(A) A vested right to develop under a site-specific vesting plan shall terminate two (2) years after the effective date of approval of the site specific vesting plan with respect to all buildings and uses for which the developer has not, by that time, filed a valid building permit application in accordance with Section 3.14 of this Ordinance.
(B) In approving a site-specific vesting plan, the Town Council may extend the two (2)-year vested rights period to a period of up to five (5) years, where warranted in light of all relevant circumstances, including, but not limited to, the size and phasing of development, the level of investment, the need for the development, economic cycles, and market conditions or other considerations. This decision shall be in the sound discretion of the Town Council .