The Baltimore County Council unanimously approved a resolution Monday representing a first step toward public financing for infrastructure at the Tradepoint Atlantic development in Sparrows Point.
The resolution gives the project a designation that opens a five-year window for a tax-increment financing deal to be struck.
Tax-increment financing — often called a TIF — is an arrangement in which the county would help finance the up-front costs of infrastructure such as roads and sewer lines. The developer pays the money back through increased property taxes once the development is built.
Tradepoint Atlantic is redeveloping a former steel mill into an industrial campus with shipping, logistics and manufacturing uses. A report commissioned by the company estimated the project might need up to $200 million worth of infrastructure upgrades and suggested some of that could be financed through a TIF.
Councilman Todd Crandell, a Dundalk Republican, said Tradepoint Atlantic is an “extraordinary opportunity” and complex projects like it may deserve “extraordinary measures."
He sad the resolution is just a first step toward a possible TIF deal, and noted the county isn’t required to offer one.
“We are a long way from a TIF,” Crandell said.
Council members also unanimously passed a zoning bill that will enable the Guntry Club of Maryland, an indoor shooting range and training center, to open in an Owings Mills office building. The Guntry Club is a venture of a current county police office and a retired county police officer.
Councilman Julian Jones, a Woodstock Democrat who sponsored the bill, said he thinks the Guntry Club will be a good addition to Owings Mills.