Cole leaving as Baltimore Development Corp. CEO

Baltimore Development Corp. President and CEO William H. Cole IV is stepping down, the quasi-public economic development agency announced Monday morning. The BDC board has hired Colin D. Tarbert, the deputy chief of strategic alliances in the mayor’s office, to replace Cole.

Cole, who has led the BDC since 2014, will join Howard County-based consulting firm firm Margrave Strategies. The former city councilman and delegate led the BDC in its efforts to help the city recover in the aftermath of April 2015 riots.

“Bill has been a tremendous leader, promoting the city while growing jobs and investment during his time at BDC,” ex-officio Mayor Bernard C. “Jack” Young said in a statement. “His energy and commitment to the city is unwavering. Even though he is leaving BDC, I know he will continue to serve the citizens of Baltimore.”

Cole did not answer a call to his cellphone on Monday morning.

Lester Davis, a spokesman for Young, said the acting mayor became aware of Cole’s intention to leave shortly after taking over on April 2. Cole had conversations with Mayor Catherine Pugh, Davis said, dating back to the start of the year about leaving the agency following the 2019 General Assembly session.

The city tried to keep him on board, he said, but ultimately could not compete with the opportunity offered in the private sector. Margrave Strategies CEO Ken Ulman is a former Howard County executive who has helped shape efforts by the University of Maryland to transform College Park into a startup hub boosted by denser development patterns.

“Obviously Jack didn’t want him to see (Cole) go,” Davis said.

Cole replaced Brenda McKenzie, a former development official at the Boston Redevelopment Authority and a manager of government and external affairs at Starbucks Coffee Co., who led the corporation for nearly two years starting in November 2012.

Cole, who was elected to the Baltimore City Council in 2007 and re-elected in 2011, emerged as a top supporter of former Mayor Stephanie Rawlings-Blake, who led the city when BDC’s board selected Cole to replace McKenzie.

Cole’s departure marks the second significant change in the city’s economic development team following a controversy over payments Pugh received for the sale of her children’s book series.

Pugh received at least $800,000 from the sales of her “Healthy Holly” books to the University of Maryland Medical System, Kaiser Permanente and the Associated Black Charities, among others.

Pugh, citing a case of pneumonia that hospitalized her, took a leave of absence starting April 2, and Young took control as Baltimore’s acting mayor.

Four days later, Jim Smith, the mayor’s chief of strategic alliances and a former Baltimore County executive, resigned abruptly. Cole and Smith led the city’s efforts to redevelop Pimlico Race Course and keep the Preakness Stake in Baltimore.

The city’s relationship with the track’s owner, Stronach Group, which wants to move the Preakness Stakes to its facility, turned publicly hostile last month.

During the corporation’s March board meeting Smith insinuated Stronach was at fault in the deaths of horses at its Santa Anita track in Los Angeles. Cole compared the Stronach family, because of a legal fight between father Frank Stronach and daughter Belinda Stronach, to reality television stars the Kardashian family.

Tarbert, Cole’ successor, has significant experience with economic development efforts Baltimore. He previously served as deputy mayor of economic and neighborhood development in Rawlings-Blake’s administration.

Tarbert, according to online records, was hired by the city in June of 2010. He ascended to the position of deputy mayor of economic and neighborhood development in 2014. He replaced Kaliope Parthemos, who was promoted to Rawlings-Blake’s chief of staff.

At the time of Tarbert’s promotion the Rawlings-Blake administration touted his role in creating a 15-year tax credit that’s helped spawn a surge in multifamily building in Baltimore.

Tarbert, in 2016, traveled to Shanghai, China to promote Baltimore as a destination for EB-5 investment. The trip, however, raised some concerns because it was paid for by developer Madison Marquette, which, along with Metropolitan Partnership LLC, built 1 Light St., M&T Bank’s new regional headquarters.

During his time in the Pugh administration Tarbert held the position of deputy chief of strategic alliances. He served as the point person for Pugh’s $52 million Neighborhood Impact Investment Fund, appearing before a City Council hearing on Pugh’s behalf last May.