ABSTRACT

To a remarkable extent, places reflect the way in which their development was originally financed. Since construction is essentially a capital good, its cost is spread over many years, usually well into the future. Only exceptionally are developments financed from the accumulated reserves of their promoter. Instead, some measure of external funding will need to be secured and then mixed to a greater or lesser extent with any funds that the developer is willing and able to provide. The implications of this for places and place quality provide the focus of this chapter.