In this subtitle the following words have the meanings indicated. “Development rights and responsibilities agreement” or “agreement” means an agreement between a local governing body and a person having a legal or equitable interest in real property to establish conditions under which development may proceed for a specified time. “Local governing body” means the legislative body, the local executive, or other elected governmental body that has zoning powers under this division. “Public principal” means the governmental entity of a local jurisdiction that has been granted the authority to enter agreements under § 7–302(a) of this subtitle.