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Task force: Clear policies required on incentives to developers
A city task force examining taxpayer incentives to developers is recommending new criteria for the awards, including profit sharing on all projects, independent monitors and possible use of such inducements to help rebuild Baltimore’s middle class. The task force’s report was to be released Thursday by City Councilman Carl Stokes, who formed the group in […]
Activists to get a meeting with BDC President Brodie
Saying they want the Baltimore Development Corp. to account for its “conduct and shortcomings” a group of local activists have sent an open letter to BDC President M.J. “Jay” Brodie requesting a meeting to air several complaints. Brodie said he would meet with the group, which has no formal name, on Monday at 5 p.m. […]
Top 5: ‘…it is a marquee company in Baltimore’
Under Armour is looking to expand its Tide Point complex, and its looking to the city for TIF bonds to help. The talks continue on a merger between University of Maryland’s College Park and Baltimore campuses. Those stories and more in this week’s business top 5. 1. St. Joseph Medical Center seeks ’strategic relationship’ – […]
Week in review: 10/6/11
Under Armour wants TIF aid The Baltimore City Council is expected to consider a request this fall by Under Armour Inc. for tax increment financing bonds to fund a portion of the company’s major expansion at Locust Point’s Tide Point complex. No horse racing deal yet The Maryland Jockey Club and Penn National Gaming Inc. will […]
Under Armour wants TIF for HQ expansion
The Baltimore City Council is expected to consider a request by Under Armour Inc. for tax increment financing bonds to fund a portion of the company’s massive expansion at Locust Point’s Tide Point complex. The sportswear giant would use the TIF bonds to install a public greenway path near the waterfront connecting Locust Point with […]
Week in review: 9/23/11
Daniels details K-8 school plan Johns Hopkins University President Ronald J. Daniels launched a public campaign Tuesday outlining Hopkins’ plans for the new East Baltimore Community School, which officials hope will attract families to the city’s Middle East neighborhood being redeveloped by East Baltimore Development Inc. Md. opposes BGE acquisition The Maryland Energy Administration and the[...]
Baltimore finds funds for EBDI TIF
Baltimore finance officials have drained nearly half a million dollars from a special account to help cover the $1.4 million repayment due this month on $78 million in tax increment financing bonds issued for the struggling East Baltimore Development Inc. project. The transfer means the city will not have to levy a special tax at […]
Week in review: 9/16/11
Rawlings-Blake wins primary Hours after easily winning Baltimore’s Democratic primary on Tuesday, Mayor Stephanie Rawlings-Blake said she plans to take aggressive strides in local economic development, including a restructuring of the Baltimore Development Corp. TIF payments fall short Baltimore officials this month will send out $652,000 in special tax bills for tax increment financing bond re[...]
General Growth, Struever and BB&T Bank to receive special tax bills
City officials this month will send out $652,000 in special tax bills for tax increment financing bond repayments because property taxes collected from three prominent city developments were not enough to reimburse investors. The Clipper Mill, Belvedere Square and Mondawmin Mall developments did not generate sufficient property taxes to repay TIF bonds, said Stephen M. […]
Week in review: 7/22/11
Borders to close as markets shift The closure of all 399 Borders bookstores nationwide, including 18 in Maryland, not only dramatically illustrates changes in the highly competitive publication industry, experts said this week, but also reveals the delicate relationship between large companies facing industry-wide problems and the commercial real estate market. TIF bond payment due soon […[...]
Clipper Mill tax revenue falls short; city will send additional property bills
Property taxes at the chic Clipper Mill development near Hampden will not generate enough money to cover an upcoming bond repayment, and Baltimore officials say more payments are needed from developers and possibly property owners to make up the difference. “We expect there to be a special tax required,” said Stephen Kraus, chief of treasury […]
Report: Baltimore developers got breaks worth $14M last year
Developers in Baltimore were granted more than $14 million in property tax breaks last year through 35 incentive deals with the Baltimore Development Corp., the city’s quasi-public development arm. An annual report issued Wednesday to the city’s Board of Estimates detailed the tax breaks for projects that include the Baltimore Marriott Waterfront Hotel and parking […]
