BALTIMORE (WBFF) — A proposed $820 million redevelopment of Baltimore’s Harborplace could include a waterfront hotel charging an average of $550 a night and luxury apartments renting for as much as $7,000 a month, even as downtown’s hotel industry grapples with closures and lingering profitability problems.
But as Baltimore considers a property tax break of up to 95% for MCB Real Estate, Mayor Brandon Scott said Wednesday that key elements of the project remain uncertain while the city and the developer negotiate the terms of the tax incentive.
A deal approved by the city’s economic development arm in August could reduce MCB’s property taxes by several hundred million dollars over the life of the agreement. The proposed incentive, known as a Payment in Lieu of Taxes, or PILOT, agreement, would let the developer pay a negotiated amount instead of a normal property tax bill.
Scott said the city will not put a PILOT agreement before the Board of Estimates for a final vote until it reaches a deal with MCB. He declined to provide a timeline.
Read the full story on the Baltimore Sun.
This post was originally published on Fox 45 by Sinclair Media Group.
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