The results are in! Baltimore's "but-for" test for granting massive public subsidies for private development projects is a success. The recently granted TIF for the University of Maryland Baltimore Bio Park Wexford building contributed to the reported sale of Wexford for $1.5 billion ("Blackstone sells properties of Baltimore bio park developer for $1.5 billion," July 6), more than doubling Wexford's value in less than six months' time. This sale confirms the trend we saw with the sale of Harbor Point's Morgan Stanley building at more than twice its reported cost in a year's time. Further, it underscores what the Harbor East developer found with the Waterfront Marriott — if get massive tax breaks, you can make millions or billions in city real estate deals. Way to go Baltimore!
We may have a lot of poor and struggling residents, but we can also make a few people rich, and we can especially make a few select people richer. Now we are learning that the opportunities for Baltimore to create wealth are growing greater. If every resident of Baltimore steps up to the plate and contributes a mere $5,000 subsidy to Port Covington, we can move Kevin Plank's rating up several notches on the Forbes billionaire list. It makes sense as a token of gratitude for someone who has chosen to do business in Baltimore.
Once again, we may fail to move the needle on poverty or help the average resident, but never let it be said that we failed to heed the call of "but-for" or a big ask. And in this case, be thankful that the whiz-bangs overseeing development for the city told Mr. Plank's representatives to ask for even more than the initial request. After all, it was the prudent thing to do following the cost over-runs being experienced at Harbor Point.
Too bad H.L. Mencken is dead — describing our current actions would pose a good challenge for his dictionary.
Ronald Kreitner