Planners wish to avoid a lawsuit by the developer over their cost estimates of the public works required by his project. To avoid a suit, they can offer him his choice of several sets of conditions that would attach to land-use permits. In computer simulations of five such short- and long-term contracts, the developer chooses a ``development agreement" -- characterized here as a long-term contract in which the developer pays an impact fee and obtains a freeze on taxes and regulations -- in more than 97\% of the cases.
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Paper provided by EconWPA in its series Public Economics with number
9810005.
Find related papers by JEL classification: R52 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Land Use and Other Regulations
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