The Baltimore Development Authority and its city partner, Green City Developers, announced Tuesday a new 10-year, $300 million development deal that will help the city to bring a slew of high-tech jobs to a neighborhood that has been a long-time bastion of poverty.
The agreement includes a 1,200-acre green-space park that will be the largest open-air green space in the United States and will attract $30 million in federal, state and local funding to build an $8.7 million research facility, $1.5 million in incentives for developers and an additional $25 million in tax increment financing, or TIF, to create 1,000 jobs.
The city will also receive $7 million in TIF revenue for projects in the park.
“We’ve got a long way to go to get to the goal of making this an economic development center and putting jobs here,” Mayor Stephanie Rawlings-Blake said in a statement.
“This is a critical step toward achieving that goal.”
The new agreement also includes the addition of new tax credits for developers to offset the loss of existing tax credits that the Baltimore Development Corporation has received for the redevelopment of historic homes and businesses.
The deal also calls for the creation of an affordable housing trust fund and other incentives for the city’s workforce to help them attract and retain high-skilled workers.
The $7.4 million investment in a research facility is part of a larger $30.7 billion, seven-year plan that includes the creation and expansion of more than 1,500 new jobs and 1,100 housing units.
The new incentives will be distributed over the next 10 years.
Mayor Rawlings’s announcement comes less than a week after the Baltimore City Council voted unanimously to approve a $9.5 billion plan to redevelop the city.
The development authority has also committed to paying $3 million in capital gains taxes to pay for the construction of 1,700 affordable housing units in the city over the coming decade.
The TIF program, meanwhile, has generated nearly $300.7 for the Baltimore Department of Housing and Community Development and is expected to generate $3.1 million for the City Council.