1) A vested right established for a site specific vesting plan pursuant to this section shall remain vested for a period of four (4) years from the effective date thereof. A multi-phased development is vested for the entire development with the land development regulations then in place at the time a site plan approval is granted for the initial phase of the multi-phased development. A right which has been vested as a multi-phased development remains vested for a period of seven years from the time a site plan approval is granted for the initial phase of the multi-phased development.
2) Nothing in this section shall be construed to exempt a site specific vesting plan with respect to which a vested right has been established from subsequent review; and approvals by the town to ensure compliance with the terms and conditions of the original approval as provided for in the original approval or by applicable Town Code provisions.
3) The establishment of a vested right pursuant to this section shall not preclude the application of overlay zoning-that imposes additional requirements but does not affect the allowable type or intensity of use, or ordinances or regulations that are general in nature and are applicable to all property subject to land use regulation by the town, including but not limited to: building, fire, plumbing, electrical and mechanical codes. New and amended zoning regulations that would be applicable to certain property but for the establishment of a vested right with respect thereto shall become effective upon the expiration or termination of the vested right in accordance with this section.
4) Upon issuance of a building permit, the expiration provision of G.S. 160D-1111 and the revocation provisions of G.S. 160D-1115 shall apply, except that a building permit shall not expire or be revoked because of the running of time while a zoning vested right under this section is outstanding.
(Ord. No. 2020-10, 12-1-20)