Below is a statement by Donald C. Fry, President and CEO of the Greater Baltimore Committee, on the Baltimore City Council’s vote today to advance legislation that will pave the way for the proposed $5.5 billion Port Covington project by Sagamore Development Co.
“The Greater Baltimore Committee is encouraged by the City Council’s show of support for the Port Covington project. This represents the most significant economic growth initiative in decades and holds the promise to be a significant job creator and transform a part of the city that has not seen major investment. We look forward to the council giving its final approval to the legislation next week. At that time Sagamore Development can put contractors and local residents to work building this visionary project, including a new global headquarters for Under Armour right here in Baltimore.”
“Although negotiations were difficult at times, it is a positive sign that council members, community leaders and Sagamore leaders found common ground that will benefit Baltimore residents, communities and the entire city for generations.”
The GBC has been a strong supporter of Sagamore’s request for $535 million in tax-increment financing (TIF) so the developer can build needed infrastructure, such as roads, utilities and public parks. TIF funds will be raised through the sale of city-backed bonds. They will 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.