A. Establishment of Vested Rights:
1. A "vested property right," as used in this Section, means the right to undertake and complete development and use of property under the terms and conditions of approval at the time of vesting.
2. A vested property right shall accrue following approval of a Development Plan and shall be subject to any terms and conditions imposed at the time of approval.
B. Additional Provisions:
1. The vesting period for a Development Plan shall be six (6) years unless a Building Permit is issued prior to that date, or the vesting period is extended in the FBZ district pursuant to Subsection 7.2.307G (Regulatory Incentives).
2. Vested property rights may be changed through a Development Agreement between the City and affected landowner. City Council, in its legislative capacity, may change vested property rights for public health, safety, and welfare reasons.
3. Vested property rights are subject to applicable ordinances, resolutions, and regulations that are general in nature and applicable to a broad class of properties.
4. Only approval of Development Plans may result in the creation of a vested right under this Section. Any modification of an approved Development Plan does not change the effective or expiration date of a vested right. (Ord. 23-03)