By Melody Simmons – Reporter, Baltimore Business Journal

The $105 million tax increment financing package for a 244-acre redevelopment of East Baltimore got a green light from a City Council committee Thursday.

The council’s Taxation, Finance and Economic Development Committee approved a set of legislation for the TIF after close to two hours of public hearing held virtually because of Covid-19. The Planning Commission approved the bills on Sept. 10 and the Finance Board also approved the TIF plan this summer.

The legislation now moves before the entire City Council for consideration.

If approved by the council, bonds for the TIF deal will be sold to private investors by the city to help fund portions of the project. The investors will be repaid over a 36-year period with property taxes diverted from the city’s general fund that reflect the increase in property value from the redevelopment.

Thursday’s City Council committee vote was the latest step toward a major financing component of the $1 billion project that is also fueled by a $30 million Choice Neighborhoods grant from the U.S. Department of Housing and Urban Development.

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