Developers could buy their way to increased density for Bel-Red corridor projects under a new agreement proposed Thursday by King County Executive Kurt Triplett.

The agreement would allow developers to purchase development rights from rural private properties that have a direct connection to Bellevue residents.

Among the list of qualifying lands would be forest acreage visible from Interstate 90 in the Mountains to Sound Greenway, farmlands in the Snoqualmie Valley that supply Bellevue farmers markets, and forests in the White River watershed, where Bellevue gets its drinking water.

Developers who buy rural property rights could build additional square footage in future commercial and residential projects along the Bel-Red corridor, which has been re-zoned for mixed-use buildings.

The Cascade Land Conservancy has given its blessing to the proposed deal.

“This agreement is a perfect example of how transfer of development rights can conserve our precious resource lands while also helping our cities and towns grow robustly,” said Cascade Land Conservancy President Gene Duvernoy.

Under the deal, King County would give Bellevue $750,000 in dedicated open space funds in exchange for accepting rural development rights. Bellevue would then use that money to uncover Kelsey Creek and transform the nearby land into an urban park.

Bellevue Mayor Grant Degginger called the proposed agreement “‘smart growth’ exemplified,” while Triplett said it “harnesses the private market to protect lands, rather than using increasingly scarce public dollars to buy them outright.”

The King County Council is reviewing the agreement.

Joshua Adam Hicks can be reached at 425-453-4290.