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Not for Sale

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OCR for page 136
136 Aircraft Noise: A Toolkit for Managing Community Expectations Implemented by: Airports, with or without funding assistance by the FAA, when established through a Noise Compatibility Program or environmental mitigation program. Public reaction: The action is generally transparent to the general public. Development Rights Transactions Purpose: Where acquisition is not an option and a vacant property is located within an area of significant noise exposure, the purchase of the rights to develop that property in incompat- ible uses may be a viable approach to land use management. Development rights may be acquired or transferred. Purchase of development rights (PDR) transfers all rights to develop a property in incompatible uses from the property owner to the acquiring party--in these cases the airport. The value of the transfer is appraised comparably to that of an easement. The transfer of development rights (TDR) allows the owner of the sending property to develop property in another location that would not normally be approved for the proposed develop- ment. For example, potential for a high density development proposed in an area of signifi- cant noise exposure may be transferred to an area that local plans indicate should be developed in a lower density. Limitations: There must be state enabling legislation to permit such transactions. Implemented by: Airports, with support of local planning and zoning authorities. Public reaction: Typically, the property owners adjacent to the parcel where the rights are being transferred `from' are in favor; the property owners adjacent to the parcel where the rights are being transferred `to' are generally opposed. This is because such a transfer of devel- opment rights typically means the rights being transferred will permit a higher density of development. Purchase Assurance/Sales Assistance Purpose: Purchase assurance and sales assistance programs are intended to provide homeown- ers in noise-impacted areas an assurance they will be able to sell their property for fair market value. Under purchase assurance the airport proprietor agrees to acquire the property as a pur- chaser of last resort if the homeowner was unable to sell on the open market. The airport may place limitations on the guarantee amount relative to the appraised value of the property (e.g., 90 percent of appraised market value) to assure that the owner has made an adequate effort to sell the property prior to applying for purchase assurance. The airport then sells the home and retains an aviation easement after making sound insulation or other property improvements. Under sales assistance programs, the airport may support the homeowner in the independent sale of the property in exchange for easement or other deed considerations by paying closing costs, or subsidizing a portion of the difference between the appraised value of the property and the final sales price. Limitations: Purchase assurance and sales assistance programs can be fairly complex and time- consuming to administer. They also open up the risk that the airport will become a property manager or landlord if market conditions make it difficult to sell homes. The program should be carefully staged to prevent more applicants than can be dealt with effectively at any one time. Otherwise, an adverse reaction in the larger real estate market could be caused. Implemented by: Airport with potential funding assistance from FAA. Public reaction: Generally purchase assurance and sales assistance programs are well-received by the public. This program allows the existing property owner an opportunity to leave the area