1. Vested Property Right Created: A vested property right for 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.

2. 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.

3. Notice Of Approval:

4. Duration Of Vested Right: Subject to the provisions of subsection B6 of this section, all vested rights with respect to any Class A or B subdivision shall terminate and expire at the end of three (3) years from the date of the approval by the town council of the development permit for such subdivision. The vested property rights for a subdivision may be extended in the manner provided in subsection B9 of this section. For those development permits for which vested property rights are created pursuant to this section, the duration of the development permit and the duration of the vested property rights are the same, and the extension of the vested property rights also operates to extend the development permit for so long as such vested property rights continue to exist pursuant to this section.

5. Phasing Of Subdivisions: If a subdivision 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 subdivision shall be as provided in the development permit.

6. 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 subdivision. 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 subdivision, and the duration of the permit shall be as provided in subsection A of this section, without the benefit of any vested property rights.

7. 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.

8. 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 date of the approval of the original development permit which gave rise to the vested property rights for the subdivision, unless the town council specifically finds to the contrary and incorporates such finding into its approval of the amendment.

9. Extension Of Vested Property Right: A development permit and the vested property rights for such subdivision may be extended by the planning commission for Class A and B applications, and by the director for Class C applications. 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 prior to the expiration of the development permit. An application for an extension which is received within the specified time period shall extend the development permit and the vested property rights for such subdivision 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 subdivision to expire in three (3) years as provided in subsection B4 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 subdivision; provided, however, an application to extend a Class C development permit shall be classified as a Class C application. The planning commission or the director, as applicable, may approve the requested extension, deny the requested extension or approve the requested extension with conditions. If an extension of a Class A or Class B development permit is granted, the planning commission shall fix the period of extension, which may be up to and including a period of three (3) years. The director shall fix the period of extension of a Class C development permit, which may be up to and including 18 months.

10. 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 subdivision. (Ord. 19, Series 1993)

11. 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 development agreement the town council may also designate an approval other than that described in this section as a site specific development for a specific subdivision. (Ord. 3, Series 1999)