The owners of the undeveloped portions of Bald Head Island are declared hereby to have acquired vested rights in accordance with G.S. 160A-385.1 as to the "Phased Development Plan" entitled "Revised June 29, 1995 STAGE 2 MASTER PLAN BALD HEAD ISLAND, NORTH CAROLINA, BALD HEAD ISLAND PLANNING DEPARTMENT" and approved by the State Division of Coastal Management on August 7, 1995. Notwithstanding the provisions of G.S. 160A-385.1(d), these vested rights shall be valid through December 31, 1999, and no longer. Nothing in this section shall be construed to prohibit the further granting of vested rights by the Village pursuant to theprovisions of G.S. 160A-385.1.