LBG Development

How Hard is it to Change my Development Agreement?

This is a complex question with many answers depending on the history of the property, the municipal or county entity, the willingness to revisit the agreement provisions by the said entities, and what provisions, if any, have already been satisfied.

Let’s look at one example:

A new property owner has just bought a piece of property. In his due diligence the new owner discovered that the property has expired plats on it, and has a development agreement that was approved 4 years ago with 6 years left in its current term. There are also various time sensitive payments that are due from the property owner, but due to the economy he realizes that he is going to have to hold the property for a while and he wants to delay them. The question he is faced with is:

Will the City work with me to allow me to amend some of the provisions in the development agreement that are time sensitive?

Obviously this issue and issues like this are of critical concern to the property owner, a good option would be to hire an attorney who negotiated the terms of the agreement in the first place, or an entitlement practitioner. Typically, a good zoning attorney or a good entitlement practitioner, with substantial experience in development agreements, who is familiar with the particular City or County will have established relationships and be able to advocate the property owner’s position successfully. It must be noted that an amendment of the agreement is not always going to be approved by either staff or the City Council or County Commission, but if the new owner can still show a win-win for both the municipal or county entity and the owner. It is likely the City (or County) will work with the new owner to create some type of relief. As to what form that will take that will be up to the Parties.

For further information call (602)-330-8470 Gary Lane, AICP at LBG Development we have “unmatched experience in every facet of development.” or write your questions and comments to info@lbgdevelopment.com.

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LGB DEVELOPMENT

We are the experts in land acquisition and development.

LLC provides financial institutions, homebuilders, and large landowners with unmatched experience and expertise in every facet of the land development process. Our time-tested “best practices” model enables LBG to identify the true potential of your asset.