A development agreement is a contract between a local county or municipality and a private party (land owners or developer) that helps both parties work together throughout the development process for a specific development project. Land owners and developers like development agreements because they provide regulatory and political assurances during the development process that make projects more viable. These assurances pertain to development phasing, rules and regulations pertaining to the development of a specific property, critical infrastructure responsibilities and coordination, and more. Local counties and municipalities like development agreements because they are a way to incentivize development, promote economic growth, and ensure that proposed development is in compliance with adopted rules and regulations and the overall vision of the community.
Course Tag: Development