The Baltimore City Council’s vote Monday night for the sale of as much as $125 million in tax increment financing bonds for infrastructure, parkland and other improvements to help construct the controversial Harbor Point development will set into motion a two-month investigative period on the entire deal, city officials said.

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All the recent sniping over whether to grant taxpayer-financed infrastructure subsidies to help lure Exelon to a proposed development at Harbor Point has obscured a critical point — that ultimately, any new development will help the city as a whole.

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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.

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Exelon Corp., of Chicago, one of the largest U.S. power generators and parent company of Baltimore-based Constellation, Baltimore Gas & Electric Co. and other subsidiaries, reported second-quarter net income of $490 million, or 57 cents per diluted share, a 71 ...

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Although the initial request for one of three public tax breaks for a $1 billion development on the city’s waterfront near Harbor East is $107 million, the cost of repaying that amount will balloon to more than $283 million over the three-decade term of the bonds, according to city documents.

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Exelon Corp., the Chicago-based parent company of Baltimore’s Constellation, said it paid $13.1 billion for materials, goods and services; $8 billion in compensation, benefits and contracting expenses; and $1.7 billion in dividends, interest and taxes during 2012.

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A crowd of nearly 150 — many of them residents of public housing and local clergy — packed the chambers of the Baltimore City Council Wednesday for a committee hearing on a set of tax breaks totaling $88 million for a waterfront development where the energy giant Exelon Corp. plans to locate its local headquarters.

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Constellation, of Baltimore, a unit of Exelon Corp., of Chicago, said one of its programs, called “Efficiency Made Easy,” enabled customers to reduce their carbon dioxide emissions by an estimated 75,432 metric tons or 166,299,142 pounds over the past two years.

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The city’s design review panel on Thursday rejected design plans for a public park to border the 23-story regional headquarters for Exelon Corp. on the city’s waterfront at Harbor Point.

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The developer of the $1 billion Harbor Point project on the city’s waterfront said Thursday he would not build on the site if $107 million in tax incentives are not approved by the City Council.

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