Development Agreement

A Development Agreement is a legally binding contract between a local government and a property owner or developer that outlines the terms and conditions for a specific development project. The agreement typically addresses issues such as zoning, infrastructure improvements, impact fees, and other development-related matters. The purpose of a Development Agreement is to provide certainty and predictability for both the developer and the local government, ensuring that the project is built in accordance with agreed-upon standards and timelines. These agreements can also help to mitigate potential impacts of the development on the surrounding community and secure public benefits, such as affordable housing or open space. Development Agreements are often used for large-scale or complex projects that require significant coordination between multiple parties.