and(s) and Town to coordinate the financial and benefit provision of adequate public facilities to serve the development; coordinating the phasing of the development and administrative management efforts to address economic investments for both the Town the developer(s); and maintain open space and environmentally sensitive lands for future citizens. (1) Applicability . The Town Board of Commissioners may enter into a development agreement with a developer(s) subject to Chapter §160D, Article 10 of the North Carolina General Statutes. In entering into such development agreement, the Town shall not exercise any authority or make any commitment not authorized by general or local act and shall not impose any tax or fee not authorized by or otherwise applicable law.
(2) Town Staff/Developer Meeting . The developer (applicant) and Town staff shall conduct a meeting to address the proposed development and specific regulatory components of a proposed development agreement.
(3) Development Agreement Draft . The Town Attorney shall draft a development agreement based on the specifics of N.C. Gen. Stat. Chapter §160D, Article 10 and such other agreements that were determined through the Town Staff/developer meeting. The development agreement will be reviewed by Town Staff and upon completion of such review will submit to the developer a draft development agreement for review and comments.
(4) Final Development Agreement . Once the development agreement has received concurrence between the Town and developer(s), a legislative hearing shall be scheduled before the Town Board of Commissioners.
(5) Town Board Review & Decision . The Town Board of Commissioners shall review the development agreement, hold a legislative hearing, and receiving comments from the public, and subsequently take action on the development agreement.
(6) Recordation . Upon approval by the Town Board of Commissioners, the
development agreement shall be recorded with the Wake County Register of Deeds within 14 days of approval by the Town Board of Commissioners in accordance with §160D-1011 of the North Carolina General Statutes.
(7) Effect of Approval . The developer(s) and Town, pursuant to the development agreement, shall be subject to the terms and conditions of the agreement and to the laws in force at the time of execution of the agreement, unless otherwise provided
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