iii. Compensation . Upon payment to the affected landowner for compensation of all cost including all fees paid in consideration of financing, architectural, planning, marketing, legal and other consultant fees plus interest. Compensation shall not include any diminution in the value of the property. iv. Enactment of Laws on the Regulations . Enactment of a State or Federal law or regulation that precludes the authorized development, in which case the Town Board of Commissioners may after a duly noticed legislative hearing adopt an ordinance revoking the approved site- specific vesting plan designation based on a finding that such enactment of law would not permit a site-specific vesting plan designation. (12) Additional Provisions . In addition to the standards and requirements herein provided additional provisions related to the approval of a site-specific vesting plan designation are as follows: A. Right of Applicant to Complete Development . The Town Board of Commissioners may approve a site-specific vesting plan designation upon such terms and conditions as may reasonably be necessary to protect the public health, safety and welfare of the citizens of the Town. Such vested rights designation shall confer upon the land the right of the applicant to undertake and complete the development and use of said property under the terms and conditions of the site-specific vesting plan designation including any amendments to the Land Development Ordinance within the approved time designated by the Town Board of Commissioners. B. Valid Building Permit . Upon the issuance of a building permit, the expiration provisions as outlined in North Carolina General Statutes §160D-403(c) and the revocation provisions of North Carolina General Statutes §160D-403(f) shall apply, except that a building permit shall not expire or be revoked during the time that the approved vested rights is valid. C. Number of Vested Rights Permitted . Only one (1) vested rights shall be granted for any one (1) parcel(s) of land approved as a site-specific vesting plan designation. After a vested rights has expired, the property owner or developer shall be subject to all requirements and conditions of the Land Development Ordinance as may be in force at the time if no building permit has been issued or a substantial investment has been made in accordance with this Article.
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