Rendering courtesy Sagamore Development.
The massive public financing deal for the Port Covington development project in South Baltimore moved one step closer to becoming law on Monday after a 12-0 preliminary vote of approval by the Baltimore City Council.
Sagamore Development – the Kevin Plank-backed developer behind the proposal – announced last week that it had reached an agreement with the city to make one-fifth of its rental housing into units for low- and middle-income families, recruit at least 30 percent of construction workers from within the city and pay a $17.48 minimum wage to all workers.
In exchange, the city would agree to provide $660 million in tax increment financing (TIF) bonds to fund the 260-acre project.
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