Section 6-29-1530 - Two-year vested right established on approval of site specific development plan; conforming ordinances and regulations; renewal(A)(1) A vested right is established for two years upon the approval of a site specific development plan.(2) On or before July 1, 2005, in the local land development ordinances or regulations adopted pursuant to this chapter, a local governing body must provide for: (a) the establishment of a two-year vested right in an approved site specific development plan; and(b) a process by which the landowner of real property with a vested right may apply at the end of the vesting period to the local governing body for an annual extension of the vested right. The local governing body must approve applications for at least five annual extensions of the vested right unless an amendment to the land development ordinances or regulations has been adopted that prohibits approval.(B) A local governing body may provide in its local land development ordinances or regulations adopted pursuant to this chapter for the establishment of a two-year vested right in a conditionally approved site specific development plan.(C) A local governing body may provide in its local land development ordinances or regulations adopted pursuant to this chapter for the establishment of a vested right in an approved or conditionally approved phased development plan not to exceed five years.2004 Act No. 287, Section 2, eff 7/1/2005.