Marco E. Greenberg, vice president of the Beatty Development Group, said the development team looks "forward to a council hearing at the earliest possible date, so that there can be a thorough public airing of the facts about Harbor Point."
He said the company wants to do its part to grow Baltimore by creating jobs and contributing "millions of dollars in new tax revenues to support Baltimore."
If approved, the $107 million in tax increment financing would be the second-largest of its kind in Baltimore. The city-owned Baltimore Hilton hotel was financed with $301 million in tax-exempt revenue bonds in 2006.
Under tax increment financing deals, the city issues bonds to pay for property acquisitions, infrastructure improvements and other project costs, then uses the increased tax revenue generated by the development to pay off the bonds.
The former site of the Allied Signal chromium plant, Harbor Point now sits mostly vacant. The developer expects work to start this summer on a 23-story skyscraper to house the Exelon headquarters, space the company would lease from Beatty for about $120 million over 15 to 20 years. The site also would be home to Morgan Stanley and other tenants.
Harbor Point would include apartments, hotel rooms and more than 3,000 parking spaces.
The developers would spend $60 million of the tax-exempt bond funding to build seven small parks, $21 million on a promenade and $10.4 million on a bridge extending Central Avenue. They also would make a $2 million contribution to a nearby charter school, the Crossroads. The rest of the money would go to fund infrastructure improvements along the development's streets and piers.
In documents submitted to the Maryland Public Service Commission in 2011, Exelon pledged to build a new regional headquarters in the downtown or harbor area of the city. The company told the regulatory body that approved its purchase of Constellation Energy that its new Baltimore headquarters would add more than 1,100 jobs.
The Baltimore Sun also has sought some of the documents requested by Stokes. Assistant City Solicitor Mark J. Dimenna denied the request made under the Public Information Act, saying the documents were "protected by the deliberative process privilege."
Stokes compared the tax increment financing to a student applying for financial aid at a university or a business seeking a loan from a bank. He said lenders want detailed financial information to ensure that they are investing funds wisely.
"They ask for your tax returns and bank accounts," he said. "I want to see the company's and the CEO's financials, the way any college wants to see mine."
Lester Davis, a spokesman for Baltimore City Council President Bernard C. "Jack" Young, said Young is "well aware" of Stokes' concerns but believes the project should move forward.
"He definitely respects Councilman Stokes' position," Davis said. "At the end of the day, he's confident they can be on the same page."