The Planning Commission and Town Council would need to hold noticed public hearings with the express purpose of repealing the Specific Plan. To maintain an adequate Housing Element under State law, at those same hearings, the Town would need to identify and zone replacement site(s) for the 270 units that would be removed by such repeal.
The Town Council can repeal or amend the North 40 Specific Plan. Chapter 6.5 in the Specific Plan specifically addresses the process for amendments. Any application that has been deem complete under the permitting streamlining act or subdivision map act would not be subject to the repeal or amendments that were made by Council.