Common use of STATUTORY FRAMEWORK Clause in Contracts

STATUTORY FRAMEWORK. 1.1. North Carolina General Statutes (hereinafter “G.S.”) 160A-400.20(a)(1) provides that “large-scale development projects often occur in multiple phases extending over a period of years, requiring a long- term commitment of both public and private resources.” 1.2. G.S. 160A-400.20(a)(3) provides that “because of their scale and duration, such large-scale projects often require careful integration between public capital facilities planning, financing, and construction schedules and the phasing of the private development.” 1.3. G.S. 160A-400.20(a)(4) provides that “because of their scale and duration, such large-scale projects involve substantial commitments of private capital by developers, which developers are usually unwilling to risk without sufficient assurances that development standards will remain stable through the extended period of development.” 1.4. G.S. 160A-400.20(a)(5) provides that "because of their size and duration, such developments often permit communities and developers to experiment with different or nontraditional types of development concepts and standards, while still managing impacts on the surrounding areas." 1.5. G.S. 160A-400.20(a)(6) provides that “to better structure and manage development approvals for such large-scale developments and ensure their proper integration into local capital facilities programs, local governments need the flexibility in negotiating such developments.” 1.6. In view of the foregoing, G.S. 160A-400.20(b) and 160A-400.22 expressly authorize local governments and agencies to enter into development agreements with developers pursuant to the procedures and requirements of G.S. 160A-400.20 through 160A-400.32, which procedures and requirements include approval of the development agreement by the governing body of the local government by ordinance after a duly noticed public hearing. 1.7. G.S. 160A-400.23 restricts the use of a development agreement to “property that contains 25 acres or more of developable property (exclusive of wetlands, mandatory buffers, unbuildable slopes, and other portions of the property which may be precluded from development at the time of the application).”

STATUTORY FRAMEWORK. 1.1. North Carolina General Statutes (hereinafter “G.S.”) 160A-400.20(a)(1) provides that “large-scale development projects often occur in multiple phases extending over a period of years, requiring a long- long-term commitment of both public and private resources.” 1.2. G.S. 160A-400.20(a)(3) provides that “because of their scale and duration, such large-scale projects often require careful integration between public capital facilities planning, financing, and construction schedules and the phasing of the private development.” 1.3. G.S. 160A-400.20(a)(4) provides that “because of their scale and duration, such large-scale projects involve substantial commitments of private capital by developers, which developers are usually unwilling to risk without sufficient assurances that development standards will remain stable through the extended period of development.” 1.4. G.S. 160A-400.20(a)(5) provides that "because of their size and duration, such developments often permit communities and developers to experiment with different or nontraditional types of development concepts and standards, while still managing impacts on the surrounding areas." 1.5. G.S. 160A-400.20(a)(6) provides that “to better structure and manage development approvals for such large-scale developments and ensure their proper integration into local capital facilities programs, local governments need the flexibility in negotiating such developments.” 1.6. In view of the foregoing, G.S. 160A-400.20(b) and 160A-400.22 expressly authorize local governments and agencies to enter into development agreements with developers pursuant to the procedures and requirements of G.S. 160A-400.20 through 160A-400.32, which procedures and requirements include approval of the development agreement by the governing body of the local government by ordinance after a duly noticed public hearing. 1.7. G.S. 160A-400.23 restricts the use of a development agreement to “property that contains 25 acres or more of developable property (exclusive of wetlands, mandatory buffers, unbuildable slopes, and other portions of the property which may be precluded from development at the time of the application).” G.S. 160A-400.23 further provides that “development agreements shall be of a term specified in the agreement, provided they may not be for a term exceeding 20 years.”