Development agreements
24 Development agreements
(1) The power of the Minister to sell land includes power to enter into an agreement relating to the development of the land or of land that includes that land.
(2) An agreement entered into under subsection (1) shall include a provision that the party undertaking the development shall lodge with the Minister a bond, in a form and in an amount satisfactory to the Minister, as security that he or she will complete the development.
(3) Where the Minister enters into an agreement under subsection (1), the Minister may thereupon:
grant the estate in fee simple in the land; or
(b) grant permission to go onto the land and carry out the development, and bind himself or herself to grant the estate in fee simple on completion of the development, or progressively on completion of the various stages of development, or otherwise, including the grant, at the direction of the developer, to a person or persons other than the developer.
(4) Where the Minister enters into an agreement under subsection (1) binding the proprietor of an estate in fee simple in land to subdivide the land, the land that is so required to be subdivided is, while it is not so subdivided, exempt from payment of rates under the Local Government Act 2019.
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