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Baltimore spending board approves $39.3M in TIF bonds for Harbor Point, last of $125M public investment

July 21, 2022

Baltimore’s spending board approved $39.3 million more in tax increment finance bonds Wednesday for the city’s Harbor Point development, the final piece of public financing for the high profile waterfront project. In 2013, the city approved $125 million worth of public financing for Harbor Point in what’s known as tax increment financing or TIF bonds. TIF bonds are designed to help ambitious developments get off the ground, typically by covering the costs of infrastructure improvements. Additional property taxes generated under a TIF go toward paying off the debt — instead of city coffers.

Article Source: Baltimore Sun

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