A. A vested right for a site-specific vesting plan remains vested for a period of 2 years. This vesting shall not be extended by any amendments or modifications to a site-specific vesting plan unless expressly provided by the city.
B. Notwithstanding the provisions of subdivision (a) of this subsection above, the city may provide for rights to be vested for a period exceeding two (2) years but not exceeding 5 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 or other considerations. These determinations are in the sound discretion of the city and shall be made following the process specified for the particular form of a site-specific vesting plan involved in accordance with subsection Sec. 9-1.12.
C. Upon issuance of a building permit, the provisions of G.S. 160D-1111 and 160D-1115 apply, except that a permit does not expire and shall not be revoked because of the running of time while a vested right under this section or G.S. 160D-108.1 is outstanding.
D. A right vested as provided in this section terminates at the end of the applicable vesting period with respect to buildings and uses for which no valid building permit applications have been filed.
(Ord. No. O-21-06-15-5, §1, 6-15-21)