Reassured that developer Michael Beatty is not earning excessive profits, the Board of Finance today approved $39 million of tax increment (TIF) bonds for the second stage of infrastructure building at Harbor Point.
The amount is nearly three times the original $14 million in Phase 2 bonding for the waterfront development.
The Baltimore Development Corp., which oversees the project, upped the costs of various infrastructure that the city will pay in Phase 2, including $7 million more for a central plaza fronting the Exelon Tower and $3 million for a sewage pumping station that was not planned when the city agreed to support Beatty’s project in 2013.
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