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Abstract
This article considers the Investment Contract, which has been introduced in several cities of the Russian Federation as the mechanism to link private capital with municipal resources in urban development projects. The device is intended to stimulate development by diminishing economic risks and providing investors with more secure legal status during the processes of project design, construction and land parcel formation and allocation. Looking at the Investment Contract as both an economic and legal device, this article considers whether it is likely to fulfil its intended purposes.