As used in this article, the term:

“Development rights” means the permitted uses and density of development that are allowed on the sending property under any zoning ordinance of a locality on a date prescribed by the ordinance. “Development rights” includes “transferable development rights.”

“Receiving area” means one or more areas identified by an ordinance and designated by the comprehensive plan as an area authorized to receive development rights transferred from a sending area.

“Receiving property” means a lot or parcel within a receiving area and within which development rights are increased pursuant to a transfer of development rights affixed to the property. Receiving property shall be appropriate and suitable for development and shall be sufficient to accommodate the transferable development rights of the sending property. Development rights may be transferred between receiving properties, as otherwise permitted in the ordinance.

“Sending area” means one or more areas identified by an ordinance and designated by the comprehensive plan as an area from which development rights are authorized to be severed and transferred to a receiving area.

“Sending property” means a lot or parcel within a sending area from which development rights are authorized to be severed.

“Severance of development rights” means the process by which development rights from a sending property are severed pursuant to this act.

“Transfer of development rights” means the process by which development rights from a sending property are affixed to one or more receiving properties.

“Transferable development rights” means all or that portion of development rights that are transferred or are transferable.