City Council Committee Approves Funding Plan for Harbor Point Development

As reported by the Baltimore Sun, the Baltimore City Council’s Taxation Committee recently approved a funding plan that would use tax increment financing to assist with the development of Harbor Point, a substantial downtown development project.  From the article:

Under tax increment financing deals, the city issues bonds to pay for property acquisitions, infrastructure improvements and other project costs, then uses the increased tax revenue generated by the development to pay off the bonds.

The legislation for $107 million in tax increment financing bonds, which will pay for infrastructure, parks and other improvements at the site, is expected to go to the full council Monday.