A.Ā General. Subject to the building setbacks and height limitations applicable to the R-0.4 zone district, as shown in Tables 17.12.070-1 and 18.12.020-2, an owner of real property in the development rights sending area is entitled to sell or transfer one development right for every unused development right associated with the property located within the development rights sending area.
B.Ā Optional Bonus for Owners of Agricultural Land. If an owner of agricultural land as defined by BIMC 16.26.020 grants an easement to conserve and forever maintain the agricultural productivity of the agricultural land to the American Farmland Trust, Inc., or other appropriate trustee, as approved by the city of Bainbridge Island, then for every unused development right, the owner of agricultural land may sell three development rights. For example, if agricultural land has three unused development rights, the property owner could transfer or sell nine development rights.
C.Ā Calculation. In calculating available development rights, the area of land divided by the density defined by the underlying zone shall be used. The resulting figure shall be rounded down for any fraction of a development right. (Ord. 2011-02 Ā§Ā 2 (Exh. A), 2011)