We present the design of a dynamic compilation system for C. Directed by a few declarative user annotations specifying where and on what dynamic compilation is to take place, a binding time analysis computes the set of run-time constants at each program point in each annotated procedure’s control flow graph; the analysis supports program-point-specific polyvariant division and specialization. The analysis results guide the construction of a specialized run-time specializer for each dynamically compiled region; the specializer supports various caching strategies for managing dynamically generated code and supports mixes of speculative and demand-driven specialization of dynamic branch successors. Most of the key cost/benefit trade-offs in the binding time analysis and the run-time specializer are open to user control through declarative policy annotations. Our design is being implemented in the context of an existing optimizing compiler.