Bal­ti­more poised to is­sue TIF bonds for Pop­ple­ton re­de­vel­op­ment

Baltimore Sun - - MARYLAND - — Natalie Sher­man

Bal­ti­more’s spend­ing panel is poised to ap­prove the is­suance of $12 mil­lion in bonds to help pay for in­fra­struc­ture for a long­planned re­de­vel­op­ment in Pop­ple­ton. The plans are a sign of progress for the West Bal­ti­more project, which has been in the works for more than a decade. The city ap­proved de­signs in 2014 for the first phase, pro­posed by lead de­vel­oper New York­based La Cite Devel­op­ment — a six-story com­plex with about 260 apart­ments, 19,000 square feet of ground-floor re­tail, a dog park and a plaza in front of the his­toric Poe House. Most of the build­ing’s units will be mar­ket-rate, but about 20 per­cent are ex­pected to be sub­si­dized. The city’s Board of Fi­nance backed a $58.3 mil­lion tax in­cre­ment fi­nanc­ing plan for the project last year, in which the bonds for the in­fra­struc­ture would be re­paid us­ing new tax rev­enue gen­er­ated by the project. The $12 mil­lion deal on to­day’s Board of Es­ti­mates agenda is for the first phase. Since the TIF was ap­proved, the project’s devel­op­ers have been work­ing to se­cure fi­nanc­ing.

GENSLER

A ren­der­ing of the apart­ment build­ings ap­proved as part of the first phase of the Pop­ple­ton re­de­vel­op­ment.

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