Amendment; Modification; Termination; or Extension of the Agreement Term. This Agreement may be amended, modified, or terminated, or the Agreement Term extended, by the mutual consent of the Parties. The Village Planner shall determine whether it is a major modification or a minor modification and shall notify the Developer of that determination using the following criteria:
a) A proposed increase or decrease of more than five percent (5%) of the acreage of the Property subject to this Agreement at the time of the proposed increase or decrease shall be considered a major modification. A cumulative increase or decrease of a total of fifteen percent (15%) of the initial acreage subject to this Agreement shall be considered a major modification.
b) A change in the Agreement Term is a major modification.
c) An increase in gross building area of more than five (5) percent is a major modification. A major modification of this Agreement shall follow the same procedures as required by North Carolina law for the initial approval of a development agreement and shall follow any applicable provisions of the Village Code. A minor modification may be approved by the Village Planner by a letter.
Amendment; Modification; Termination; or Extension of the Agreement Term. This Agreement may be amended, modified, or terminated, or the Agreement Term extended, by the mutual consent of the Parties. Amendment, modification, or termination of this Agreement, or extension of the Agreement Term, shall not require the consent of any Parcel Owner. Either Party may propose a proposed modification to this Agreement. Within fifteen (15) days after receipt of a proposed modification of this Agreement, the Town Planning Director shall determine whether it is a major modification or a minor modification and shall notify the Developer of that determination. The Town Planning Director shall consider the following criteria in making the determination as to whether a proposed modification is a major modification or a minor modification to this Agreement:
a) A proposed increase or decrease in the acreage of the Property subject to this Agreement of more than five (5) percent shall be considered a major modification. A cumulative increase of fifteen (15) percent or more in the acreage of the Property subject to this Agreement shall be considered a major modification.
b) A change in the Agreement Term is a major modification.
c) Any other proposed modifications to this Agreement shall be considered a minor modification. Examples of minor modifications include, but are not limited to, modification of the development schedule required by G.S. 160A-400.25(b) and any changes in the dates referenced in this Agreement, other than the Agreement Term. A major modification of this Agreement shall follow the same procedures as required by North Carolina law for the adoption of a development agreement, and shall follow any applicable provisions of the Town Development Agreement Ordinance. The Developer shall file an application for approval of a major modification on the applicable Town form, if any. A minor modification may be approved by the Town Planning Director in accordance with the Town Development Agreement Ordinance, without following the same procedures as required by North Carolina law for the adoption of a proposed development agreement. Approval or disapproval of a minor modification by the Town Planning Director shall be memorialized by letter from the Town Planning Director to the Developer and shall include written findings by the Town Planning Director that the proposed minor modification would be consistent with the purposes and goals of this Agreement, would comply with the Town Development Agreement Ordinance, and would not adversely af...
