BALTIMORE-Some members of the Baltimore City Council have questioned the need for $107 million in tax incremental financing to aid the development of the Harbor Point waterfront project.

The Rawlings-Blake administration is pushing for approval of its proposal, which is scheduled to be formally introduced to the council today.

Officials expect work to start this summer on a 23-story skyscraper to house energy company Exelon's headquarters. The office building would also be home to Morgan Stanley and other tenants, according to the Baltimore Sun.

Baltimore City Councilman Carl Stokes says he is opposed to granting the tax increment financing for the developer, who adds that the request is motivated by "greed."

But supporters say the tax assistance programs will allow developer Harbor Point Development Group LLC to get the "best use" out of the 27-acre property.

"The long-term benefits outweigh the short-term loss," counters Councilman Robert Curran, who supports the tax incremental financing plan. "I believe in the long term, the funds will be recouped. It's a good value to the city." See story in the Baltimore Sun.