* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmembers Stokes and Branch, President Young
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
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Investigative Hearing - East Baltimore Development Inc.
FOR the purpose of requesting that representatives from East Baltimore Development Inc. (EBDI) appear before the Council to review the City’s investment in EBDI and to discuss the many issues relating to that investment raised by the Daily Record investigation: Too Big to Fail: Betting a Billion on East Baltimore that ran January 31-February 4, 2011.
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Recitals
Since 2001 a partnership between the City, local foundations, Johns Hopkins, and private developers has struggled to revitalize a portion of East Baltimore north of the Johns Hopkins Medical Campus. The non-profit entity responsible for coordinating this project, East Baltimore Development Inc. (EBDI), has to date committed $564 million of a planned $1.8 billion to these efforts. Nearly 40% of the funds committed so far are from public sources.
Despite this massive outlay of funds, it is unclear what the prospects for the successful redevelopment of the 88 acres under EBDI control are today. A recent in-depth investigation of EBDI by the Daily Record paints a picture of a project in flux and shaken by the devastating recession that has radically changed the development environment since EBDI’s founding. The Daily Record reporting indicates that - although thousands...
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