Development rights from a granting lot may be conveyed, or otherwise disposed of:

(a)        directly to a receiving lot; or

(b)        to a person for subsequent disposition to a receiving lot all in accordance with the provisions of this Special District. Any person may convey interest in all or any portion of such development rights to another person, but such development rights may only be used for a development on a receiving lot.

In transferring development rights from granting lots, such bonus floor area shall not exceed 40 percent of the basic floor area ratio in Areas A, C and E, and shall not exceed 60 percent of the basic floor area ratio in Area D, as permitted on such granting lots by Section 94-09 (Special Bulk Regulations), inclusive.