Taking into consideration the growing urban development needs as well as the legal challenges that come along with such projects, both property owners and local government authorities are increasingly turning to development agreements. According to Schwabe, Williamson & Wyatt PC, these are voluntary contracts, established between a property owner and a local government, which dictate the rules for the development, use, and mitigation of a specific property. Read more here.
These development agreement statutes, particularly those from the state of Washington, are structured with the intention to reduce development costs by providing increased regulatory certainty. This offers both parties more control over the project’s development and helps manage the risks associated with potential changes in policy, something which has become a commonplace issue with large scale developments.
But what ensures the legality and assurance of these agreements? To solidify the agreement, the local government’s legislative body must approve it via resolution or ordinance following a public hearing. This structure guarantees that decisions are arrived at democratically but also ensures that the development agreement is solidified for future administrations to adhere to – a pivotal aspect considering that development projects often span across years, if not decades.
Development Agreements pave a long term, mutually beneficial path, for landowners and governments alike in facilitating the fast-paced, intricate nature of urban development. As such, understanding the legal facets of these agreements is of paramount importance for all legal professionals operating in this space.