The intent of street density credits is to offset the impact caused by a required dedication or reservation of property for a proposed street as required by Land Development Ordinance and the adopted Comprehensive Transportation Plan. (1) Density Credits . Density credits shall be based only on the total amount of land dedicated as public right-of-way or reserved, and the credits shall only apply to the remaining portion of the same property proposed for development.
(2) Nontransferable . Density credits shall not be permitted to be transferred to any other parcel of land.
(3) Provisions for the Credit . Density credits may apply to the parcel of land located in a residential district that is adjacent to or intersects a proposed street identified on the Comprehensive Transportation Plan and approved by the Town Board of Commissioners as eligible for density credits. (4) Eligible Credits . Density credits may apply to maintain all or some of the allowable density on the parcel of land due to the parcel of land being impacted by a required street dedication or reservation, in accordance with the following standards: A. Application . Density credits may be applied to the same parcel of land impacted by the street dedication or reservation within the Town's corporate limits or extraterritorial jurisdiction, regardless of ownership. The exception to this standard is the density credits shall not apply to a parcel of land that is located within a Water Supply Watershed Overlay District, where applied. B. Private Utility System . Density credits may be applied to the same parcel of land impacted by a street dedication or reservation located within the extraterritorial jurisdiction where municipal utilities are not available. However, the parcel of land shall meet the minimum requirements set forth by the Wake County's Health Department for a private well and septic system. C. Preliminary Subdivision Approval . An applicant shall apply for density credits at the same time a preliminary major subdivision plat is submitted, in accordance with the Land Development Ordinance. Density credits may be issued upon approval of the preliminary major subdivision plat by the Town Board of Commissioners.
(5) Density Credit Calculation . Density credits shall be determined by calculating the maximum number of residential units permitted under the existing residential
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