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BioPark tax incentive bills go to Baltimore council

Baltimore is officially considering legislation to provide the University of Maryland, Baltimore $17 million in Tax Increment Financing and creating a special tax district for its BioPark development.

In late September, during a Baltimore Development Corp. meeting the university said it  wanted to create a RISE Zone (Regional Institution Strategic Enterprise Zone) at 873 W. Baltimore St. in the BioPark, and that it would be pursuing Tax Increment Financing that requires the city to issue bonds for infrastructure improvements that would hopefully be paid back with an increase in associated property tax revenues.

“The intent of the RISE Zone is to … harbor the institutional assets of a qualified institution, and by that I mean an institution of higher learning, a college, or university, or post-secondary educational facility. It’s to leverage those assets in the community and attract private employers,” Mark Vulcan, a state economic official said at the time.

Baltimore-based Wexford Science and Technology intends to build an eight-story building that includes labs as well as office space. Cambridge Innovation Center has signed an agreement announcing its intent to lease more than 100,000 square feet at the building.

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About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.

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