(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 thoroughfare identified on the Community 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 thoroughfare 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 thoroughfare 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 thoroughfare 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 zoning district on the parcel of land in question, except for the thoroughfare dedication or reservation. The number of residential units permitted associated with the thoroughfare dedication may then be applied to the remaining parcel of land proposed for development, however, the total density for the proposed development shall not exceed the maximum density permitted per acre for the residential zoning district in which the proposed development is located. (6) Development Standards . All other development standards as identified in the Land Development Ordinance shall apply based on the current zoning district where the proposed development is located.
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