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May. 23, 2013 9:00 am

City’s Board of Finance approves $100M in taxpayer money for Exelon HQ

The Board of Finance unanimously approved a request for $107 in tax financing for the Harbor Point development project.

Plans for Exelon's new HQ at Harbor Point.

The city’s Board of Finance unanimously approved a request for $107 in tax financing for the Harbor Point development project that will host Exelon Corporation‘s regional headquarters.

And the city’s chief of treasury management had reporters leave the room while the Baltimore Development Corporation, which oversees the Emerging Technology Center, explained why the taxpayer assistance was necessary.

From the Sun:

After barring the public from the 90-minute meeting, board members voted 4-0 to approve a developer’s request for $107 million in tax increment financing to pay for roads, utilities and parks for the $1 billion Harbor Point mixed-use development on the waterfront between Harbor East and Fells Point, according to Stephen M. Kraus, the city’s chief of treasury management.

Read the full story at the Baltimore Sun.

And for more on why Exelon chose Harbor Point as the destination for its regional HQ, read this article in the Baltimore Brew.

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Andrew Zaleski

Andrew Zaleski is a freelance journalist in Philadelphia and the former lead reporter for Technical.ly Baltimore. Before moving to Philadelphia in June 2014, he was a contributing writer to Baltimore City Paper and a Tech Check commentator for WYPR 88.1 FM, Baltimore city’s National Public Radio affiliate. He has written for The Atlantic, Outside, Richmond magazine, Washington City Paper, Baltimore magazine, Baltimore Style magazine, Next City, Grist.org, The Atlantic Cities, and elsewhere.

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