(A) If a local governing body does not have land development ordinances or regulations or fails to adopt an amendment to its land development ordinances or regulations as required by this section, a landowner has a vested right to proceed in accordance with an approved site specific development plan for a period of two years from the approval. 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. For purposes of this section, the landowner's rights are considered vested in the types of land use and density or intensity of uses defined in the development plan and the vesting is not affected by later amendment to a zoning ordinance or land-use or development regulation if the landowner:

1. (1) obtains, or is the beneficiary of, a significant affirmative government act that remains in effect allowing development of a specific project;
2. (2) relies in good faith on the significant affirmative government act; and
3. (3) incurs significant obligations and expenses in diligent pursuit of the specific project in reliance on the significant affirmative government act.

(B) For the purposes of this section, the following are significant affirmative governmental acts allowing development of a specific project:

1. (1) the local governing body has accepted exactions or issued conditions that specify a use related to a zoning amendment;
2. (2) the local governing body has approved an application for a rezoning for a specific use;
3. (3) the local governing body has approved an application for a density or intensity of use;
4. (4) the local governing body or board of appeals has granted a special exception or use permit with conditions;
5. (5) the local governing body has approved a variance;
6. (6) the local governing body or its designated agent has approved a preliminary subdivision plat, site plan, or plan of phased development for the landowner's property and the applicant diligently pursues approval of the final plat or plan within a reasonable period of time under the circumstances; or
7. (7) the local governing body or its designated agent has approved a final subdivision plat, site plan, or plan of phased development for the landowner's property.