(1) The approved master planned resort binds the project proponents and their successors to the proposed project as approved, applicable development standards of this chapter, and conditions of approval, if any. Approval of the master planned resort confirms that the proposal is consistent with the purpose of and provisions for master planned resorts and the comprehensive plan and provides the basis upon which subsequent permits, including building permits, may be reviewed and issued.

(2) The master planned resort approval shall remain valid for fifteen (15) years; provided, the first phase of development has been approved and construction begun within five (5) years of the master planned resort approval.