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17 <br /> Failure to meet the criteria for site plan approval listed herein, and/or to address all <br /> review comments solicited during plan review, will result in denial of the application. <br /> (F) If a plan is approved with conditions, no zoning authorization allowing Lland- <br /> Disturbingd+s# Activity or subsequent building permit shall be issued until all <br /> conditions of approval have been met to the satisfaction of Orange County. <br /> (G) Site plan approval and the issuance of a Zoning Compliance Permit does not establish a <br /> vested right to develop the property should zoning regulations change subsequent to plan <br /> approval. <br /> 2.5.5 Vesting of Site Plan <br /> (A) At the option of the Applicant, a site plan may be vested for a period of not less than two <br /> nor more than five years. Multi-phased developments, as defined in NCGS 160D-108, <br /> shall be vested for a period of seven years from the time a site plan approval is granted <br /> for the initial phase of the multi-phased development. <br /> (B) To become vested, a site specific vesting plan must be approved by the Board of County <br /> Commissioners through either the normal project approval process if the Board of County <br /> Commissioners is the approval authority, or, in the case the Board of County <br /> Commissioners is not the normal approval authority, by the Board of County <br /> Commissioners after a legislative hearing. <br /> (1) Said legislative hearing shall follow the public notification procedures set forth in <br /> Section 2.8.7. <br /> (2) The Board of County Commissioners may approve the site specific vesting plan <br /> with such terms and conditions as may reasonably be necessary to protect the <br /> public health, safety, and welfare. Such conditional approval shall result in a <br /> vested right. Failure to abide by such terms and conditions shall result in a <br /> forfeiture of vested rights. <br /> (C) An approved site specific vesting plan shall contain the following statement: "Approval of <br /> this plan establishes a zoning vested right under NCGS 160D-108. Unless terminated at <br /> an earlier date, the zoning right shall be valid until " <br /> (D) The site specific vesting plan for a project which requires the preparation of an <br /> Environmental Impact Statement(EIS) in accordance with Section 6.16 of this Ordinance <br /> shall not be approved until the EIS has been made available for public review, and has <br /> been presented to the Board of County Commissioners in accordance with Section 2.23 <br /> of this Ordinance. <br /> 2.5.6 Guarantee of Improvern ^*cPerformance Guarantees <br /> (A) if a gua-FaRtee Of required as a condition of site plan approval, the <br /> applicant shall provide Orange County with a security <br /> escrow <br /> i rreyonahle letter of credit by an approved instit for bond, agreement, <br /> (B) The g uaraRtee shall he effer4iye fEg 12 men+hs and shall iRGlu de the .ono+of the <br /> imnrevemen+s plus 900/_ <br /> (C) ProGr to ossuanGe Gf any site plaR approval, the guarantee shall be approved by the <br /> County o++erne„ <br /> (D) if a guaraRtee is not submitted, the deve!Gper must install all required impreVeMeRtS to <br /> the safisfan+inn of the County prier+e is of the Zoningr•nliane per <br /> mh <br /> rrr�. <br /> (A) If a Performance Guarantee is required, the provisions of Section 2.27 of this Ordinance <br /> shall apply.' <br /> Consistent with Session Law 2019-79, and to avoid confusion,staff has created a central section addressing the <br /> review/processing/acceptance of Performance Guarantees for projects involving the issuance of a Zoning <br /> Orange County, North Carolina-Unified Development Ordinance Page 3-xii <br />