The Baltimore City Council votes on a bond ordinance later this afternoon designed to finance the city’s Harbor Point Development. The bond issue is not expected to exceed $125 million dollars with proceeds from the issue going to infrastructure development; the Harbor Point Development project itself; and any other improvements to, from, or within Harbor Point. The debt will be serviced from tax revenues generated from the Harbor Point district.
Harbor Point is expected to be developed and generating revenues over the next thirty years, according to reports in The Baltimore Sun. The development, located on the city’s south side and sitting on the city’s harbor, will contain a mix of commercial, office, residential, and entertainment space. Financial services adviser, Morgan Stanley, is expected to move some of its offices to the area along with the new regional headquarters for energy firm Exelon.
The development had been subject to push back from community groups some of whom are concerned that resources going to the development of park areas in the development could have gone instead to city-owned parks in need of repair. A number of amendments offered by council members Bill Henry and Carl Stokes are expected to fail clearing the way for passage at this evening’s vote.