More Questions Surround Harbor East Development
Updated: Friday, August 2 2013, 09:11 PM EDT
The developer for a pricey project slated for a large slice of waterfront land in Baltimore is poised to receive $160 million in tax bonuses. Without any tax breaks the developers would still stand to make tens of millions of dollars – but they are asking for government assistance anyway.
According to an analysis the developers submitted to the city, the land is estimated to be worth $1.8 billion after it is developed into a headquarters for energy giant Exelon.
More than $100 million of the tax bonuses will come from the city if their request is approved. The developers would also receive another $52 million in tax credits if the project qualifies under the federal "enterprise zone" program. The project did not qualify until the BDC included census track data from residents of Perkins Homes, a Baltimore City housing project. Councilman Carl Stokes said this extended the boundaries of the area called "Harbor East."
The city will hold its first public hearing on the city tax incentives for this deal in July