The Baltimore City Council on Monday voted unanimously to eliminate property taxes for at least five years for a real estate firm developing the University of Maryland BioPark.
The council approved the property's designation as part of the Regional Institution Strategic Enterprise, or RISE, zone. When combined with other incentive zones, it will allow the developer to avert property taxes and receive other tax benefits.
The state, which approves the RISE zone designation, typically takes the lead from local leaders and would reimburse 40 percent of the deferred property taxes, officials said. The RISE zone can be renewed for another five years.
The subsidy for the...