Greater Baltimore Committee President and CEO Donald C. Fry submitted testimony to the Baltimore County Council on December 11, 2018 in support of the proposed agreement between Baltimore County, Maryland and Tradepoint Atlantic, LLC (TPA).
The Greater Baltimore Committee (GBC) is in support of the proposed agreement between Baltimore County, Maryland and Tradepoint Atlantic, LLC (TPA). This innovative agreement allows Baltimore County to benefit from development at the TPA Sparrows Point property sooner, and at a lower cost than under previous proposals discussed.
Under the agreement, Tradepoint Atlantic will forward fund $34 million in new roadway infrastructure that will be reimbursed through the earned Enterprise Zone Tax Credit payments that the State of Maryland will remit to Baltimore County. In addition, Baltimore County will take advantage of the Metropolitan District Fund (Metro Fund), a self-supporting program designed to fund public water and sewer projects in Baltimore County, by securing $44 million to extend and upgrade the water and sewer system to serve Sparrow’s Point. Connection and usage fees paid into the fund by Tradepoint Atlantic and its tenants will offset the project costs over time.
As soon as the projects are complete, the assets will begin to generate revenue for Baltimore County. Tradepoint Atlantic has already invested over $1 billion in private funding toward environmental clean-up and infrastructure including roads, rail, port and utilities. It is expected that Tradepoint Atlantic will invest an additional $1 billion to complete the build out of the site.
Baltimore County and the greater Baltimore region will benefit from this public investment. The county will see 17,000 new jobs and $3 billion in economic impact as a result of the Tradepoint Atlantic project. The public investment in the redevelopment and transformation of Sparrows Point into a global industrial port and logistics hub will greatly enhance and diversify Baltimore County’s economy, strengthening its economic position.
The agreement before you for consideration is consistent with two of the GBC’s eight core pillars for economic growth and job creation that were set forth in our Gaining a Competitive Edge report:
a. Government leadership that unites with business as a partner.
Maryland leaders must set a welcoming tone that communicates positive support for business, respect for the private sector as a partner, not an adversary, and reflects a strategic plan for business growth and job creation.
b. Strategic and effective public investments in business growth.
Government must commit to substantive strategic investments, leveraged with capital assets, to nurture business and job growth. Investments should include competitive and effective tax credits, business development incentives, and tactical initiatives to nurture private investment in industry growth.
For these reasons, the Greater Baltimore Committee urges the Baltimore County Council to vote in support of the Tradepoint Atlantic Agreement.
Read Fry’s testimony in its entirety here.