29.030 Effect of Approval and Res-

ervation of Legislative Powers. It is expressly declared that the intent of a development agreement is to create a vested right in the owner or applicant of property as set forth, pursuant to the terms of the development agreement. Any covenant by the City contained in a development agreement to refrain from exercising any legislative, quasi-legislative, quasi-judicial or other discretionary power, including reclassification of zoning districts or the adoption of any rule or regulation that would affect the proposed development, shall also contain a provision that the city may, without incurring any liability, engage in action that would otherwise constitute a breach of the covenant if it makes a determination on the record that the action is necessary to avoid a substantial risk of injury to the public health, safety and general welfare. The covenant shall also contain the additional provision that the city may, without incurring any liability, engage in action that would otherwise constitute a breach of the covenant if the action is required by federal or state law. Section 29.040. Third Party Rights. Except as otherwise provided in a development agreement, the development agreement shall create no rights enforceable by any third party who is not a party to the development agreement.