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Heather Balser, Acting Planning Director <br />February 17, 2010 <br />Page 3 of 3 <br />LIGHT, HARRINGTON & DAWES, P.C. <br />2. A vested rights agreement can provide a longer vesting period, "where warranted in light <br />of all relevant circumstances, including, but not limited to, the size and phasing of <br />development, economic cycles and market conditions." C.R.S. § 24 -68- 104(2); Code § <br />17.54.090. Vesting agreements are legislative acts subject to referendum. Id. <br />Issues Related to Vested Rights Agreements <br />In our experience the following are some of the issues raised in discussions concerning the <br />potential establishment of vested property rights by agreement: <br />1. From the ownerldeveloper perspective, a vested rights agreement can: <br />a. Provide for a longer vesting period; the three -year period may be viewed as too <br />short for a large development with significant, up -front costs. <br />b. Better address vesting of plan components of particular importance. <br />c. Provide further assurance to users, owners and investors. <br />d. Further protect against subsequent changes that would frustrate the plan. <br />e. Memorialize a long -term commitment to a present plan. <br />2. From the local government perspective, issues to consider include: <br />a. What is the appropriate length of the vesting period? <br />b. What is the appropriate level of detail and/or certainty for vesting (zoning > uses <br />> density > bulk standards > design guidelines > architectural plans ?) <br />c. What should happen to the vested rights if the project does proceed at the <br />expected pace or perform to the expected level? <br />d. What are the parties' remedies? <br />e. Are vested rights forfeited if the plan is amended or agreement is not followed? <br />If you have any questions, please contact us. <br />cc: Malcolm Fleming, City Manager <br />3 <br />