Discrete-continuous project scheduling problems with positive discounted cash flows andthe maximization of the NPV are considered. We deal with a class of theseproblems with an arbitrary number of discrete resources and one continuous, renewableresource. Activities are nonpreemptable, and the processing rate of an activity is acontinuous, increasing function of the amount of the continuous resource allotted to theactivity at a time. Three common payment models – Lump Sum Payment, Payments at ActivityCompletion times, and payments in Equal Time Intervals are analyzed. Formulations ofmathematical programming problems for an optimal continuous resource allocation for eachpayment model are presented. Applications of two local search metaheuristics – Tabu Searchand Simulated Annealing are proposed. The algorithms are compared on a basis ofcomputational experiments. Some conclusions and directions for future research are pointedout.