Port Covington | WYPR

Port Covington

Rachel Baye

The company behind the planned Port Covington development announced Thursday a multi-million-dollar arrangement with six nearby neighborhoods in South Baltimore.

Baltimore City’s Planning Commission is to take up later today Under Armour CEO Kevin Plank’s controversial proposal to develop 160 acres of Port Covington, a massive $5.5 billion project that relies heavily on city financing. The deal is so complicated that even officials who are studying it can’t agree if the city is about to give Sagamore, Kevin Plank’s private development company, a huge tax break or not.

John Lee

    

A community organization wants the Baltimore City Council to put the brakes on the multi-billion dollar Port Covington project. Baltimore United in Leadership Development, or BUILD, called Tuesday for an independent financial analysis to be completed first. 

Courtesy of @port_covington / Twitter

Billionaire Under Armour CEO Kevin Plank is asking Baltimore City for $535 million to help fund redevelopment in Port Covington. The city would borrow against future property tax revenue to pay for streets, utilities, and other infrastructure related to the project. If approved, it would be the largest tax increment financing, or TIF, deal in city history. TIF is a common development tool across the country; the city of Baltimore has OK’d eleven deals since 2003. But tax increment financing is controversial. Supporters say it attracts private investment to blighted areas. Critics say it enriches developers at public expense. Our guests: Greg LeRoy, Executive Director of Good Jobs First, and Toby Rittner, President and CEO of the Council of Development Finance Agencies

Pages