BALTIMORE-The City Council's Taxation Committee approved the controversial $107 million in tax incremental financing for the Harbor Point project on Wednesday.
The approval sets the state for a vote by the full Baltimore City Council on the financing plan. The council vote followed some moves by TIF opponents who attempted to pass an amendment to reduce the value of the financing deal. The lack of support for the amendment to the legislation at the committee level indicates the TIF is likely to gain approval from the full council, according to the Baltimore Business Journal.
Harbor Point developer Michael Beatty said after the council committee's affirmative vote, “We need to think of Baltimore as a whole Baltimore. I think the reality is, this project cannot be piecemeal. If we want to attract investment and businesses and institutions to Baltimore, they need to understand this will get built. We are now on the hook to deliver private sector buildings to pay back those bonds.” See story in the Baltimore Business Journal.
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