THESE DEVELOPERS WILL NOT REST UNTIL ALL OF THE ENTERPRISE ZONES ARE PERPETUALLY COVERED WITH TAX BREAKS AND FENCE-INS.....AND YOUR INCUMBENT IS READY TO WORK WITH THEM!!!
Councilman Kraft backs Harbor Point tax breaks
Baltimore Business Journal by James Briggs, Reporter Date: Wednesday, August 8, 2012, 9:25am EDT
As the developers of Harbor East make their case to the public for why more waterfront land should be eligible for tax breaks, they’ve already won a crucial vote on the Baltimore City Council.
Bakery magnate John Paterakis’ Harbor East Development Group LLC wants its next venture, Harbor Point, to benefit from the same incentives that applied to Harbor East, which has become Baltimore’s trendiest neighborhood.
Harbor Point was among three key neighborhoods — along with Harbor East and most of Locust Point — that were eliminated from the city’s enterprise zone in July as part of a routine redesignation that occurs every 10 years. But Harbor East Development has applied to reinstate Harbor Point, a change that could take place this fall if approved by the City Council and state.
City Councilman James Kraft, whose district includes both Harbor Point and Harbor East, said he has reservations about adding Harbor Point back to the enterprise zone, but nonetheless plans to support the application.
“I’m not 100 percent sure that we don’t need it, and I’d rather err on the side of having the tool available than not having the tool available,” Kraft said.
The city’s 13,489-acre enterprise zone provides 10 years of tax breaks for building improvements and new construction. Harbor East Development in its application called the city’s enterprise zone “a necessary and vital ingredient ... for the success” of Harbor East, adding “success at Harbor Point is not guaranteed.”
The Baltimore Development Corp. has scheduled a public hearing on the request for 6:30 p.m. on Wednesday at the Emerging Technology Center at 1101 E. 33rd St. in Baltimore. Harbor East Development officials will be there.