Site-Specific Development Plans. Developer and the City agree that the Regulating Plan and identified sections of this Agreement each constitute an approved “site specific development plan” as defined in the Vested Property Rights Statute, and that pursuant thereto, the Developer and its successors and assigns shall have vested rights to undertake and complete the development and use of the Property under the terms and conditions thereof during the vesting term established in Section XII.A above.
Site-Specific Development Plans. YVHA and the City agree that the Regulating Plan constitutes an approved “site specific development plan” as defined in the Vested Property Rights Statute, and that pursuant thereto, YVHA and its successors and assigns shall have vested rights to undertake and complete the development and use of the Property under the terms and conditions thereof during the vesting term established in Paragraph (b) above. The vesting term shall be memorialized in a Development Agreement in connection with the approval of the Regulating Plan (“Regulating Plan Development Agreement”).
Site-Specific Development Plans. YVHA and the City agree that the Framework Regulating Plan constitutes an approved “site specific development plan” as defined in the Vested Property Rights Statute, and that pursuant thereto, YVHA and its successors and assigns shall have vested rights to undertake and complete the development and use of the Property as to the minimum densities and uses approved by the Framework Regulating Plan and with the exactions and real property dedications described herein during the vesting term established in Paragraph (b) above. The vesting term shall be memorialized in a Development Agreement in connection with the approval of the Framework Regulating Plan (“Framework Regulating Plan Development Agreement”).
Site-Specific Development Plans. YVHA and the City agree that the Regulating Plan constitutes an approved “site specific development plan” as defined in the Vested Property Rights Statute, and that pursuant thereto, YVHA and its successors and assigns shall have vested rights to undertake and complete the development and use of the Property under the terms and conditions thereof during the vesting term established in Paragraph (b) above. The vesting term shall be memorialized in a Development Agreement in connection with the approval of the Regulating Plan (“Regulating Plan Development Agreement”). Formatted: Font: 11 pt Formatted: Font: 11 pt Formatted: Font: 11 pt Formatted: Centered Formatted: Font: 11 pt Formatted: Font: 11 pt representatives to date. It is subject to change based on the parties’ ongoing discussions and review by the parties’ respective boards.
