A. Vested Property Right Created: A vested property right for a development other than a subdivision shall be deemed to have been created only upon the approval by the town council of a site specific development plan in accordance with this section.

B. Notice And Hearing: No site specific development plan shall be approved until after a public hearing preceded by notice. In all cases, such hearing shall be held before the Planning Commission in connection with the normal development application process. In those instances where the decision of the Planning Commission is called up, a second hearing, also preceded by notice, shall be held before the town council. At all such hearings interested persons shall have an opportunity to be heard.

C. Notice Of Approval:

D. Duration Of Vested Right: Subject to the provisions of subsection F of this section, and section 9-1-19-39A of this chapter, all vested rights with respect to any Class A or B development permit shall terminate and expire at the end of three (3) years from the date of the approval by the town council of such development permit, and all vested rights with respect to a Class C or Class D major development permit shall expire eighteen (18) months from the date of the approval by the town council or Director of such permit, unless substantial construction pursuant to such permit has been completed. There are no vested property rights for a Class D minor development permit. (Ord. 1, Series 2019)

E. Phasing Of Projects: If a project is proposed to be constructed in phases, such phasing shall be considered by the Planning Commission and, if phasing is approved, the duration of the development permit and the vested property rights for such project shall be as provided in the development permit.

F. Execution Of Development Permit: Within twenty one (21) days following approval of a site specific development plan the town shall prepare and mail or hand deliver to the applicant a development permit for the approved project. Within thirty (30) days following the mailing of the development permit the applicant shall execute and return the development permit to the town. Failure to execute and return the development permit within such time period shall operate as a waiver of all vested property rights with respect to the project, and the duration of the permit shall be as provided in section 9-1-17-8 of this chapter, without the benefit of any vested property right.

G. Other Provisions Unaffected: Approval of a site specific development plan shall not constitute an exemption or waiver of any other provisions of this code pertaining to the development and use of property.

H. Amendment To Site Specific Development Plan: In the event an amendment to a site specific development plan is proposed and approved, the effective date of such amendment for the purpose of determining the duration of a vested property right shall be the date of the approval of the original development permit which gave rise to the vested property rights for the project, unless an extension of the vested property rights is approved in the manner provided in subsection I of this section. (Ord. 19, Series 1993)

I. Extension Of Vested Property Rights: An approved development permit for a Class A, B, and C development, and the vested property rights for such project, may be extended by the planning commission. An approved development permit for a Class D major or a Class D minor development, and the vested property rights for such project, may be extended by the director. An application for an extension shall be made in writing to the director and shall include such submittal information as the director may require. Such application must be received at least thirty (30) days but no earlier than four (4) months prior to the expiration of the development permit and the associated vested property rights. An application for an extension which is received within the specified time period shall extend the development permit and the associated vested property rights until such application is finally determined, and an application for extension shall be considered even though, at the time of such consideration, the development permit would have otherwise expired. Failure to submit a written request for extension within the specified time period shall cause the development permit and the vested property rights for such project to expire at the end of the time period provided in subsection D of this section. An extension application shall be classified and processed one classification lower than the classification of the development permit which gave rise to the vested property rights for the project. No extension of a vested property right may be approved unless the approved project complies with all town land use laws in effect at the time of the extension request. When considering a request to extend a development permit and the associated vested property rights, the planning commission and/or director shall consider all relevant circumstances, including, but not limited to, the size and phasing of the development, economic cycles, and market conditions. The planning commission may approve the requested extension, deny the requested extension, or approve the requested extension with conditions. If an extension is granted, the planning commission shall fix the period of extension which may be up to and including a period of three (3) years from the date of the expiration of the original development permit and the associated vested property rights. There is never an entitlement to an extension of an approved development permit and the associated vested property rights; the decision to grant or deny a requested extension lies in the sound discretion of the planning commission if the extension is for a Class A, B, or C development permit, or the director if the extension is for a Class D major or a Class D minor development permit. (Ord. 1, Series 2014)

J. Effect Of Termination Of Vested Property Right On Public Rights-Of-Way: The termination of a vested property right shall have no effect upon public streets, alleys or rights-of-way previously dedicated with respect to such project. (Ord. 19, Series 1993)

K. Development Agreements: The town council may, by development agreement, provide that a property right shall be vested for a period exceeding three (3) years when warranted in light of all relevant circumstances, including, but not limited to, the size and phasing of the development, economic cycles and market conditions. In such agreement the town council may also designate an approval other than that described in this section as a site specific development for a specific project. (Ord. 3, Series 1999)

L. Revocation Of Development Permit: A development permit may be revoked in accordance with subsection 9-1-6F4 of this chapter. The revocation of a development permit pursuant to such section shall not constitute a violation of this section or otherwise constitute an unlawful impairment of any vested property right by the town. The sole remedy available to a person whose development permit has been revoked in accordance with subsection 9-1-6F4 of this chapter shall be to appeal such revocation in accordance with rule 106(a)(4) of the Colorado Rules of Civil Procedure. (Ord. 32, Series 2007)