* 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: Councilmember Henry
A Resolution Entitled
A Council Resolution concerning
title
Community Development TIFs
For the purpose of urging the Department of Housing and Community Development, the Baltimore Development Corporation, and the Department of Finance to work with the City Council to develop a community development-focused TIF process to assist Baltimore’s disadvantaged neighborhoods in their efforts to unlock their full potential.
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Recitals
As it looks to encourage much needed development in many of our most disadvantaged neighborhoods, Baltimore needs to be making use of every tool in its toolbox. Tax Increment Financing (TIF), which allows development today to be paid for by leveraging the increase in property values expected from the development in the future, has been involved in many large and successful projects around the City’s waterfront and in the central business district, but it has been underutilized outside of those areas.
One reason for this lack of utilization is that the infrastructure needs of commercial corridors in much of Baltimore differ from those of the large waterfront parcels and downtown lots mostly targeted for TIFs in the past. A new community development driven focus would be needed to successfully use TIFs in some of the areas that could most benefit from them.
A community development-focused TIF approach would involve identifying a community development initiative, either one la...
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