Bel-Red Smart Growth Around Light Rail
The City of Bellevue is on the verge of fulfilling the promise of Washington's Growth Management Act ...ensuring smart growth and higher densities in our commercial corridors. The Seattle Times reported yesterday that the City has in place all the necessary agreements to allow farmers in specified rural areas of King County to transfer development rights to developers who want to build more densely in the Bel-Red area. The farmers who offer to sell their land's development credits, which would result in preserving the land for farming, could receive as much as $20,000 per credit. The actual value of the development credits will be dependent on the negotiations between the farmer and developer. Every credit purchased allows a developer to build an additional 1,333 square feet. The City's transfer of development rights program will be limited to the first of 75 credits purchased, or 100,000 square feet of development area. The City's plan (pdf) is ambitious, but a definite model for capitalizing on the light rail system and advancing transit-oriented growth essential to the economic vitality of the region.
