A new incubator at the University of Maryland BioPark appears one step closer to reality.
The deal, which would provide public financing to help construct a new BioPark building, got initial approval from the City Council on Wednesday.
Records state the $17.5 million tax increment financing (TIF) deal for the building was previously recommended by the Council’s Taxation, Finance and Economic Development committee.
According to the Baltimore Sun, Committee Chairman Carl Stokes called the deal the “best TIF ever, frankly.” That’s because the city, developers and surrounding communities negotiated a $1 million Community Benefits Agreement to help create jobs, address parkings, and development.
The $110 million, eight-story project at 873 W. Baltimore St. is seen as a home for a new incubator within the BioPark. Officials believe it can be home to a new branch of the Cambridge Innovation Center. Real estate developers Wexford Science and Technology are seeking TIF money, in which the city would fund special obligation bonds to pay for upfront development costs, to help construct the building. Typically, TIF money is used for roads and infrastructure around a new development.