Vested Zoning Sample Clauses

Vested Zoning. Upon the execution and delivery to the Town of: this First Amendment (including the execution and delivery of the Escrow Instructions for the First Town Housing Parcel, the Second Town Housing Parcel and the Additional Housing Parcel) zoning at all Stilo Parcels shall be considered fully “vested” (the “Vested Zoning”). Stilo’s agreement to transfer forty (40) acres of land and the contingent obligation to transfer the Additional Housing Parcel to the Town is being made in furtherance of the long term development plans of the Town and for Stilo’s Properties pursuant to the zoning approvals granted by the Town, and in order to commence implementation of the mixed housing goals, including both public and private housing, as documented in the Prior Agreement and this First Amendment. The transfer of forty (40) acres to the Town and the contingent obligation to transfer the Additional Housing Parcel to the Town is, therefore, a critical act of reliance by both Stilo and the Town and Stilo acknowledges that such transfer is not an exaction as that term is used in A.R.S. § 9-500.12. The parties expressly acknowledge this critical reliance is in furtherance of the long term goals of both the Town and Stilo to implement the development plans and zoning approved by the Town on November 2, 2011.
Sample 1
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