The Baltimore City Council voted 12-1 to approve a $660 million tax increment financing package for infrastructure funding at the prospective Port Covington development, and the three TIF bills are expected to be signed within the week. The first group of TIF bonds, totaling $64 million, are to be sold to private investors, including development company Sagamore Development’s president, next spring.
Per the negotiations and eventual agreement between city officials and a group of community advocates, a $135.9M memorandum of understanding was included in the TIF deal, which provides for job training, hiring, and benefits. A portion of Port Covington’s housing has been set aside as affordable housing.
Construction on Port Covington is expected to begin in early 2017, and Sagamore is currently working on the design and zoning permits for the $5.5 billion development.