A. Prior To Final Plat Recording: All required improvements may be installed before a final plat is recorded or the development is offered for lease or sale, leased, sold, or occupied; or
B. Phasing; Development Agreements: Developers may elect to record final plats of the development in phases or to offer phases of the development for lease, sale or occupancy before all required improvements are installed. Phasing shall be permitted pursuant to a development agreement that:
1. Incorporates the site plan used as a basis for permit approval and a detailed site plan and construction drawings of the initial phase;
2. Identifies all required improvements in the initial phase(s) and establishes their estimated cost;
3. Sets a schedule for the completion of the required improvements in the initial phase and an anticipated schedule for future phases;
4. Guarantees completion and three hundred sixty five (365) days' maintenance of all required improvements in the initial phase(s) using one of the methods listed in section 8-4-5 of this chapter, and provides a process for the submission of detailed plans, cost estimates, and the guarantee of improvements in future phases;
5. Provides a process by which the city may, if necessary, complete required improvements using the guarantee provided;
6. Provides a process by which either party may request renegotiation of the development agreement;
7. Provides a process by which the development agreement may be transferred, with city approval, to the developer's successors; and
8. Provides that the development agreement and any vested rights it confers shall be void if the city is required to call a guarantee to complete required improvements, or if the anticipated schedule is not met or renegotiated. The developer shall have the right to renegotiate the anticipated schedule without losing vested rights, provided that such negotiations are initiated, by the developer, within ninety (90) days after failure to initiate or complete a phase as scheduled.
C. Effect Of Development Agreements: The effect of a development agreement shall be to create vested rights in the site plan, as it was approved. Such rights expire with the development agreement. Development agreements do not insulate developments from changes in state or federal regulations, or changes in building and fire codes. (Ord. 149, 10-22-2008)