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For further clarification, staff is requesting a code change to provide City Council <br />with the ability and authority to approve a vesting rights agreement at an earlier <br />stage in the development process.Such a vested rights agreement could contain <br />one or more items relative to vesting such as those listed previously, i.e., yard and <br />bulk requirements, densities, height, etc. This does not suggest that City Council <br />will approve any such vesting rights agreement should it come before City <br />Council; only that City Council has the ability to do so should Councilorsbelieve <br />such an action is appropriate.Should any applicant request a vested rights <br />agreement in the future at this stage of the development process, should the LMC <br />allow it, each agreement would be considered on its own merits specific to that <br />development.City Council will approve such vested rights agreements; they <br />would not require Planning Commission recommendation and/or action. <br />Proposed amendments to the LMC: <br />Section 1. <br />Section 17.28.170.D of the Louisville Municipal Code is hereby <br />amended to read as follows (words to be added are underlined): <br />Sec. 17.28.170.Preliminary development plan—Plan review. <br />D.Approval of the application shall constitute approval of the <br />preliminary development plan and shall be valid for one year. A one-year <br />extension of approval time may be applied for in writing to the planning <br />commission. The approval of a preliminary plan shall not result in the <br />creation of any vested property rights except as may be established in a <br />vested rights agreement approvedand executed by city council pursuant <br />to section 17.54.090. Such approval shall allow the applicant to proceed <br />to the final development plan stage, subject to the time limits set forth in <br />this subsection, or in a vested rights agreement if applicable,and the <br />other requirements of this chapter and title. <br />Section 2. <br />Section 17.28.180.A of the Louisville Municipal Code is hereby <br />amended to read as follows (words to be added are underlined): <br />Sec. 17.28.180.Final development plan –Submission requirements. <br />A.The final development plan, which may reflect an entire <br />development stage as delineated on the preliminary development plan or <br />any logical parts thereof, must be submitted within one year following the <br />approval of the preliminary development plan, unless a written request is <br />made for an extension of one year and such request is approved or <br />unless a longer period of time is expressly set forth in a vested rights <br />agreement executed pursuant to section 17.54.090. If the final <br />development plan proposesdevelopment which exceeds the staging <br />schedule, the need for deviation from the schedule shall be documented <br />and a revised development staging schedule shall be submitted. <br />3 <br /> <br />