BALTIMORE-A subsidiary of JP Morgan Chase & Co. will spend $67 million for a 90% stake in the 23-story Exelon Corp. regional headquarters building at the Harbor Point project here.
City officials also report that the $1.8-billion project will receive $178 million in construction loans from M&T Bank.
The city of Baltimore's Finance Board on Monday by a unanimous 4-0 vote approved the issuance of $36 million in tax-increment financing bonds for the project. Developer Michael Beatty will purchase the bonds to help pay the M&T Bank loan, according to the Baltimore Sun.
"This project has been held up," Stephen M. Kraus, the city's chief of treasury management, told the finance board. "This developer needs to move." See story in the Baltimore Sun.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
