Sagamore | WYPR

Sagamore

Sagamore Development

The $5.5 billion Port Covington project moves to the city council this week and is on track to be approved before a new mayor and council take office later this year. But the new leadership will have to deal with the decisions the old guard makes over the next few weeks.

Rachel Baye

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

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