A. General. Unless amended or terminated, a development agreement is enforceable during its term by a party to the agreement. A development agreement and the development standards in the agreement govern during the term of the agreement, or for all or that part of the build-out period of the project specified in the agreement, and the project may not be subject to an amendment to a zoning ordinance or development standard or regulation or a new zoning ordinance or development standard or regulation adopted after the effective date of the agreement. A permit or approval issued by the City after the execution of the development agreement must be consistent with the development agreement. A development agreement shall reference by ordinance or code provision the land use regulations under which the project described in the development agreement is vested.

B. Vesting. Under subsection (A), a development agreement provides an alternative to vesting rights provided for under Section 20.210.110 VMC.

C. Concurrency. A development agreement may reserve capacity in the transportation system for the proposed development’s trip generation and, in such case, the proposed development shall be deemed to have achieved transportation concurrency under the concurrency rules and regulations in effect on the effective date of the development agreement. The term for the concurrency determination shall be set forth in the development agreement.

D. Modifications. The City shall reserve authority in each development agreement to impose new or different regulations only if necessary, and to the extent necessary, to address a serious threat to public health and safety. (Ord. M-3643, 01/26/2004)