(A) If development does not occur as proposed at the time of zoning approval, the public benefits expected from the development cannot be realized, and the effect of the rezoning is therefore without merit in terms of improving the public economic prosperity, general welfare, safety, health, and convenience to the city’s residents. If, in such cases, the city finds that the zoning purpose has not been attained, the city then may declare its intent to revert the zoning to its former or other appropriate zone so future opportunities for similar development in the same general area may be shared by all properties deemed suitable and so that a speculative zoning monopoly is not created.
(B) If building permits have not been obtained and construction of the development or an agreed-upon phase thereof, in accordance with the approved concept and final development plans, has not commenced within one year from the date of zoning approval or other time period as set by the City Council, the city may examine the reasons for the delay and the progress of the developers to that point, and may either extend the time period or initiate steps to revert the zoning designation of the previously-rezoned land to its former or other appropriate zone. The reversion of zoning shall follow the same procedure established by law for amending the zoning map.
(Prior Code, § 52.16) (Ord. 2-92, passed - -1992)