Chair: Caroline G. Moore, Senior Vice President, Southeast Region Executive, Wexford Science + Technology
Staff: Brian Levine, 410-727-2820
Description: The purpose of the Economic Development Committee is to create a vibrant and diverse regional economy that increases the quality of life for workers and provides the necessary support for sustainable regional growth. The committee seeks to ensure that programs and policies are in place that improve business competitiveness in the Greater Baltimore region.
Membership: Membership in the Economic Development Committee is open to all GBC members.
2019 Economic Development Committee news:
The GBC Economic Development Committee met on February 5, 2019 and engaged in two discussions. First, the Committee received a presentation from Teresa Birge, GBC’s Senior Policy Analyst and Special Assistant, on the GBC’s Blueprint for Economic Success. This effort is driven by a desire for a clear and cohesive economic development strategy for Baltimore City meant to complement, not duplicate, existing efforts taken by the Baltimore Development Corporation and others around the federally mandated Comprehensive Economic Development Strategy. Birge’s presentation was followed by a discussion about potential recommendations that could enhance the Blueprint for Economic Success project.
The Committee also learned about the work of the Johns Hopkins University’s 21st Century Cities Initiative from James “Mac” McComas, Program Coordinator. His remarks focused on creating economic growth in Baltimore City, including the state of the financing and lending systems available to the business community.
2018 Economic Development Committee news:
The Economic Development Committee’s December 11, 2018 meeting featured a dialogue about Opportunity Zones with Ben Seigel, Opportunity Zones Coordinator for the Baltimore Development Corporation.
The Opportunity Zones program was created in December 2017 by the federal Tax Cuts and Jobs Act to provide incentives for investment in distressed communities. Maryland has 149 designated Opportunity Zones, 42 of which are located in Baltimore City.
Seigel discussed what zones are eligible for investment, including 17 in West Baltimore, 11 in East Baltimore, one in Downtown Baltimore, four in Southeast Baltimore and nine in South Baltimore. The U.S. Treasury estimates that this new program will realize up to $100 billion in private capital investment in distressed communities over 10 years.
The Economic Development Committee’s October 9, 2018 meeting featured Michael Higgs, Executive Director of the Maryland State Department of Assessments and Taxation (SDAT), who shared progress the department has made to improve its services. SDAT has three primary purposes: assessment of property; administration of tax credit programs; and process and maintain business charter filings. Higgs said SDAT has been focused on modernizing the department, improving customer service and helping to create a better climate for Maryland businesses.
Following Higgins’s presentation the committee heard from Brian White, Executive Vice President of LifeBridge Health. White delivered a presentation about LifeBridge Health and its expansion plans. LifeBridge Health, which offers comprehensive health care in the Greater Baltimore region including of ambulatory services, urgent care, transportation, acute care, post-acute care and housing/assisted living, is planning to expand its Sinai Hospital campus and create opportunities and positive growth in the neighborhood surrounding Pimlico Race Course.
The project aims to catalyze development, attract new businesses, create new jobs and improve safety and security. While not part of LifeBridge’s development plans, the company is supportive of investment and improvements to the neighboring Pimlico Race Course.
Lisa McNeilly, Director of Sustainability for the Baltimore Department of Planning, discussed the 2018 Baltimore Sustainability Plan at the GBC Economic Development Committee’s August 28, 2018 meeting. The Baltimore Office of Sustainability develops and advocates for programs, policies and actions by government, residents, businesses and institutions that improve the long-term environmental, social and economic viability of Baltimore City. A Commission on Sustainability was created, which is working to implement a City-wide plan, which is expected to be released later this year.
The committee also heard from Bill Cole, President and CEO of the Baltimore Development Corporation. Cole provided an overview of Baltimore City’s economic development strategic planning efforts. He also discussed the status of implementing economic development-related recommendations from the Mayor Catherine Pugh’s Transition report.
Cole then outlined the mayor’s top three economic development priorities: redeveloping Pimlico Race Course and saving the Preakness; expanding the Baltimore Convention Center; and launching the $50 million Baltimore Neighborhood Impact Investment Fund, which is expected to happen this fall.
The GBC Economic Development Committee engaged in two discussions at its June 5, 2018 meeting. First, Brian Levine, GBC’s Vice President and Special Assistant to the President and CEO, discussed the recommendations contained in Baltimore Mayor Catherine E. Pugh’s 2017 Transition Report that were focused on economic and employment development. The report, which concentrated on eight core areas, included an economic and employment development section that was segmented into four key areas: Workforce Development and Youth Employment; Attracting, Retaining and Expanding Businesses; Neighborhood Retail Development; and Arts and Culture as an Economic Driver.
The Committee engaged in a discussion about the recommendations and then transitioned to a discussion, moderated by GBC President and CEO Don Fry, about the development of economic development-related best practices and recommendations that could be shared with the Gubernatorial candidates in the fall.
The GBC Economic Development Committee’s April 10, 2018 meeting featured Amy Bonitz, President and CEO of Baltimore Arts Realty Corporation (BARCO). She provided a presentation on art-based neighborhood revitalization.
BARCO, which works to build anchor facilities that nurture and grow Baltimore’s creative people and organizations, develops real estate into powerful platforms for creativity and community building with a goal to strengthen Baltimore’s human, social and economic capital by providing access to quality space, leveraging shared resources and building social networks and a sense of community. Bonitz said that since 2007, BARCO’s efforts have led to redevelopment in 12 neighborhoods, $500 million in investment and 800 new housing units.
The Committee received a presentation about the 2018 legislative session of the Maryland General Assembly, which concluded Sine Die on April 9, 2018. Regarding economic development, the legislature passed bills to expand community benefits districts in Baltimore City, allow for single sales factor apportionment of corporate income taxes (rather than three factor apportionment) and improve the One Maryland Tax Credit incentive for distressed jurisdictions.
The Economic Development Committee met on February 6, 2018 with Annie Milli, Executive Director of Live Baltimore, whose mission is to recruit and retain Baltimore City residents.
Milli’s presentation focused on Live Baltimore’s data-driven effort to identify livable communities in Baltimore City and how to define which neighborhoods are best for investment. The effort seeks to revitalize neighborhoods around Baltimore City with the potential to grow and become more attractive for new families to buy a home. Ultimately, more attractive communities means a growing population and tax base for Baltimore City.