Development Timing. The Property is intended to be developed with the phasing set forth in the PUD, which provides the Development will be constructed in one (1), 20- year phase. Construction will be commenced by December 31, 2024 and shall be completed by December 31, 2044. For purposes of the PUD, “commencement” means securing approved construction drawings for the first portion of the Development and “completion” is defined as the installation of horizontal infrastructure and City approval of as-builts. After Development commencement has occurred, there shall be development activity, which is defined as active building permits for residential development, for a five (5)-year period. If the Applicant fails to obtain a building permit from the City for the first home within the Property within five (5) years from the Applicant commencing the Development, the Applicant will lose its transportation concurrency/reserved roadway capacity for the Property and shall have to reapply for said transportation concurrency/reserved roadway capacity before commencing development. Once the Applicant obtains its first building permit for residential development within the Property, it shall be vested for transportation concurrency/reserved roadway capacity. The City shall review the Development at least once every twelve (12) months to determine if there has been demonstrated good faith compliance with this Agreement, pursuant to Section 163.3235, Florida Statutes.
Development Timing. The Developer shall be obligated to comply with the terms and conditions of the Project Approvals and this Development Agreement at those times specified in either the Project Approvals or this Development Agreement. The parties acknowledge that the Developer cannot at this time predict with certainty when or the rate at which phases of the Property would be developed. Such decisions depend upon numerous factors which are not all within the control of the Developer, such as market orientation and demand, interest rates, competition and other factors. Because the California Supreme Court held in Xxxxxx Construction Co. v. City of Camarillo, 37 Cal.3d 465 (1984), that the failure of the parties therein to provide for the timing of development resulted in a later adopted initiative restricting the timing of development controlling the parties’ agreement, it is the intent of City and the Developer to hereby acknowledge and provide for the right of the Developer to develop the Project in such order and at such rate and times as the Developer deems appropriate within the exercise of its sole and subjective business judgment, subject to the terms, requirements and conditions of the Project Approvals and this Development Agreement. City acknowledges that such a right is consistent with the intent, purpose and understanding of the parties to this Development Agreement, and that without such a right, the Developer’s development of the Project would be subject to the uncertainties sought to be avoided by the Development Agreement Statute, (California Government Code Section 65864 et seq.), City Council Resolution 1986-77 and this Development Agreement. The Developer will use its best efforts, in accordance with their business judgment and taking into consideration market conditions and other economic factors influencing the Developer’s business decision, to commence or to continue development, and to develop the Project in a regular, progressive and timely manner in accordance with the provisions and conditions of this Development Agreement and with the Project Approvals. Subject to applicable law relating to the vesting provisions of development agreements, Developer and City intend that except as otherwise provided herein, this Agreement shall vest the Project Approvals against subsequent City resolutions, ordinances, growth control measures and initiatives or referenda, other than a referendum that specifically overturns City's approval of the Project Approvals, t...
Development Timing. This Agreement does not require Developer to proceed with development of the Property or to initiate or complete development of any phase of the development of the Property or any portion thereof within any period of time set by City. City acknowledges the timing of development of the Property shall be in Developer’s sole and absolute discretion. No future modification of City’s municipal code or any ordinance or regulation which limits the rate of development over time shall be applicable to the Property.
Development Timing. The Parties acknowledge that Developer cannot at this time predict when or the rate at which the phases of the Project will be developed or the order in which each phase will be developed. Such decisions depend upon numerous factors which are not within the control of Developer, such as market orientation and demand, interest rates, absorption, completion and other similar factors. In particular, and not in any limitation of any of the foregoing, since the California Supreme Court held in
Development Timing. Subject to Applicable Law, including the GMA, Developer shall have the right to develop the Project on the Project Site in such order and at such rate and at such times, if any, as Developer deems appropriate within the exercise of its subjective business judgment.
Development Timing. This Agreement contains no requirement that Property Owners must initiate or complete development of any phase of the development of the Property or any portion thereof within any period of time set by County. It is the intention of this provision that Property Owners be able to develop the Property in accordance with Property Owners’ own schedule; provided, however, that to the extent phasing is required by the Project’s Approvals or the Xxxxxxx Hills SPA ordinance, such provision shall govern. No future modification of the County Code or any ordinance or regulation which limits the rate of development over time shall be applicable to the Property.
Development Timing. The Property is intended to be developed in one phase. Construction will be commenced by Summer of 2022 and shall be completed by 2024. For purposes of the timing, “commencement” means securing approved construction drawings and permitting for the Development and “completion” is defined as completed for certificate of Occupancy. The timeline for commencement shall with the shall comply with Sec. 101-355(h) of the City Land Development Code.
Development Timing. This Agreement contains no requirement that Developer must initiate or complete development of the Project or Property or any portion thereof within any period of time set by County. It is the intention of this provision that Developer be able to develop the Project in accordance with Developer’s own schedule. However, nothing herein shall be construed to relieve Developer from any time conditions in any permit or to excuse the timely completion of any act which is required to be completed within a time period set by any applicable code or permit provisions.
Development Timing. The Developer shall be obligated to comply with the terms and conditions of the Project Approvals and this Development Agreement at those times specified in either the Project Approvals or this Development Agreement. The parties acknowledge that the Developer cannot at this time predict with certainty when or the rate at which the Property would be developed. Such decisions depend upon numerous factors which are not all within the control of the Developer, such as market conditions and demand, interest rates, competition and other factors. Because the California Supreme Court held in Xxxxxx ConstructionCo. v.
Development Timing. IRVINE shall commence development of the PROJECT on the SUBJECT PROPERTY on or before December 31, 2013 and shall diligently pursue completion of the PROJECT by obtaining a Certificate of Occupancy for the PROJECT on or before December 31, 2015. In the event that IRVINE fails to obtain building permits to commence construction of the PROJECT on the SUBJECT PROPERTY prior to December 31, 2013, this AGREEMENT shall be deemed terminated as of midnight on January 1, 2014, all reservations or allocations of market-rate units made for the PROJECT shall revert to the affordable housing pool for Phase I under and pursuant to the NORTH SAN XXXX POLICY, and any portion of the AFFORDABLE HOUSING CONTRIBUTION made by IRVINE pursuant to SECTION 3 below shall be returned to IRVINE.
