(A) For one year following preliminary approval and for two years following final approval, unless the subdivider and the municipality agree otherwise, no amendment to a comprehensive plan or official control shall apply to or affect the use, development, density, lot size, lot layout or dedication or platting required or permitted by the approved application.
(B) Thereafter, pursuant to its regulations, the city may extend the period by agreement with the subdivider and subject to all applicable performance conditions and requirements, or it may require submission of a new application unless substantial physical activity and investment have occurred in reasonable reliance on the approved application and the subdivider will suffer substantial financial damage as a consequence of a requirement to submit a new application. If a subdivision involves planned and staged development, the City Council may, by resolution or agreement, grant the rights referred to herein for a time longer than two years, as it determines to be reasonable and appropriate.
(`86 Code, § 10.22)