A protest has been scheduled for Wednesday afternoon at City Hall for one hour leading up to a controversial hearing on a $107 million public tax break request for the $1 billion Harbor Point project.
A grassroots group, the Fair Development Campaign, has called for the demonstration starting at 4 p.m. to protest the request for the tax break that will be in the form of a tax increment financing package. Under the package, private investors will purchase TIF bonds and be repaid over a period of 30 years with an interest rate of 6.5 percent.
The repayment will be made from property taxes from the new development that are diverted from the city’s general fund. Overall, the total repayment costs will balloon to more than $283 million over the term of the bonds with added costs for creation of a reserve fund as a cushion, interest payments and other debt service costs.
The Fair Development Campaign group said Tuesday that dozens of Baltimore residents are expected to attend the demonstration. Speakers will include Inner Harbor hotel employees, students and members of the community, the group said.
Click here to see a copy of the protest flyer.