What are Development Agreements?
Development agreements are voluntary, written contracts between a local municipality, such as a city or county, and a property owner whose land is located within the municipality’s jurisdiction.
Development agreements set forth the obligations of both parties. They describe the various standards, terms, remedies, and conditions that will control development of the subject property.
Legally, the parties may enter into a development agreement on a voluntary basis. However, once the agreement is signed, it becomes binding on all parties, as well as their successors in interest, assigns, heirs, etc. As a result, from a legal standpoint, the laws and regulations applicable to contract formation, performance, breach, waiver, statute of limitations, estoppel and termination will apply.