future heirs, successors and assigns, the development rights that the receiving parcel is entitled to through the transfer of development rights. Such certificate shall describe the development rights, refer to the deed transferring the development rights, and the certificate shall have a copy of the deed attached.
9.7.2.4. No property shall be designated as a receiving property unless the Board has granted to such property a development order and a Special Use and Development Permit approving an Oil and Gas Overlay Zoning District Classification.
9.7.2.5. The County shall notify the County Assessor of the transfer of development rights within thirty (30) days of:
9.7.2.5.1. the adoption of a TDR Ordinance above;
9.7.2.5.2. the issuance of a certificate for the TDRs;
9.7.2.5.3. purchase of development rights by the County for its TDR Bank;
9.7.2.5.4. the receipt by the County or the TDR Bank of a donation of development rights;
9.7.2.5.5. the sale or conveyance of development rights by the TDR Bank; and the Assessor shall adjust the valuations for purposes of the real property tax of the sending parcel and of the receiving parcel or parcels, if any, appropriately for the development rights extinguished or received.
9.7.2.6. The County may, by separate ordinance, establish a transfer of development rights bank, otherwise referred to as a “TDR Bank.” The TDR Bank shall be operated by the County Manager.
9.7.2.6.1. The TDR Bank shall have the power to purchase development rights, subject to the approval of the Board;
9.7.2.6.2. The TDR Bank shall have the power to sell or convey any development rights it may possess, subject to approval of the Board;
9.7.2.6.3. The TDR Bank may, for conservation or other purposes, hold indefinitely any development rights it possesses; and
9.7.2.6.4. The TDR Bank may receive donations of development rights from any person or organization, public or private, subject to the approval of the Board.
9.7.2.6.5. The TDR Bank may be funded from:
(a) the general fund of the County;
(b) the proceeds of the sale of development rights by the TDR Bank; or
(c) grants or donations from any source.
9.7.2.6.6. A separate interest-bearing trust fund shall be established for the TDR Bank, supervised by the County Manager, into which fund all receipts shall be deposited and from which payments shall be made.
