Under Armour CEO Kevin Plank Wants Public Financing for Port Covington Project

BALTIMORE (WJZ)— Under Armour CEO Kevin Plank wrote a letter to the City asking for public financing for the massive redevelopment project in Port Covington.

Plank said the $5.5 billion project will bring “billions of dollars in private investment and thousands of jobs,” as well as “over a billion dollars of net positive tax revenue,” in his open letter to the Baltimore Sun.

“We are at a decision point.  We want to invest in Baltimore, hire in Baltimore, live in Baltimore and give in Baltimore,” said Plank.

The Under Armour CEO has asked the city to approve a record $660 million in tax-incremented financing.

Several community groups have raised the red flag saying the Port Covington deal doesn’t offer enough affordable housing and jobs for the area.

“We don’t want a tale of two cities… we’re going to paying for this TIF for 40 years. Shouldn’t we be talking about jobs that last 25 or 30 years?” said Charly Carter who works for Maryland Working Families.

“It alone is more than all the previous TIF’s put together.”

Councilman Carl Stokes said Plank has agreed to many concessions.

“The jobs, the workforce training, development, the inclusionary housing pieces. I think we’ve done a really good job at getting those resolved,” said Stokes

A council committee is expected to vote Thursday on the deal.

It could go to the full council by Monday.

City leaders will hold a news conference Thursday afternoon to unveil the community benefits commitment.

Follow @CBSBaltimore on Twitter and like WJZ-TV | CBS Baltimore on Facebook

More from Meghan McCorkell
Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Baltimore

Track Weather On The Go With Our App!
Your Podcast Network Play.it
CBS All Access

Listen Live