Funds from the bonds, which were underwritten by Prager, Sealy& Co. LLC, will be directed toward infrastructural upgrades andreserve accounts and capitalized interest and issuance costs.Baltimore's City Council designated the area in which the 17-acreproperty sits a Tax Increment Financing District, paving the wayfor the bonds issuance.

Developers of the Clipper Mill project aim to reinvent theformer Poole & Hunt machine manufacturing property as a "liveand work" destination. Upon its scheduled 2006 completion, thedevelopment will include 90,800 sf of office and artist studiospace--already under construction--122-rental apartments in theMill Race Apartments building and the Assembly Building,74-single-family homes and 27 townhouse condominiums. Cho BennHolback & Associates is the architect of record on theproject.

Located just off I-83 in the Woodberry area of the Jones FallsValley, the site is still home to some of the mid-19th Centurybuildings that originally adorned the property. "With the use ofTIF bonds, a site that has been blighted for many years will bereborn as a community with a distinctive combination of historicbuildings and new construction," Baltimore Development Corp.president MJ Brodie says. "Clipper Mill will be yet another exampleof a successful adaptive reuse project in Baltimore City."