A new agreement has the potential to bring in nearly $40 million to the six surrounding neighborhoods in south Baltimore, Maryland over the next 30 years.
The SB Six Coalition—representing the south Baltimore neighborhoods Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mount Winans, and Westport—is partnering up with Sagamore, the Port Covington developers behind the multi-billion dollar redevelopment project to create a long-term financing entity funding projects in the SB 6 communities.
Sagamore is requesting $660 million in tax increment funding from Baltimore, the highest in the city’s history. If this is approved, the developers hope to provide close to $39 million spread out over 39 years, a combination of funds from Sagamore, outside organizations and commercial properties going into Port Covington. It’s a collaboration that supporters feel will have meaningful benefits to uplift Baltimore.
“I’m pleased Sagamore and Under Armour have reached this historic agreement and I hope other communities, not just Baltimore and Maryland, but around the country, take a look at what these communities did together to say we want better,” said Mayor Stephanie Rawlings-Blake.