1. In the manner prescribed by ordinance, a governing body may, upon application of any person having a legal or equitable interest in land, enter into an agreement with that person concerning the development of that land. 2. An agreement entered into pursuant to this section: (a) Must contain provisions: (1) Describing the land which is the subject of the agreement; (2) Specifying the duration of the agreement; (3) Specifying what events will constitute breach of the agreement; and (4) Providing periods during which any breach may be cured; and (b) May contain provisions specifying or relating to: (1) The permitted uses of the land; (2) The density or intensity of the use of the land; (3) The maximum height and size of any proposed buildings; (4) The reservation or dedication of any portion of the land for public use or for the payment of fees in lieu thereof; (5) The protection of environmentally sensitive lands; (6) The preservation and restoration of historic structures; (7) The phasing or timing of construction or development on the land, including, without limitation, the dates on which all or any part of the construction or development must commence and be completed, and the terms on which any deadline may be extended; (8) The conditions, terms, restrictions and requirements for infrastructure on the land and the financing of the public infrastructure by a person having a legal or equitable interest in the land; (9) The conditions, terms, restrictions and requirements for annexation of land by the city or county and the phasing or timing of annexation by the city or county; (10) The conditions, terms, restrictions and requirements relating to the intent of the governing body to include the land in an improvement district created pursuant to chapter 271 of NRS; (11) A schedule of fees and charges; and (12) Any other matters relating to the development of the land. 3. Unless the agreement otherwise provides and except as otherwise provided in subsection 4, the ordinances, resolutions or regulations applicable to that land and governing the permitted uses of that land, density and standards for design, improvements and construction are those in effect at the time the agreement is made. 4. This section does not prohibit the governing body from adopting new ordinances, resolutions or regulations applicable to that land which do not conflict with those ordinances, resolutions and regulations in effect at the time the agreement is made, except that any subsequent action by the governing body must not prevent the development of the land as set forth in the agreement. The governing body is not prohibited from denying or conditionally approving any other plan for development pursuant to any ordinance, resolution or regulation in effect at the time of that denial or approval.
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