(7) Vesting . If the Town Board of Commissioners approves the application it shall designate each of the site-specific vesting plans and the concurrently reviewed development application as a site-specific vesting plan that establishes vested rights for at least two (2) years upon the date of approval. The applicant may request and the Town Board of Commissioners may extend the vested rights up to five (5) years if it is determined the extension is warranted in light of all relative circumstances, including but not limited to, the size and phasing of the development, the level of investment, the need for the development, economic cycles and market conditions. Multi-phase projects, as defined and exempted in N.C. Gen. Stat. §160D-108.1 (f), shall have vesting for seven (7) years. (8) Certification . Each map, final plat, site plan or other documents as evidence of a site-specific vesting plan designation shall contain the following notation, in addition to applicable certifications and notations established by Appendix E Certifications: “ The Town Board of Commissioners of the Town of Fuquay-Varina approved this plan on (Date) establishing a vested rights under North Carolina General Statutes §160D-108.1 unless such plan designation is terminated at an earlier date in accordance with this Article, the vested rights shall be valid until (Date)” .
(9) Expiration of Approval . The designation of an approved plan as a site-specific vesting plan shall automatically expire at the end of the approved vested rights period, unless work authorized by the permit has substantially commenced.
(10) Vested Right Runs with Land . Vested rights shall run with the land and will expire at the end of the two (2) years or upon the completion of the additional time approved by the Town Board of Commissioners.
(11) Revocation of Site-Specific Vesting Plan . The Town may revoke the approval of a site-specific vesting plan designation under the following circumstances:
A. Failure to Comply . The applicant fails to comply with all applicable terms and conditions of the approval.
B. Consent . The affected property owner/developer consents in writing to the revocation.
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