Baltimore poised to issue TIF bonds for Poppleton redevelopment
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.
A rendering of the apartment buildings approved as part of the first phase of the Poppleton redevelopment.