In accordance with G.S. § 160A-385.1, the following shall apply.
(A) Definition of vested right. A VESTED RIGHT is the right to undertake and complete the development and use of a property under the terms and conditions of an approved site specific development plan.
(B) Establishment of vested right.
(1) A vested right shall be deemed established with respect to any property upon the valid approval or conditional approval, of a site specific development plan or a phased development plan, following notice and public hearing by the town with jurisdiction over the property.
(2) The vested right shall confer upon the landowner the right to undertake and complete the development and use of the property under the terms and conditions of the site specific development plan or the phased development plan including any amendments thereto.
(3) A town may approve a site specific development plan or a phased development plan upon such terms and conditions as may reasonably be necessary to protect the public health, safety and welfare. The conditional approval shall result in a vested right, although failure to abide by such terms and conditions will result in a forfeiture of vested rights.
(4) A town shall not require a landowner to waive his or her vested rights as a condition of developmental approval. A site specific development plan or a phased development plan shall be deemed approved upon the effective date of the town's action or ordinance relating thereto.
(C) Duration and termination of vested right.
(1) A right which has been vested as provided for in this section shall remain vested for a period of two years. This vesting shall not be extended by any amendments or modifications to a site specific development plan unless expressly provided by the town.
(2) The Town Council 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 and phasing of development, the level of investment, the need for the development, economic cycles and market conditions. These determinations shall be in the sound discretion of the town. This shall not apply to development agreements approved in accordance with G.S. § 160A-400.20-32.
(Ord. passed 5-17-2007)