How would you conduct a development interview?

Say you work at a smaller development shop that doesn't have formal hiring policies in place, so you can do whatever you want. You're interviewing someone for a development manager/associate position, so this person should have some (maybe 3 years) experience in development. They should have experience with underwriting, managing design consultants, permitting, etc.

Say you have 45 minutes or so to sit down with a prospective candidate. How would you run the interview? Theoretically you could also give the candidate some assignment outside the interview time slot, like a modeling test, if you wanted to.