10.1   Establishment of a vested right.
   1)   A vested right shall be deemed established upon the valid approval, by the town council, as applicable, of a site specific vesting plan following notice and an evidentiary hearing as provided for by law.
   2)   The approval authority may approve a site specific vesting plan upon such terms and conditions as may be reasonably necessary to protect the public health, safety and welfare. Such conditional approval shall result in a vested right being established; provided, that failure to satisfy any of the terms and conditions so imposed will result in a forfeiture of vested rights. A site specific vesting plan consists of a plan submitted to the town in which the applicant requests vesting pursuant to this section, describing with reasonable certainty on the plan the type and intensity of use for a specific parcel or parcels of property.
   3)   A site specific vesting plan shall be deemed approved as of the effective date of the approval authority final action or adoption of an ordinance relating thereto.
(Ord. No. 2020-10, 12-1-20)