Downtown: Reallocation of development credits subsequent to expiration or rescission of reservation

(a)

If a reservation for development credits expires or is rescinded by the planning, building and zoning director, pursuant to this article, those development credits shall be reserved on a first come, first served basis for other net new development, subject to the following order of priority:

(1)

Net new development with building permits approved subject to availability of development credits.

(2)

Net new development with pending building permit applications, based upon the date of acceptance by the planning, building and zoning department of the complete building permit applications.

(3)

Net new development with a letter of commitment for construction financing and, if applicable, an approved MUSP.

(4)

Net new development with approved MUSPs, based upon the approval date of the MUSP. If more than one MUSP was approved on the same date, priority will be based upon the date of acceptance by the planning, building and zoning director of a complete MUSP application.

(b)

No sooner than six months after a reservation for development credits has expired or been rescinded pursuant to this article, a new reservation for development credits may be given to the same parcel of land, following submission of a new application and payment of all applicable fees by the owner, subject to availability of development credits based upon the order of priority listed above.

(Ord. No. 13406, § 3, 9-26-13)