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Development agreements are legally binding, voluntary contracts between a local government (e.g. a city or county) and a person or entity that owns or controls property within the local jurisdiction.
These types of agreements detail the obligations of both parties and specify the standards and conditions that will govern the development of the property. Development agreements can cover infrastructure (who will build it and who will maintain it), public spaces, amenities, and more.
What’s Included In A Development Agreement
Development agreements for real estate projects typically include:
- rules
- regulations
- commitments (from the local jurisdiction and the developer)
- policies
- specific time periods for the development agreement
- periodic reviews for compliance
- allowances for the developer to be protected from future changes to land use laws or zoning laws
We’re Here To Help – Experienced Real Estate Attorneys
If you have a question about a development agreement, or need a development agreement reviewed or drafted, we’d be happy to help!
At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.
We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.