A. If the city council approves the agreement, it shall do so by the adoption of an ordinance authorizing the mayor to execute the agreement at such time as the agreement becomes effective.
B. The development agreement shall become effective ("effective date") on the effective date of the ordinance approving the agreement. In the event that a referendum petition is filed or referendum proceedings are otherwise commenced within the referendum period, the agreement shall take effect, if at all, at the conclusion of the referendum proceedings. If the referendum proceedings result in a reversal of the action of the city council in approving the agreement, the agreement shall be void in its entirety, and no vested or other rights shall be deemed to have accrued to landowner or the property. (Prior code § 56.06.612)