BALTIMORE, Md. (WJZ)– Billions of dollars and thousands of jobs promised as the Port Covington deal got the official go-ahead from Baltimore City Mayor Stephanie Rawlings-Blake Wednesday.
The Port Covington deal has been billed as a world-class waterfront development, and represents an historic $760 million investment by the City in tax breaks, but getting to this was a struggle.
Demands for good jobs and affordable housing had to be negotiated and eventually were met.
“This project is just going to be a great project,” said City Council President Jack Young.
Port Covington is a mostly industrial 250 acres of waterfront property in south Baltimore. The vision of Sagamore Development led by Under Armour’s Kevin plank is to not only create a new world headquarters for Under Armour, but to build parks and playgrounds, manufacturing space and housing.
Mayor Rawlings-Blake signed legislation necessary to make all that happen on Wednesday.
“We’ll reap the benefits the moment they start the massive construction on the Under Armour campus which should be soon,” said Bill Cole of the Baltimore Development Corp.
The benefits are expected to include 26,000 jobs and nearly $2 billion a year in new tax revenue once the project is completed. A city auditor has been assigned to see that the project is meeting its goals.
There are a few more hurdles, including state and federal funding for roads and public transportation.