(a)   (1)   In this section the following words have the meanings indicated.
    (2)   "Agreement" means a development rights and responsibilities
agreement.
    (3)   "Governing body" means the local legislative body, the local
executive, or other elected governmental body that has zoning powers
under this article.
    (4)   "Public principal" means the governmental entity of a local
jurisdiction that has been granted the authority to enter agreements
under subsection (b)(1) of this section.
  (b)   (1)   Subject to subsections (c) through (l) of this section, the governing
body of a local jurisdiction may:
      (i)   By ordinance, establish procedures and requirements for the
consideration and execution of agreements; and
      (ii)   Delegate all or part of the authority established under the ordinance
to a public principal within the jurisdiction of the governing body.
    (2)   The public principal may:
      (i)   Execute agreements for real property located within jurisdiction of the
governing body with a person having a legal or equitable interest in
the real property; and
      (ii)   Include a federal, State, or local government or unit as an additional
party to the agreement.
  (c)   Before entering an agreement, a person having a legal or equitable
interest in real property or the person's representative shall
petition the public principal of the local jurisdiction in which the
property is located.
  (d)   (1)   After receiving a petition and before entering an agreement, the public
principal shall conduct a public hearing.
    (2)   A public hearing that is required for approval of the development
satisfies the public hearing requirements.
  (e)   The public principal of a local jurisdiction may not enter an agreement
unless the planning commission of the local jurisdiction determines
whether the proposed agreement is consistent with the plan of the local
jurisdiction.
  (f)   (1)   An agreement shall include:
      (i)   A legal description of the real property subject to the agreement;
      (ii)   The names of the persons having a legal or equitable interest in the
real property subject to the agreement;
      (iii)   The duration of the agreement;
      (iv)   The permissible uses of the real property;
      (v)   The density or intensity of use of the real property;
      (vi)   The maximum height and size of structures to be located on the real
property;
      (vii)   A description of the permits required or already approved for the
development of the real property;
      (viii)   A statement that the proposed development is consistent with the plan
and development regulations of the local jurisdiction;
      (ix)   A description of the conditions, terms, restrictions, or other
requirements determined by the governing body of the local jurisdiction
to be necessary to ensure the public health, safety, or welfare; and
      (x)   To the extent applicable, provisions for the:
        1.   Dedication of a portion of the real property for public use;
        2.   Protection of sensitive areas;
        3.   Preservation and restoration of historic structures; and
        4.   Construction or financing of public facilities.
    (2)   An agreement may:
      (i)   Fix the time frame and terms for development and construction on the
real property; and
      (ii)   Provide for other matters consistent with this article.
  (g)   An agreement shall be void 5 years after the day on which the parties
execute the agreement unless:
    (1)   Otherwise established under subsection (f)(1)(iii) or (2)(i) of this
section; or
    (2)   Extended by amendment under subsection (h) of this section.
  (h)   (1)   Subject to paragraph (2) of this subsection and after a public hearing,
the parties to an agreement may amend the agreement by mutual consent.
    (2)   Unless the planning commission of the local jurisdiction determines
that the proposed amendment is consistent with the plan of the local
jurisdiction, the parties may not amend an agreement.
  (i)   (1)   The parties to an agreement may terminate the agreement by mutual
consent.
    (2)   If the public principal or the governing body determines that
suspension or termination is essential to ensure the public health,
safety, or welfare, the public principal or its governing body may
suspend or terminate an agreement after a public hearing.
  (j)   (1)   Except as provided in paragraph (2) of this subsection, the laws,
rules, regulations, and policies governing the use, density, or
intensity of the real property subject to the agreement shall be the
laws, rules, regulations, and policies in force at the time the parties
execute the agreement.
    (2)   If the local jurisdiction determines that compliance with laws, rules,
regulations, and policies enacted or adopted after the effective date
of the agreement is essential to ensure the health, safety, or welfare
of residents of all or part of the jurisdiction, an agreement may not
prevent a local government from requiring a person to comply with those
laws, rules, regulations, and policies.
  (k)   (1)   An agreement that is not recorded in the land records office of the
local jurisdiction within 20 days after the day on which the parties
execute the agreement is void.
    (2)   The parties to an agreement and their successors in interest are bound
to the agreement after the agreement is recorded.
  (l)   Unless the agreement is terminated under subsection (i) of this
section, the parties to an agreement or their successors in interest
may enforce the agreement.
  (m)   This section does not require the adoption of an ordinance by a
governing body or authorize a governing body to require a party to
enter into an agreement.
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