Tradepoint Atlantic to seek at least $100 million in public financing
Tradepoint Atlantic, the company that bought the mill property in 2014, launched a "
"We just want to make the public aware that we are kind of working in this direction," Tradepoint Atlantic Vice President
He said the company intends to seek the county's approval for
In tax-increment financing, or TIF, the government finances the up-front costs of infrastructure projects and the property owner repays the money over time as a portion of property taxes based on greater property values.
If
Tradepoint Atlantic has been working on a TIF deal since at least 2016, when an economist commissioned by the company recommended seeking government help in paying for infrastructure at the 3,100-acre site.
Tradepoint is redeveloping the old steel mill into an industrial campus with port, logistics and light manufacturing uses. The company has leveled most of the old steel mill buildings and equipment and is working to remediate environmental contamination across the property. That effort is expected to cost at least
The project has landed tenants including a FedEx distribution center, an
The federal government recently awarded a
But the company says it needs more help to complete roads and water and sewer lines to continue redevelopment and attract more tenants. The financing it seeks would pay for 4.5 miles of roads, 6.5 miles of sewer line and 8 miles of water line.
Tomarchio said Tradepoint officials have been in discussions with
"The redevelopment of Tradepoint Atlantic and its potential for 17,000 jobs is one of the most significant economic development projects in the nation," Mohler said in a statement. He said the county "has always been open to exploring a TIF."
Tax-increment financing deals are rarely used in
Most recently, the method was used to pay for a parking garage and other infrastructure at the Owings Mills Metro Centre development.
There was sharp disagreement in
In
Tomarchio said he expects to encounter opposition from people who don't understand tax-increment financing. The company sent an email to local residents and supporters Wednesday asking for support.
"We've been open and transparent as a company throughout the entire development of the site so far," Tomarchio said. "This effort is in the same vein. We are coming out early and putting this on the table."
Tomarchio would not say when the company hopes to have a TIF finalized. It would need approval from the
Tomarchio said a TIF isn't a requirement for redevelopment to continue at Tradepoint. But without the financial help, he said, it will take longer for the project to move forward.
Councilman
The candidates running to succeed Mohler as county executive urged caution when considering whether a TIF is appropriate.
Republican nominee
"It is imperative that both
Democratic nominee
"I support
*
Senators say
*
*
20-year-old found dead in
___
(c)2018 The Baltimore Sun
Visit The Baltimore Sun at www.baltimoresun.com
Distributed by Tribune Content Agency, LLC.
PG&E posts $1 billion loss as debate rages over wildfire claims
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News