Agreement With Sagamore Developments Will Revitalize Baltimore
BALTIMORE (WJZ) -- A historic agreement with Sagamore Development promises millions of dollars to be invested in our under-served areas.
Tracey Leong explains this plan is connected to Port Covington.
This new agreement has the potential to bring in nearly $40 million to the six surrounding neighborhoods in south Baltimore over the next 30 years. It's the promise of a brighter future to uplift our community.
"This is an opportunity for us to work with Sagamore and improving the nature and condition of these communities," said Cherry Hill Community chairman Michael Middleton.
The SB Six Coalition---representing the south Baltimore neighborhoods Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mount Winans and Westport---is partnering up with Sagamore, the Port Covington developers behind the multi-billion dollar redevelopment project to create a long-term financing entity funding projects in the SB 6 communities.
People who live in Baltimore are excited to see the potential impact.
"Who knows? Rec centers may go up, swimming pools, mainly the education. Hopefully the youth benefits from it," said Baltimore resident Tyrone Paul.
Sagamore is requesting $660 million in tax increment funding from Baltimore, the highest in the city's history. If this is approved, the developers hope to provide close to $39 million spread out over 39 years, a combination of funds from Sagamore, outside organizations and commercial properties going into Port Covington. It's a collaboration that supporters feel will have meaningful benefits to uplift Baltimore.
"I'm pleased Sagamore and Under Armour have reached this historic agreement and I hope other communities, not just Baltimore and Maryland, but around the country, take a look at what these communities did together to say we want better," said Mayor Stephanie Rawlings-Blake.
Baltimore's city council will have a hearing July 27 to further discuss this plan.
If approved, the Port Covington project could receive $760 million in tax breaks.
