PERMITTING PROCEDURES. 12.1 The Town agrees that the Owner and/or any Developer shall have the right to phase development. Property that is anticipated to use a minimum of fifty (50) ERUs shall be phased into development within the PD Property each calendar year, beginning no later than 2026; provided, however, that if the term of this Agreement is extended by the Owner and/or Developer pursuant to Section 3.2.2 herein, then such obligation shall not commence until calendar year 2027. For purposes of this Section 12.1, the term “phased into development” shall mean that the applicable property has been subdivided pursuant to an approved subdivision plat for purposes of development and marketing for sale.
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Sources: Annexation and Development Agreement, Annexation and Development Agreement