MINUTES

Of the

Board of Directors

Of the

City of Development Corporation

The regular meeting of the Board of Directors (Board) of the City of Baltimore Development Corporation (BDC) was held on Thursday, May 23, 2013, beginning at 7:39 a.m. at the Corporation’s offices at 36 South Charles Street. Present at the meeting were Board members; Chair, Arnold Williams, Gilberto deJesus, Deborah Devan, Paul Graziano, Bert Hash, Jr., Kenneth Moreland, Sharon Pinder, and Brian Tracey.

Staffs present were: Brenda McKenzie, President, Kim Clark, Executive Vice President, Jeff Pillas, Chief Financial Officer, Nancy Jordan-Howard, Chief Operating Officer, William Beckford, Darrell Doan, Joann Logan, Chris Moyer, Gary Suskauer, Deborah Tillett and Aisha Bigstaff (as acting Secretary).

Also in attendance were: Steve Kilar, , Mark Reutter, Baltimore Brew Website, and Kevin Litten, Baltimore Business Journal.

The meeting was called to order by Chair, Arnold Williams.

I. The “Open Session” minutes for the March 28, 2013 Board meeting were approved as written.

II. The President’s Report was given by Brenda McKenzie as follows:

 Three key areas of opportunity for BDC were identified as follows: Growth, Development, and Strategy.  BDC will source baseline analytics to clarify and define Baltimore City main indicators and will seek counsel of the Board as well as keep the Board apprised as BDC moves forward throughout the year.

III. Business Retention & Expansion Committee Report was given by Chris Moyer as follows:

 The Business Retention & Expansion Committee met for the months of March/April 2013.

1) Business Outreach  New Enterprise Zone areas

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 Mount Clare Station/ CSX Intermodal Facility: Contact with businesses that will be impacted by facility

2) Business Prospecting  2013 BIO Conference, – April 22-25, 2013; BDC had a booth in the Pavilion. Staff met with companies and organizations interested in the establishing partnerships. Follow up will be done in conjunction with Emerging Technology Center (ETC)’s soft landing program.

3) Business Updates  Continue to work with a variety of expanding Baltimore based businesses  Active interest in the Duke Realty site

4) Business Assistance  Enterprise zone (EZ): Emphasis on certification of businesses in newly added EZ areas (portion of downtown, scattered sites throughout city).  Foreign Trade Zone (FTZ): JD Neuhaus became the newest operator for FTZ #74. Company manufactures and assembles cranes for export to South America  Developed new marketing materials for outreach visits that cover tax credits, business resources, EZ, work force development

5) International Business  Xiamen/Baltimore - Sister City Trade Mission - Baltimore City's Deputy Chief for Economic Development will be leading a business mission to China in September. This mission is open to all industries and includes a stop in Shanghai. Details about the trip can be found at www.bxscc.org.  South Korean Delegation – BDC staff hosted a group of 15 officials from South Korea who visited Baltimore to learn more about the , our international business initiatives, and commercial development.  Russian Delegation –BDC staff presented information about Baltimore’s port, FTZ, and international business resource information.

BDC strategic plan will be coupled with the Comprehensive Economic Development Strategy (CEDS) process. A Mayoral Fellow has been assigned to assist.

IV. Project Committee Report was given by Darrell Doan as follows:

 One project in committee this month—1107 East Fayette Street, Block 1338 Lot 05, Historic Jonestown neighborhood.

Presentation on 1107 East Fayette Street—Darrell Doan, Managing Director of Real Estate Development and Deborah Devan, Board Member

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 Sale of 1107 East Fayette Street to Developer for $108,000. This amount reflects the appraised value minus the anticipated cost for demolition.  Developer will construct a $44 million seven-story, 234 unit market-rate residential apartment project.  The project will consist of all new construction with the exception of the adaptive reuse of the historic Hendler Creamery building, 7,780 SF ground-floor retail and 247 structured parking spaces.  The Project will begin construction in January 2014 and will include a 15 month construction period.  The current unit mix will include 14 studio apartments, 80 junior one-bedroom apartments, 94 one-bedroom apartments, and 47 two-bedroom apartments.  The developer is Hendler Creamery Development, LLC an existing minority-owned single member real estate holding entity controlled by Kevin Johnson, President & CEO of the Commercial Group, a construction and real estate venture.

Deborah Devan, Chair of the Project and Oversight Committee made a motion that the board approves the recommendation that 1107 East Fayette Street be sold to the developer for $180,000. The City will hold a non-interest bearing mortgage on the property which will become due upon sale of the property to a third party unaffiliated entity.

The board unanimously approved the motion.

The meeting was adjourned at 8:06 a.m.

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