I am a stockholder of Under Armour and have reservations about the incremental financing Kevin Plank is requesting from Baltimore for his Port Covington project. The city, in return, wants 20 percent of the housing units to be affordable ("Flawed law would require Baltimore to spend $180 million on affordable housing at Port Covington," Aug. 28).
Mr. Plank has made it known he is going to buy the bonds used to finance the incremental financing he has requested. In return, he will get his money back, with interest, from the property tax the city would normally get. The city gets added property tax after 10 or so years, and Mr. Plank gets a sweetheart deal.
I want Under Armour to be successful, but the numbers do not make sense for the city. Mr. Plank has the money — just look at the multi-million dollar house he is building in Worthington Valley. Look at the money he is prepared to use to buy the bonds.
If the city wants more affordable housing and property tax revenue, they could sell the 400-plus vacant houses to renovators for a dollar with the written agreement to make them low-rent affordable.
Mr. Plank can build what he wants with his money, the city could reduce blight and increase affordable housing and the taxpayers would not get scammed and still realize a new tax base.
J. Michael Collins, Reisterstown