Vertical Development Sample Clauses
The Vertical Development clause defines the rights and obligations related to constructing additional floors or structures above an existing property. Typically, this clause outlines who holds the right to develop vertically, the approvals required, and any limitations or conditions, such as compliance with zoning laws or obtaining consent from relevant parties. Its core function is to clarify ownership and development rights for upward expansion, thereby preventing disputes and ensuring all parties understand how vertical development opportunities are managed.
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Vertical Development. In conjunction with TICD’s completion of the horizontal development requirements for each Major Phase of development, the improved parcels will be subdivided into marketable lots or blocks and, subject to the requirements of the Transaction Documents, either (i) sold at fair market value to qualified vertical developers (including TICD and its affiliates) for the vertical development of the residential and commercial uses set forth in the Land Use Plan and the final Transaction Documents, (ii) transferred to the Authority or TIHDI for affordable housing development, or (iii) retained by the Authority and/or dedicated to the City for affordable housing, open space, community facilities and other public uses. All vertical development at the Property will comply with the Redevelopment Plan and related Plan documents, the Design for Development, the DRDAP for vertical development, applicable land use regulations adopted as part of the Redevelopment Plan and its exhibits, building codes, and the terms of applicable Transaction Documents.
Vertical Development. (a) Each Vertical DDA/LDDA shall establish the maximum number of off-street parking spaces that may be permitted on each Lot subject to the Vertical DDA/LDDA. The maximum number of off-street parking spaces permitted on any single Lot shall be the number of Allocated Parking spaces for that Lot approved in the applicable Sub- Phase Application.
(b) Vertical Development will be subject to the design review and approval process set forth in Planning Code Section 249.52.
(c) Upon the issuance of a Certificate of Occupancy for each Vertical Improvement constructed pursuant to a Vertical DDA/LDDA, the Vertical Developer shall record a notice of special restrictions or equivalent instrument against the Lot on which the Vertical Improvement is located, permanently restricting the number of off-street parking spaces permitted on the Lot, whether self-park, valet, stacked or other space efficient means, to the lesser of the Allocated Parking or the Developed Parking on the Lot. Vertical Developer shall record the notice of special restrictions or equivalent instrument within forty-five (45) days following issuance of the Certificate of Occupancy for the Vertical Improvement. The obligations of this Section 4.2.3(c) shall also apply to the Authority with respect to Authority Housing Units constructed by or caused to be constructed by the Authority, TIHDI, or Qualified Housing Developers.
Vertical Development. Developer and anyone constructing vertical improvements must comply with the Community Zoning minimum AEGB rating or equivalent for buildings within the PUD.
Vertical Development. “Vertical Development” means development within the Village Core area and surrounding areas suitable for commercial, condominium and other residential and related improvements.
Vertical Development