After yesterday’s Board of Estimates meeting, in which Mayor Catherine Pugh accepted $1.5 million from the Paterakis family in order to clear the way for the sale of their Legg Mason Tower, Baltimore’s chief development officer, William H. Cole, said:

“It’s a great deal for the city. For the first time we’re getting a very large lump-sum payment on an old PILOT that had profit-sharing.”

If deemed “great” by the head of the Baltimore Development Corp., the Legg Mason deal must be described as “super great” for the Los Angeles real estate conglomerate that is under contract to buy a portion of the high-rise building.

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