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This Development Agreement outlines the terms and conditions between the Town of Prosper, Texas, and The Carnegie Holding Company, LLC regarding the development of property for office and single-family residential uses. It includes provisions for architectural standards, compliance with town ordinances, dispute resolution, and the binding nature of the agreement.
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A development agreement is a legal contract between a developer and a governing body that outlines the terms and conditions under which a particular development project will proceed.
Developers or property owners who are initiating new projects or modifications to existing structures in jurisdictions that require such agreements are typically required to file a development agreement.
To fill out a development agreement, the developer needs to provide detailed information about the project, including but not limited to project specifics, timeline, infrastructure requirements, and compliance with local zoning laws.
The purpose of a development agreement is to ensure clarity, enforceability, and mutual understanding between the developer and the governing authority regarding the rights and responsibilities pertaining to the development project.
The development agreement must report information such as the scope of the project, timelines, responsibilities of both parties, financial obligations, and any conditions that must be fulfilled prior to project approval.
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