(A) A zoning right that has been vested as provided in this chapter shall remain vested for a period of two years unless specifically and unambiguously provided otherwise pursuant to division (B) of this section. This vesting shall not be extended by any amendments or modification to a site-specific vesting plan unless expressly provided by the approval authority at the time the amendment or modification is approved.
(B) Notwithstanding the provisions of division (A), the approval authority may provide that rights shall be vested for a period exceeding two years but not exceeding five years where warranted in light of all relevant circumstances, including, but not limited to, the size of the development, the level of investment, the need for or desirability of the development, economic cycles, and market conditions. These determinations shall be in the sound discretion of the approval authority at the time the site-specific vesting plan is approved. A multi-phased development is vested for the entire development with the land development regulations then in place at the time a site plan approval is granted for the initial phase of the multi-phased development. A right which has been vested as provided for in this division remains vested for a period of seven years from the time a site plan approval is granted for the initial phase of the multi-phased development.
(C) Upon issuance of a building permit, the expiration provisions of G.S. § 160D-1111 shall apply, except that a building permit shall not expire or be revoked because of the running of time while a zoning vested right under this section is outstanding.
(Ord. passed 3-12-92; Am. Res. passed 4-8-10; Am. Ord. 2014-001-O, passed 4-10-14; Am. Ord. passed - -)