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(1) Authorization. The county may from time to time buy, hold, and sell certified development rights in accordance with the requirements of this chapter. Certified development rights purchased by the county under the terminated TDR pilot program also may be held and sold in accordance with the requirements of this chapter.

(2) Holding certified development rights. Certified development rights acquired by the county shall be deposited into and held in a TDR fund, established by ordinance.

(3) Sale of certified development rights. The sale of certified development rights owned by the county shall be conducted by the county executive, or his or her designee, and shall be subject to the following requirements:

(a) The sale price shall equal or exceed the fair market value of the certified development rights, as determined based on prevailing market conditions.

(b) Sales shall occur through a competitive process, which shall be subject to the following requirements:

(i) A request for proposal to purchase certified development rights from the county shall be published in a newspaper of general circulation at least 14 days before the last day upon which proposals shall be received. The request for proposal shall identify the number of certified development rights to be sold and the evaluation factors, including a minimum sale price, which shall be established by the county executive to evaluate proposals.

(ii) The request for proposal shall require that all proposals be in writing and state the number of certified development rights to be purchased.

(iii) All sales shall be made to the highest qualified bidder, provided that no offers below fair market value shall be accepted. The county may reject any and all proposals for good cause and request new proposals.

(c) Payment for purchase of certified development rights from the county shall be made in full at the time the certified development rights are sold, unless, at the discretion of the administrator of the property management division, payment is secured by an irrevocable letter of credit or other security.

(d) The proceeds from sales of certified development rights shall be deposited into a TDR fund established by ordinance.

(4) The sale of certified development rights by Snohomish County may be completed consistent with its needs and in accordance with the requirements of this chapter. Such sales are exempt from the real and personal property provisions of chapter 4.46 SCC relating to surplus property. (Added by Amended Ord. 04-123, Dec. 15, 2004, Eff date Mar. 15, 2005; Amended by Amended Ord. 06-046, July 19, 2006, Eff date Aug. 5, 2006; Amended by Amended Ord. 13-064, Sept. 4, 2013, Eff date Oct. 19, 2013; Amended by Amended Ord. 17-050, Sept. 27, 2017, Eff date Oct. 14, 2017; Amended by Amended Ord. 18-070, Dec. 5, 2018, Eff date Dec. 17, 2018).