Downtown: With major use special permit

(a)

Application for reservation of development credits for net new development within the downtown DRI areas that because of its size and nature must undergo major use special permit (MUSP) review pursuant to Ordinance Number 11000, the zoning ordinance of the city, as amended, shall be made concurrent with the application for a MUSP. Applicants shall only apply for reservation of development credits for those portions or phases of their net new development anticipated to be under construction within 24 months from the date of the issuance of the MUSP. Subsequent phases may receive a reservation only after the building permit has been issued for the prior phase. Reservation of development credits shall be issued simultaneous with the MUSP, subject to the payment of all applicable fees at the time when due pursuant to ordinance, and further subject to adherence to the following time limitations:

(1)

Within six months from the effective date of the MUSP, the applicant must demonstrate to the planning, building and zoning director that design development plans and drawings for those portions of net new development for which a reservation of development credits has been issued are in progress and are likely to be completed within the succeeding six months.

(2)

Within 12 months from the effective date of the MUSP, the applicant must submit a letter of intent to provide construction financing from a lending institution or other qualified source and demonstrate to the planning, building and zoning director that working drawings/construction documents for those portions of net new development for which a reservation of development credits has been issued are in progress and likely to be completed within the succeeding six months.

(3)

Within 18 months from the effective date of the MUSP, the applicant must submit a binding letter of commitment for construction financing from a lending institution or other qualified source and demonstrate to the planning, building and zoning director that a complete application for a building permit has been submitted to the planning, building and zoning department for those portions of net new development for which a reservation of development credits has been issued.

(4)

Within 24 months from the effective date of the MUSP, the applicant must demonstrate to the planning, building and zoning director that the building permit has been obtained and that work has commenced on the net new development for which a reservation of development credits has been issued.

(b)

It shall be the responsibility of the holder of the MUSP to submit the required information, in writing, to the planning, building and zoning director on or before the expiration date of each of the above-described six-month intervals. At any of the above-described intervals the planning, building and zoning director may rescind the reservation of development credits for failure to comply with the time limitations. Notice of intent to rescind a reservation for development credits shall be made, in writing, by the planning, building and zoning director, stating reasons therefor, within 15 days from the expiration date of the current six-month interval of the time limitations. The credit holder may present additional facts, information or data in support of his/her position prior to the rendering of a final decision by the planning, building and zoning director which shall be made in writing within 30 days from the expiration date of the current six-month interval of the time limitations. Development credits rescinded pursuant to this paragraph shall be held in reserve by the planning, building and zoning department pending the outcome of an appeal pursuant to section 14-156.

(Ord. No. 13406, § 3, 9-26-13; Ord. No. 13676, § 2, 4-27-17)