Publication Date

1989

Journal or Book Title

Journal of American Planning Association

Abstract

Financial performance guarantees are tools for ensuring that funds needed to pay for improvements called for by development permits and approvals are available in the event a developer defaults on permit requirements. Once limited to surety bonds and cash escrows, new types of guarantees have been developed and are coming into common use. Standby letters of credit, in particular, are being used more widely and have a number of advantages. To use guarantees successfully, municipal governments must make careful decisions about a number of administrative matters. Evidence from 309 municipalities reported in this article can help local planners make the right choices.

DOI

10.1080/01944368908975438

Volume

55

Pages

486-493

Issue

4

License

UMass Amherst Open Access Policy

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