Existing Approvals definition
Examples of Existing Approvals in a sentence
Notwithstanding any provision of this Agreement or the AMC, the Parties expressly agree that there is no requirement that Developer initiate or complete development of the Project or any particular phase of the Project within any particular period of time, and City shall not impose such a requirement on any of the Existing Approvals.
The City agrees that with respect to the Project it is bound to permit development of the Project in accordance with the Existing Approvals including without limitation, the uses, intensity and density as permitted by the Existing Approvals, subject to the Applicable Rules, Reserved Powers and this Agreement.
Developer has a vested right to develop the Project in accordance with the Existing Approvals subject to the terms and conditions of this Agreement, the Applicable Rules and the Reserved Powers.
The City desires that the Property be developed as provided for in the Existing Approvals to: (i) provide for the payment by the Developer to the City of the Affordable Housing Payment, (ii) provide a fully integrated and coordinated development based on comprehensive planning principles; and (iii) to the extent Developer proceeds with the Project, to assure that the Project will be developed as described in the Existing Approvals.
Moreover, this Agreement provides additional assurance to the City and Developer that, should Developer proceed with the Project, the installation of necessary improvements will occur in the manner set forth in the Existing Approvals and otherwise achieve the goals and purposes for which the Development Agreement Act was enacted.