(A) If the applicant fails to submit a precise development plan for the first increment within one year of approval of the master development plan by the Town Council, or fails to record a final subdivision map to effectuate an approved precise development plan and/or fails to initiate development within two years after the precise plan approval, then actions taken by the Planning Commission and Town Council shall be rendered null and void.
(B) The failure shall be grounds for reversion to acreage of any recorded final subdivision map. The time limits may be extended upon mutual agreement by the Town Council and the applicant.
(Prior Code, § 17.58.160) (Ord. 352, passed - -1973; Am. Ord. 493, passed - -1982; Am. Ord. 605, passed - -1991)