Is Port Covington a Good Deal for the City? (Baltimore: how much, hotels)

[Woodlands]

THis should concern most of you who actually LIVE in the City. I take that back.. because if live in Maryland and the city goes bankrupt.. you will likely be on the hook as well.




https://baltimorebrew.com/2020/06/15/breaking-mayor-young-commits-148-million-in-taxpayer-subsidies-to-jumpstart-port-covington-project/

[bufflove]

Questionable risk (then again I never thought Harbor East or Harbor Point would successfully attract interest, either, so what do I know), but $150m over 40 years isn't going to bankrupt anything. That's the cost of 1 new DC high school or about 1/55th of a MoCo Amazon bid, for reference.

[NJ2MDdude]

How much skin does Kevin Plank have in this project?

[Joakim3]

Originally Posted by Woodlands

THis should concern most of you who actually LIVE in the City. I take that back.. because if live in Maryland and the city goes bankrupt.. you will likely be on the hook as well.




https://baltimorebrew.com/2020/06/15/breaking-mayor-young-commits-148-million-in-taxpayer-subsidies-to-jumpstart-port-covington-project/

Thats a drop in the bucket fiscally speaking over the 40 year payback

Baltimore if anything was running in surplus before the whole COVID19 bs started

[Woodlands]

Plot thickens


https://www.baltimorebrew.com/2020/0...urge/#comments

[Woodlands]

Originally Posted by Joakim3

Thats a drop in the bucket fiscally speaking over the 40 year payback

Baltimore if anything was running in surplus before the whole COVID19 bs started

I guess what concerns me is that it appears the new developer wants to get $25 million in investment in soft cost back as part of this transaction and there is no guarantee that the development will ever get built to support the infrastructure that is going to be put in place thus assuring the taxpayers will have to foot the bill. The way the item was "placed" on the agenda at the last minute and the fact that two of the politico on the BOE will no longer be in office after November. Given Baltimore's track record..anything that appears "rushed" is suspect. My other concern is if this is approved will it take away from other development opportunities elsewhere in the city.. one being Pimlico Racetrack. Again without sharing this information with residents..it makes supporting such efforts problematic unless it can be fully vetted and the public brought up to speed.


I can agree with you on Harbor East.. I felt the same way about that development and it turned out to be one of the best developments in this town.. But, I believe the developer had already lined up most of the major office anchors (Excelon) the hotels etc. I am not sure that is the case here.. but I stand to be corrected

[NJ2MDdude]

In 2016, the Sun reported that this is a $5.5 billion dollar project, requiring government financing of $1.1 billion. I imagine the $148 million is just Phase 1 of the government's contribution towards infrastructure construction and improvements.

[Digger 68]

Originally Posted by Woodlands

I guess what concerns me is that it appears the new developer wants to get $25 million in investment in soft cost back as part of this transaction and there is no guarantee that the development will ever get built to support the infrastructure that is going to be put in place thus assuring the taxpayers will have to foot the bill. The way the item was "placed" on the agenda at the last minute and the fact that two of the politico on the BOE will no longer be in office after November. Given Baltimore's track record..anything that appears "rushed" is suspect. My other concern is if this is approved will it take away from other development opportunities elsewhere in the city.. one being Pimlico Racetrack. Again without sharing this information with residents..it makes supporting such efforts problematic unless it can be fully vetted and the public brought up to speed.


I can agree with you on Harbor East.. I felt the same way about that development and it turned out to be one of the best developments in this town.. But, I believe the developer had already lined up most of the major office anchors (Excelon) the hotels etc. I am not sure that is the case here.. but I stand to be corrected

Harbor East was planned in the late 80's. It was the funds from Paterakis that were needed. And was it close.
Nobody was going to develop either of these areas until recently. It's urban, and between New York, and DC. And they are in the right areas of the city. They will come.

Other areas?

[Woodlands]

Originally Posted by Digger 68

Harbor East was planned in the late 80's. It was the funds from Paterakis that were needed. And was it close.
Nobody was going to develop either of these areas until recently. It's urban, and between New York, and DC. And they are in the right areas of the city. They will come.

Other areas?

In the link in the brew article it mentioned the city had to get permission from the state it has exceeded it's bonding capacity ...so I guess I am worried that as other development comes on line they won't have the same incentives available ....Pimlico Racetrack /Park Heights and State Ctr are two other major ones that come to mind ...aside from that the debt service on the bonds have to be paid with tax dollars that will likely have to diverted from something else ...and the city will be short tens of millions atleast for the next two fiscal years because of COVID and if there is a second wave and God forbid we go on lock down again that will only make it worse. Don't get me wrong I want it to work and for the project to be successful...I am just worried about the timing of this decision which seems to be driven mainly by politics than economic consideration onna city wide level