It looks like Port Covington is going to move forward. The Kevin Plank-backed firm behind the redevelopment of Port Covington agreed with the city and the community group BUILD to provide funding for neighborhoods, workforce development and jobs around the city. There are $135.9 million worth of community benefits in the deal. Here’s what’s in it, according to a summary:
- $25 million for youth and workforce development including a workforce development training center, funding for the city’s YouthWorks, scholarships for city school students, the East Baltimore Recreation Center and other education and after-school programs.
- $10 million in venture funding or equity fund investment for early-stage startups owned by women and minorities. That includes a microlending program to provide 0 percent loans to local entrepreneurs.
- Local hiring: The agreement contains $6.5 million so workers on the project itself can make a prevailing wage. Thirty percent of work on the site will be performed by city residents, and 12 percent of the work performed must involve apprentices.
- Affordable housing: As reported, 20 percent of Port Covington-related residential units will be made up of affordable housing. It’s a 10 percent increase from the original proposal. Sixty percent must be onsite, while the other 40 percent can be developed offsite. Ten percent of all the affordable units must be affordable to households at or below 30 percent of area median income.
- Neighborhoods: Sagamore Development already agreed to a $39 million benefits agreement with the six South Baltimore neighborhoods that surround Port Covington.
- Parks: On top of the $100 million, an additional $35 million is included for land acquisitions for parks, open space and rights-of-way that will be owned by the city at Port Covington.
- Community: The agreement also contains commitments to create a community farmer’s market and urban farming program, invest in public art, provide space for a neighborhood art cooperative, and provide space and support to minority and women owned businesses.
The agreement clears the way for the City Council to sign off on a $660 million TIF deal with Sagamore. In that deal, the city will sell bonds to pay for infrastructure at the site.
Officials said it was the biggest agreement of its kind in the city’s history. The Plank-owned land will be home to a new Under Armour headquarters, mixed-use development, rye whiskey distillery and already houses an entrepreneurship and innovation space at the former city bus garage.
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