Below is a statement by Donald C. Fry, President and CEO of the Greater Baltimore Committee, on the decision today by the Baltimore City Council to approve a public financing package that clears the way for the proposed $5.5 billion Port Covington project by Sagamore Development Co.
“This is a tremendous day for the city and the citizens of Baltimore. Port Covington is a visionary and transformative project that will create thousands of good jobs and provide Under Armour with a premier waterfront setting for a new global headquarters. The entire city should be excited to see that this development has finally cleared all necessary legislative hurdles.”
“The Greater Baltimore Committee applauds Mayor Stephanie Rawlings-Blake, City Council President Jack Young and the City Council for working so hard to review the Port Covington proposal and to ensure all voices were heard in the process. Now Sagamore can get to work building what promises to be an amazing new development that will one day be a proud showcase for Baltimore.”
The GBC has been a strong supporter of Sagamore’s request that the city approve $535 million in tax-increment financing (TIF) so the developer can build needed infrastructure, such as roads, utilities and public parks. TIF funds would be raised through the sale of city-backed bonds. They would be paid back by fees on the developer and future Port Covington property taxes. Municipal bond experts have said the TIF presents little, if any, risk to the city or taxpayers.
About the Greater Baltimore Committee:
The Greater Baltimore Committee (GBC) is a regional organization of business and civic leaders that includes businesses, nonprofit organizations and educational and civic institutions. It is the leading voice for the private sector in the Baltimore region on issues relating to economic growth, job creation, workforce development, transportation, the business climate and quality of life. The GBC has approximately 500 member organizations, which include small businesses, mid-size companies, nonprofits and the largest corporations in the Greater Baltimore region.