"Council staff, with input from elected members, will now work with government officials on the framework for the accord which will be tailored to Rotorua's situation," he said.
"We want to do this as quickly as possible so that the accord can go in front of Parliament for its approval before the House goes into recess in August, ahead of the elections."
This follows a visit from Dr Smith on Tuesday, when he met with Mrs Chadwick, Mr McClay and deputy mayor Dave Donaldson.
"We responded to Mr Smith's offer very quickly," Mrs Chadwick said.
"It required a very quick political response."
Mrs Chadwick told the meeting councillors would definitely be involved in the framework but the accord needed to get before the House in the next six weeks.
Mr Donaldson told the Rotorua Daily Post today Mr Smith and Mr McClay recognised the pressures Rotorua faced due to the growth it was experiencing and the accord was a positive first step to addressing those challenges.
"The aim of the accord will be to help facilitate an increase in land and housing supply in Rotorua and it will be tailored to Rotorua's specific challenges and opportunities," he said.
"It won't just apply to large areas for development either - even small areas big enough for only a few lots can be declared 'special housing areas' under the accord and that means we can be quite nimble in terms of opening up land."
During the committee meeting, councillor Merepeka Raukawa-Tait said it would have been nice for others to be involved in the conversation and to have a range of differing opinions.
"They're already discussing where the land may come from," she said.
Housing accords are agreed between the Government and councils and create Special Housing Areas with the aim of freeing up land supply.
Special Housing Areas cut down on red tape and speed up the consenting process by enabling a proactive council pre-application process, limited notification and appeals.
There are 10 councils with Special Housing Accords, including Tauranga and the Western Bay of Plenty.
Councillor Charles Sturt said in the meeting he thought what had been created were "absolute special housing disasters around the country".
"We certainly need to be involved," he said.
"We need to take our community with us, because we don't want to see repeats of mistakes of the past."
Mr McClay said today the initial meeting had been positive and constructive.
"I would ask councillors and the ministers on both sides to keep an open mind," he said.
"Both sides now have a better understanding of what they can achieve.
"It's really now for Rotorua Lakes Council to come forward with their ideas and wants."
