As questions about how the TIF for the huge Kevin Plank-backed development in Port Covington would benefit the rest of the city seemed to be growing louder, the developers and representatives from six South Baltimore neighborhoods announced a deal on Thursday.
Overall, the agreement is set to infuse $39 million, Plank Industries CEO Tom Geddes said. Plank-funded Sagamore Development is forming a new group with representatives from Cherry Hill, Westport, Curtis Bay, Lakeland, Mt. Winans and Brooklyn in the deal. Two-thirds of the money will go toward projects in the six neighborhoods, while the other third will go toward citywide projects.
Sagamore is set to provide $10 million to the effort, half from its own coffers and half from outside sources. Over the next 10 years, Sagamore and the neighborhoods will work together to raise another $10 million. Another $19 million could be generated over 20 years through a portion of the proceeds going to the neighborhood organization with each purchse of a piece of property in Port Covington.
The deal was announced just hours before Sagamore was set to go before the City Planning Commission to discuss the $660 million TIF deal that would fund infrastructure in Port Covington. It’s the largest in city history. Previously, Sagamore agreed to a $10 million in funding for education and youth empowerment for citywide projects.
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