§ 7-701 Transfer of development rights; definitions; conditions;\nprocedures. 1. As used in this section:\n a. "Development rights" shall mean the rights permitted to a lot,\nparcel, or area of land under a zoning law respecting permissible use,\narea, density, bulk or height of improvements executed thereon.\nDevelopment rights may be calculated and allocated in accordance with\nsuch factors as area, floor area, floor area ratios, density, height\nlimitations, or any other criteria that will effectively quantify a\nvalue for the development right in a reasonable and uniform manner that\nwill carry out the objectives of this section.\n b. "Receiving district" shall mean one or more designated districts or\nareas of land to which development rights generated from one or more\nsending districts may be transferred and in which increased development\nis permitted to occur by reason of such transfer.\n c. "Sending district" shall mean one or more designated districts or\nareas of land in which development rights are designated for use in one\nor more receiving districts.\n d. "Transfer of development rights" shall mean the process by which\ndevelopment rights are transferred from one lot, parcel, or area of land\nin any sending district to another lot, parcel, or area of land in one\nor more receiving districts.\n 2. In addition to existing powers and authorities to regulate by\nplanning or zoning, including authorization to provide for transfer of\ndevelopment rights pursuant to other enabling law, a board of trustees\nis hereby empowered to provide for transfer of development rights\nsubject to the conditions hereinafter set forth and such other\nconditions as a village board of trustees deems necessary and\nappropriate that are consistent with the purposes of this section. The\npurpose of providing for transfer of development rights shall be to\nprotect the natural, scenic or agricultural qualities of open lands, to\nenhance sites and areas of special character or special historical,\ncultural, aesthetic or economic interest or value, to protect lands at\nrisk from sea level rise, storm surge or flooding, and to enable and\nencourage flexibility of design and careful management of land in\nrecognition of land as a basic and valuable natural resource. The\nconditions hereinabove referred to are as follows:\n a. That the transfer of development rights, and the sending and\nreceiving districts, shall be established in accordance with a\ncomprehensive master plan within the meaning of section 7-722 of this\narticle. The sending district from which transfer of development rights\nmay be authorized shall consist of natural, scenic, recreational,\nagricultural or open land or sites of special historical, cultural,\naesthetic or economic values sought to be protected or lands at risk\nfrom sea level rise, storm surge or flooding. Every receiving district,\nto which transfer of development rights may be authorized shall have\nbeen found by the board of trustees, after evaluating the effects of\npotential increased development which is possible under the transfer of\ndevelopment rights provisions to contain adequate resources,\nenvironmental quality and public facilities, including adequate\ntransportation, water supply, waste disposal and fire protection, and\nthat there will be no significant environmentally damaging consequences\nand such increased development is compatible with the development\notherwise permitted by the village and by the federal, state, and county\nagencies having jurisdiction to approve permissible development within\nthe district. A generic environmental impact statement pursuant to the\nprovisions of article eight of the environmental conservation law shall\nbe prepared by the village for the receiving district before any such\ndistrict, or any sending district, is designated, and such statement\nshall be amended from time to time by the village, if there are material\nchanges in circumstances. Where a tran
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