Approval of a commemorative work pursuant to § 9-204.01, and any easement granted pursuant to the approval, shall expire at the end of a 7-year period beginning on the effective date of the approval unless:
(1) The Mayor issues a construction permit for the commemorative work during that period; or
(2) Prior to the end of the 7-year period, the Mayor:
(A) Determines that all regulatory approvals other than the construction permit for the commemorative work have been obtained and not less than 75% of the amount estimated to be required to construct the commemorative work has been raised; and
(B) Submits a proposed resolution that is approved by the Council to extend the 7-year authority for the commemorative work for a period not to exceed 3 years, at the end of which period the approval shall expire if a construction permit has not been issued for the commemorative work.