BALTIMORE-The Baltimore City Council is expected later today to grant final approval for the issuance of $107 million in tax increment financing bonds to support the massive Harbor Point development project here.
At a session that begins late this afternoon, the Council is expected to approve the financing proposal. Under the proposed financing plan, Harbor Point Development Group would spend $59 million of the bond money to build five small parks, $21 million on a promenade, and $10 million on a bridge extending Central Avenue. The bill requires the Beatty group to give $2 million of the bond funds to the Crossroads charter school. Approximately $15 million would pay for infrastructure improvements in and around the site, according to the Baltimore Sun.
The tax increment financing is part of approximately $400 million in public incentives for the Harbor Point project, including more than $110 million in tax breaks. See story in the Baltimore Sun.
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