RaceTrack at the Inner Harbor/ Preakness (Baltimore, Laurel: real estate, rental, mortgage)

[Woodlands]

Ok...let me see if I can get this straight... There is an idea floating in the Maryland General Assembly (Senate) that the State should purchase Pimlico and thus Preakness to keep it in MD? THEN possibly build a track downtown near the Inner Harbor where the track could accompany an "under bid" slot site for Baltimore City? Since the site is under bid (in terms of number of slot machines) having a horse track next door could get those bidders to increase the number of slots thus potentially allowing Baltimore City to collect the $36 Million in annual lease payments that were proposed for the site... which of course is SUPPOSE to go to property tax relief for the City's urban denizens. THEN.... the State could sell of Pimlico to developer(s) who would then implement the long awaited Park Heights Master Plan that incorporates the Pimlico Track by adding several thousand new homes and millions of sq. ft. of office space/ retail to the site over the next 20 years.. and of course contribute to the income and property tax base of Baltimore City?????

If this comes to pass.. I do not think it would be an accident but a calculated plan (good or bad) depending on your perspective. I think many of these politicians begin with the end in mind and use the infamous slight of hand theory to get these things done. The Baltimore City Slot site in particuliar, with its hefty lease payment was doomed to fail thus allowing the City and others to go back and rethink the deal...And now that we are in a financial crisis and no one at the State level wants to take responsibility for the slot debacle.. the City may be able to get the deal restructured or rebid and thus add the Pimlico effect to the equation.. Elections are just around the corner and no one wants have this debacle on them and have to answer to..potential challengers ala .. Mr Erlich who may certainly run again and use this whole slot thing as a yoke.

[oneworld25]

They should keep the Pimlico Race Track where it is and add slots to it. That racetrack could serve as a catalyst for the revitalization of that area. Some may say that slots should not be placed in that area because it is such a poor area, but the reality is that there are plenty of businesses of businesses in Pimlico that already exploit the poor. At least this would bring in some much needed jobs.

One interesting idea I heard, was that the state fair should be moved to Pimlico and the Timonium fairgrounds used for a Transit Oriented Development.

[Woodlands]

Interesting idea concerning the conversion to the State Fairgrounds... it certainly would open up the Timonium site though the City might rather have development than a fairground... The idea of slots at Pimlico was met with considerable opposition from the large Jewish community just north of there...so I am not sure if any politico would want to reopen that discussion or not...

[Woodlands]

OK Cordish.. one of Bmores big time developers may buy Pimlico and/or Laurel Park in addition to pursuing the Arundel Mills Site... He indicates that Pimlico is ripe for "redevelopment".. It would be interesting to see if he purchases the track.. would he keep it there or seek assistance from the City to relocate it to the Russell St/I-95 area near the site slated for the casino... in exchange for allow the city to "redevelop" the Pimlico site.. .Stay tuned

Developer Cordish to bid on racetracks, Preakness -- baltimoresun.com

[Woodlands]

New bidder would raze Pimlico track -- baltimoresun.com

The City Council Prez is opposed to moving Preakness out the City.. which is a good thing... it also may force the City to step up to the plate and offer alternatives... ahem.. a track down by the Harbor and the slot site...

[Woodlands]

Lets see who gets out their check book....


O'Malley to seek eminent domain over racetracks -- baltimoresun.com

[Woodlands]

It seems like things are getting back on track.. again they are now maximizing the number of machines 3700 instead of the orginally proposed 500.. in addition to forking over $20 million instead of the orginal $30m


City reaches slots pact that could cut taxes -- baltimoresun.com

Now the State is moving to increase its condemnation powers to possibly take Pimlico in addition to providing bonding authority to purchase. If it passes, no one will buy Pimlico unless they implement a plan that saves Preakness or else face the threat of condemnation.

This will further move to solidify both City and the State's involvement in Preakness and the future of the Track in Baltimore. If I were the slot bidder I would definately be pushing to have a new track built next to or near my casino... Marty and Dixon are cozy with one another so I am sure something will get worked out...


Magna protests state bid to use eminent domain -- baltimoresun.com

[rudy_d]

I'm quite a bit underwhelmed at the proposed tax decrease. $.08 amounts to less than 4%. Anyone who bought a house prior to the real estate bubble won't see any benefit for many years. A purchaser today of a $200k house will see a tax reduction of about $160, about $13 off a monthly mortgage payment. Whoop-de-doo. Can I change my vote on slots?

[kinkytoes]

Rudy, I didn't vote for slots. Why did you vote for it? I would only have voted yes if it meant that every taxpayer could have a slot machine. I thought it would be cool to put one in a rental property. But when I found out only a couple of bigwigs who are already rich would be the only ones allowed to have slots, there was no way I could vote for it. So unfair

[mrboltonman]

Right now it isn't much but in time it should increase. The more revenue the Casino brings in will increase the amount the city gets.

Also if more businesses open around the area and tourism increases that will bring more revenue for the city. If property taxes start to drop then maybe more people will move to the city therefore increasing revenue.

Most likely all that will not happen and the city will spend the extra money on wasteful programs.