The Greater Baltimore Committee will ask city lawmakers Wednesday evening to cut the proposed initial amount of tax increment financing for the Harbor Point project to less than one-third the amount under consideration.
Donald C. Fry, president of the committee, plans to ask a City Council panel to approve only $33.7 million of a $107 million TIF request.
The proposed Harbor Point development, which would include in part a new regional headquarters for Exelon Corp., is expected to take 12 years to complete. The amended TIF would cover infrastructure costs for Phase I of development and allow the city to consider future financing later.
“The Executive Committee of the Greater Baltimore Committee, although supportive of the Harbor Point project, is concerned with the use of the funds and the magnitude of the TIF proceeds,” Fry’s written testimony says.
The Greater Baltimore Committee’s proposed amendment adds to a stream of skepticism that has emerged regarding the TIF sought by developer Michael S. Beatty and the Baltimore Development Corp.
The Downtown Management Authority of Baltimore said Tuesday that its board voted to oppose the $107 million TIF because a similar deal with downtown was eschewed in favor of financing for the 27-acre Harbor Point site.
The Fell’s Point Residents Association also withdrew its backing of the project Tuesday, saying members needed more information about how the project would impact city finances.
The City Council’s Taxation, Finance and Economic Development Committee is expected to resume its hearing on the TIF at 5 p.m. following a three-week break.