The owner of the former General Motors Corp. factory site in southeast Baltimore has applied for a city permit to build a huge warehouse that would employ up to 2,600 people, according to documents filed with the city's planning department.
In return for the promise to bring another 650 jobs to Baltimore, city leaders on Wednesday are poised to give financial services giant Morgan Stanley more time to meet the terms of a $3.25 million loan forgiveness program.
The developer of Harbor Point plans to buy the initial offering of city-issued bonds for the $1.8 billion project, allowing him to collect millions in interest from the controversial public financing deal, city officials confirmed Thursday.
Opponents of more than $100 million in public financing for an upscale waterfront development say they plan to continue to fight the proposal as it goes before the full City Council for a vote Monday evening.
After hearing from scores of citizens opposed to the deal, a Baltimore City Council committee approved a plan Wednesday night to give millions in taxpayer assistance to the $1.8 billion Harbor Point development.
Mayor Stephanie Rawlings-Blake says the city has nothing to lose and much to gain by borrowing $107 million to pay for new roads, parks and other infrastructure at Harbor Point, a vast emptiness that is envisioned as a glittering mini-city on Baltimore's waterfront. But some question whether the taxpayer help is needed, especially with Harbor Point already in line for $113 million in tax breaks.
The Baltimore Development Corp. has accused City Councilman Carl Stokes of spreading misleading information about the $1 billion Harbor Point development and how it qualified for tax breaks meant for impoverished areas.
The $1 billion Harbor Point development would reap a profit of $124 million for its investors without government financing to pay for its infrastructure, according to recently released city documents. With city financing, the project's profit would rise to $174 million by 2031.
The chairman of the City Council's taxation committee says he'll hold a hearing on $107 million in infrastructure financing for the Harbor Point development now that he's received documents outlining the case for the funding.
A city councilman who chairs the influential taxation committee is stalling $107 million in infrastructure financing for the Harbor Point development as he seeks more detailed information that he says is needed to justify the deal.
Twenty-four years after the doors closed on one of Baltimore's most cherished spots, they're back open, with a new set of owners hoping Baltimore warms to its 21st-century update of the clubby classic, which they're calling The Chesapeake.
The U.S. Environmental Protection Agency announced Monday that it is awarding $400,000 to the Baltimore Development Corp. to evaluate potentially contaminated property in the city for cleanup and redevelopment.
Developer Michael Beatty pressed the City Council Thursday to approve the issuance of $107 million in bonds, saying that Harbor Point would remain a gravel-cover lot without city-financed infrastructure.
Hours before introducing legislation to the City Council asking for more than $100 million in taxpayer assistance for a large waterfront development near Harbor East, the Rawlings-Blake administration released hard numbers to support its rationale for the financing deal.
The Rawlings-Blake administration is asking the City Council to approve more than $100 million in taxpayer assistance to help fund a large waterfront development that will house energy giant Exelon Corp.'s regional headquarters.
The Baltimore Development Corp.'s board on Thursday morning approved the sale of a warehouse site in a neighborhood just north of Little Italy and east of downtown so that a $45 million apartment complex can be built.
The City Council is poised to vote Monday on a bill that would require businesses receiving large city contracts or major financial support to hire 51 percent of new workers from Baltimore or face criminal sanctions.
T. Rowe Price, which has been a fixture in downtown Baltimore since its founding 76 years ago, is considering moving its headquarters once its current lease expires in 2017, the company said Wednesday.
A large section of brick fell seven stories from the face of a National Institutes of Health building on the campus of Johns Hopkins Bayview Medical Center on Tuesday, and officials at the federal agency are still trying to find out why.