How to work with a developer?

[Ivan Leung]

Hi,

We would like to get educated on how land developers work.  We own a piece of land and a developer is interested in development.  If we want to hold the property for income (land lease) when the parcel is developed, how does the developer get paid?  How does this work?  What are the steps for the developers?  The prospective developer has gas stations and fast food companies who are interested in the parcel.  We don't want to sell our interests, we would like it for income.

Thank you for any and all input.