Financial Performance Guarantees: The State of Practice

Citation data:

Journal of the American Planning Association, ISSN: 0194-4363, Vol: 55, Issue: 4, Page: 486-493

Publication Year:
1989
Usage 11
Abstract Views 6
Downloads 5
Citations 2
Citation Indexes 2
Repository URL:
https://works.bepress.com/wayne-feiden/1; https://scholarworks.umass.edu/larp_faculty_pubs/72
DOI:
10.1080/01944368908975438
Author(s):
Wayne M. Feiden; Raymond J. Burby; Edward J. Kaiser
Publisher(s):
Informa UK Limited
Tags:
Social Sciences; Landscape Architecture; Urban, Community and Regional Planning
article description
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. © 1989 Taylor & Francis Group, LLC.