What is a development agreement?
Development agreements provide certainty to the requirements that must be met in protecting vested property rights, while maintaining the authority and duty of government to enforce laws and regulations which promote the public safety, health, and general welfare of citizens. Specifically, Laurel Island's development agreement will serve to:
Lock in the Planned Unit Development District that was approved in 2020 for 10 years, protecting vested property rights
Further define public benefits such as roads, parks, affordable housing, and off-site infrastructure improvements
Set priorities for the use of future TIF funds via a Public Infrastructure Improvements Agreement with the City