A. The planned unit development shall be constructed in a timely manner. The planned unit development shall be subject to revocation under the following conditions:
1. Final platting does not occur within two (2) years from the date of approval of the preliminary plat of planned unit development.
2. Construction does not commence and proceed within two (2) years from the date of approval of the final planned plat of a planned unit development.
B. The Village Board may extend those time limits in one year increments.
C. The Village Board may initiate or the owner of the parcel of land on which the planned unit development is to be constructed may apply for the revocation of the planned unit development. Said owner shall be notified, in writing, at least thirty (30) days prior to the Village Board consideration of the revocation.
D. Upon the revocation of the planned unit development, the parcel of land shall conform to the permitted uses and other regulations of the zoning district of which it is a conditional use unless an amendment or other conditional use is initiated by the Village Board or is applied for by the owner of the parcel of land on which the planned unit development was to be constructed and granted by the Village Board. (Ord. 93-695, 6-15-93)