There is a 24-story office building in Harbor East where tenants pay top dollar for panoramic views of the Baltimore harbor. Seven years ago, the tower was valued at $300 million, but thanks to a deal between the developer and the city, the building has a city property tax bill equivalent to a Home Depot in East Baltimore’s Bayview. The 2009 deal was framed as a necessary incentive to build the former Legg Mason tower at 100 International Drive, but it also meant the city waived tens of millions of dollars in tax revenue.
How much incentive is too much? A prominent Baltimore foundation is suing the city over a 2009 tax deal.
October 10, 2023