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The state's Department of Environmental Conservation will hold a conservation easement restricting development on the property.
Mr. Epstein, 47, had planned on building a housing development on the property in southeastern Travis County when he was approached about the project.
The farmer is paid the difference -- an average of $1,100 per acre in Stuyvesant, for example -- and a conservation easement, which restricts or prohibits future development on the property, is granted.
But critics say that the regulatory accord developers reached with the city is weakened by loopholes and that the project is precisely the sort of thing the city should not approve, even if development on the property is inevitable.
In 1967 the company retained the Olmsted Brothers firm to design landscaping of the area, although their work has since been compromised to some extent by later development on the property.
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The Clarett and Cogsville Groups are developers and would be involved with the shopping center and any developments on the property in the future.
The developments on the property would have to wait for an indefinite number of years, because of a lack of resources.
Development on the Exxon property would take place in two phases.
With the donation of a conservation easement on Cow Neck, a 540-acre peninsula on the northwestern shoreline of the South Fork, the investor, Louis Moore Bacon, has given up most of his development rights on the property, although he retains ownership.
One example of how Mr. Earl and his partners are being more careful this time is a huge time-share development being built on the property that could double the number of rooms at the hotel and casino complex.
Under the agreement, the city would also assist a new owner in gaining approval for new retail and housing development on the Starrett City property.
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