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(A) A development agreement must include:
(1) A legal description of the property subject to the agreement and the names of its legal equitable property owners;
(2) The duration of the agreement. However, the parties are not precluded from extending the termination date by mutual agreement or from entering into subsequent development agreements;
(3) The development uses permitted on the property, including population densities and building intensities and height;
(4) A description of public facilities that will service the development, including who provides the facilities, the date any new public facilities, if needed will be constructed, and a schedule to assure public facilities are available concurrent with the impacts of the development;
(5) A description, where appropriate, of any reservation or dedication of land for public purposes and any provisions to protect environmentally sensitive property as may be required or permitted pursuant to laws in effect at the time of entering into the development agreement;
(6) A description of all local development permits approved or needed to be approved for the development of the property together with a statement indicating that the failure of the agreement to address a particular permit, condition, term or restriction does not relieve the developer of the necessity of complying with the law governing the permitting requirements, conditions, terms, or restrictions;
(7) A finding that the development permitted or proposed is consistent with the town's comprehensive plan and land development regulations;
(8) A description of any conditions, terms, restrictions, or other requirements determined to be necessary by the local government for the public health, safety, or welfare of its citizens; and
(9) A description, where appropriate, of any provisions for the preservation and restoration of historic structures.
(10) Any subsequent development agreements will be subject to public hearing requirements.
(11) A detailed schedule of payments due to the town of all monies owed in addition to specifics of any bonding requirements, if applicable, will be included.
(B) A development agreement may provide that the entire development or any phase of it be commenced or completed within a specific period of time. The development agreement must provide a development schedule including commencement dates and interim completion dates at no greater than five year intervals; provided, however, the failure to meet a commencement or completion date shall not, in and of itself, constitute a material breach of the development agreement, but must be judged based on the totality of the circumstances. The development agreement may include other defined performance standards to be met by the developer. If the developer requests a modification in the dates as set forth in the agreement and is able to demonstrate and establish that there is good cause to modify those dates, those dates must be modified by the local government. A major modification of the agreement may occur only after public notice and a public hearing by the local government.
(C) If more than one local government is made party to an agreement, the agreement must specify which local government is responsible for the overall administration of the development agreement.
(D) The development agreement also may cover any other matter not inconsistent with this chapter not prohibited by law.
(Ord. 99056, passed 12-14-99)