City of Baltimore Development Corporation Annu al Report 2010

As we look back a decade, we see a City full of hope, future potential and justifiable pride in many accomplishments. Among those accomplishments is the City’s investment in the renovation and expansion of Mondawmin Mall, ensuring that this Northwest Baltimore icon continues to create jobs and taxes. Values

We hold the highest standards of honesty, integrity, respect, and professionalism. We understand that responsiveness is the key to meeting our customers’ needs. We believe that success depends on exchanging ideas, sharing responsibilities, and making decisions at all levels. We respect tradition and value change. We believe BDC’s strength lies in the creativity and diversity of its staff. We share a vision for an ever-stronger Baltimore.

We will accomplish this by providing outstanding customer service. Offering innovative ideas and solutions. Engaging others in a collaborative effort. Utilizing all possible resources. Capitalizing on our City and regional strengths. VISION

To lead Baltimore to the forefront of cities in which to live and do business by becoming the preeminent economic development entity in the United States. MISSION

To act as a catalyst in the creation of a robust, sustainable economy for Baltimore.

Image Caption 04 BDC Projects MISSION Create New Real Estate 06 Letter from the Mayor 05 Development Opportunities 08 Letter from the Chairman & President 60 25th Street Station 61 Brownfields Initiative 62 Charles North 64 Energy Answers International MISSION Retention and Expansion 68 Fairfield 01 of Existing Businesses 70 Former Highlandtown Library 12 Business Retention and Outreach 72 The Admirals Cup 14 Morgan Stanley 73 Kona Grill 18 NAACP 74 Hollander 95 Business Park 20 Transamerica / AEGON 76 Howard Park Grocery Store 22 Volunteers of America Chesapeake 78 McHenry Row 24 Enterprise Zone 80 University of Maryland BioPark 26 Foreign Trade Zone (FTZ) 82 The Fitzgerald at UB (University of Baltimore) 86 United States Social Security Administration 90 Westside Initiative MISSION Attract New 02 Businesses MISSION Support the City’s Cultural 32 Bambeco 34 Crossroads and Carroll Camden Industrial Parks 06 Resources / Institutions 36 Emerging Technology Centers (ETC) 98 Everyman Theatre, Inc. 101 Inner Harbor Coordination 101 Pierce’s Park MISSION Promote and Improve Retail 102 Seadog Cruises 03 Districts Beyond Downtown 104 Pennsylvania Avenue (Former Sphinx Club) 106 Senator Theatre 42 Commercial Revitalization 108 Seton Business Park (New Psalmist Baptist Church Expansion) 50 Hilltop Shopping Center

MISSION Increase Employment 110 2010 Business Retention, Expansion & Attraction Results 04 Opportunities 116 Statements of Financial Position 52 Hilton Baltimore 117 Statement of Activities & Change in Net Assets 54 Minority Business Inclusion 118 Board Member Directory 56 Small Business Resource Center (SBRC) 119 STAFF Directory

Table of Contents 2-3

22 Baltimore Development Corporation Annual Report 2010 3 BDC Projects

1 180’s 35 Lucky’s Deli & Market B ETC (Emerging Technology Center) at Johns Hopkins Eastern 2 Admirals Cup, LLC 36 Maisy’s Acclaro Research Solutions, Inc. 3 AEGON 37 McHenry Row Holding Company, LLC CervoCheck, LLC 4 Allstate Floors & Construction 38 M&CC / Clear Channel Grovehurst Construction 5 American Radiology Management Group 39 Miss Belle’s Restaurant 6 Baltimore Clayworks Inc Khepra Energy Group, LLC 40 Moodlerooms 7 Bambeco MDR Group 41 Mother’s Federal Hill Grille 8 Barton Cotton RC Matrice, LLC 42 NAACP 9 Barton Malow Superior Technology 43 Oaktree Management Solutions Corp. 10 BMW Façade Project 11 Bond Distributing 44 Ope’s Laundromat C ETC (Emerging Technology Center) 12 Casa Di Pasta 45 Paradiso at Canton 13 Chezzie Realty 46 Performance Workshop, Inc. 6th Street Inc. 14 Community Store 47 Senator Theatre, LLC, The Applied Plasma Science LLC 15 Canton Port Services 48 S.H. Bell Co Baltimore Media Group LLC 16 Connections Academy 49 Soft and Cozy Baby Blue Globe Solutions 17 Corner Carry Out 50 South Broadway BriJen Biotech LLC Properties, LLC 18 Crown Security Cognapse LLC 51 Southwest Charter School 19 Day Spring, Inc. Curiosityville LLC 52 Steady Baltmore Inc 20 Eastern Retail Edcosystem, Inc. Shipping & Delivery 53 Volunteers of America Ellickson USA LLC 21 Family Tree, The 54 Wexford Science and Funding Universe 22 Fells Point Meats Technology, LLC Groove Commerce 23 Fraley Corporation 55 WWL Kitchen Table Financial 24 Geo G Ruppersberger & Sons Inc A 3000 block of Greenmount Avenue NV3 Technologies LLC 25 Greektown Grille Ann’s Clothing Oomph Marketing 26 Hamilton Physical Therapy Darker Than Blue Pieran LLC 27 Hamilton Vacuum Goldstone Jewelry Ridgewood Healthcare IT 28 Hopkins Discount & Dollar Store Green’s Carryout SAJE Pharma LLC 29 Jen Liquors, Inc Joyce’s Place Soleil Solar LLC 30 Jiffy Lube Main Street Hats TravelClick 31 King Architectural Metals Next Level Urban Design Group LLC 32 Kodi’s People’s Community VoicePlex LLC Health Center 33 Kona Grill / One East Pratt Street, LLC Penn Optical 34 Light St Nail Salon X-Top

BDC Projects 4-5

4 Baltimore Development Corporation Annual Report 2010 5 Letter from the Mayor

As shown in BDC’s 2010 annual report, we have the basis to be optimistic about the future. BDC understands that in order to have a strong, vibrant and diverse City we must work hard to We are growing businesses in Baltimore! At the Emerging Technology Centers (ETC), Baltimore promote economic development in our neighborhoods. BDC has been hard at work for many years City’s incubator, 31 companies located their operations at the ETC in Canton or Johns Hopkins in the Northwest community of Howard Park and progress is being made on bringing a supermarket Eastern in 2010; a continuation of the excellent results over the last five years – an average of 23 to that community. Since the grocery store closed more than a decade ago, and since my days as a new technology companies per year. In 2010, the ETC had 18 technology companies graduate member of the Baltimore City Council representing the 5th Council District, I have worked tirelessly from our incubation program with 65% of these graduates staying in Baltimore City. with community leaders and BDC to bring a full-service grocery store to the site on Liberty Heights and Gwynn Oak Avenues. Additionally, BDC has worked on other important projects, such as the In 2010, the Baltimore Main Streets program was responsible for the opening of 43 net new Senator Theater, McHenry Row, Hollander Ridge, Hilltop Shopping Center, and the Seton Business businesses, resulting in 60 full-time and 59 part-time jobs; 39 new façade renovations were Park to name a few. completed, helping to stimulate more than $680,000 in private investment. BDC also performed business outreach in efforts to retain and attract business. BDC staff visited over 200 companies Thank you for your commitment and confidence in our City. We have made great progress and in 2010. I am proud of Baltimore’s successes. I know that by working together, Baltimore’s future is better, safer, stronger! And the Small Business Resource Center (SBRC), a division of BDC responsible for providing services to support the growth of existing and prospective businesses through individual assessment, Sincerely, consulting, seminars, technical assistance and referrals within a cooperative network of public and private sector partners, conducted more than 70 counseling sessions and seminars in 2010. In addition, over 3,700 people visited the SBRC and the center fielded more than 6,700 telephone calls for assistance. Stephanie Rawlings-Blake Developments such as Mondawmin Mall, Clipper Mill, Belvedere Square, and Frankford Estates – Mayor, Baltimore City aided by TIFs (Tax Increment Financing) – are thriving and creating jobs for residents and generating tax revenue that the City would not otherwise collect. Through the carefully considered use of financial incentives such as TIFs and PILOTs (Payment in Lieu of Taxes), the City has seen $1.162 billion in new projects, with $275 million of certified MBE/WBE participation, resulting in 5,620 jobs and $25.9 million in annual taxes. The City also uses federal and state tax programs to spur development, such as Brownfield Incentives, Enterprise Zone and Foreign Trade Zone Credits.

STEPHANIE RAWLINGS-BLAKE, MAYOR, BALTIMORE CITY Letter from the Mayor 6-7

6 Baltimore Development Corporation Annual Report 2010 7 Letter from the Chairman & President

At BDC, we take our core mission of the retention and expansion of businesses – creating jobs 2003 was a year of construction cranes and scaffolds – evident in many areas of the City – and increasing Baltimore City’s tax base – Very Seriously! BDC activities in calendar 2010, retained demonstrating increased investor confidence. The value of projects completed or under 2,074 jobs, while creating an estimated 1,873 new jobs (totaling 3,947 jobs) leveraging an estimated construction at the time exceeded $1.6 billion. $214,399,904 in capital investment. Our outreach efforts last year – key to successful business retention and expansion – involved more than 200 City businesses. In 2004, BDC refined its organizational structure to more efficiently and effectively address the needs of Baltimore’s business community, and at the same time, further the strategic initiatives set This is also a fitting moment to look back over the last decade. We see a City full of hope, out in the City’s Economic Development Growth Strategy. future potential and justifiable pride in many accomplishments. BDC’s work in 2005 contributed significantly to Baltimore being seen as a growth market by national In 2000, the technology revolution was reshaping the world’s business landscape, with the creation development investors. Duke Realty successfully acquired the former General Motors assembly plant of info and biotech jobs. Led by BDC, Baltimore City has been very successful in attracting tech site in East Baltimore, citing the 180-acre industrial property as “the best port-oriented development companies to Baltimore. And around the harbor, three projects moved forward: Inner Harbor East, opportunity in the United States.” Wells Real Estate purchased a prominent downtown office building HarborView and Tide Point – each representing new ideas for Baltimore’s future. Conversion of the at 100 E. Pratt Street, adding to confidence in Baltimore’s downtown office market. former Montgomery Ward warehouse into “green” office space began. The Westside Initiative moved forward. Development continued in Holabird and Seton Business Parks. The State of Maryland’s One of the 2006 highlights was the attention paid to the renovation and expansion of Mondawmin General Assembly approved key development incentives: a brownfields program and a more flexible Mall in Northwest Baltimore. This $70 million project represented a major investment by the mall’s Tax Increment Financing (TIF) law, as well as the creation of a Parking Authority for Baltimore City. owner, General Growth Properties, and the City (through a $15 million TIF bond for infrastructure improvements). Our report for the year 2001 demonstrated returns on the City’s investment: new jobs, new or expanded businesses, new places to live, new taxes generated, new programs launched – excitement In 2007, BDC continued its work to enlarge the inventory of space for the vital warehouse/distribution and optimism in a year of great challenge. The tragedy of September 11 affected the way all of us sector by facilitating the creation of a new business park – Chesapeake Commerce Center, the former think about life and brought forward the importance of the bonds formed as neighbors and General Motors property. And next to Oriole Park at Camden Yards, BDC oversaw the on-schedule members of a shared community. and on-budget construction of the Hilton Baltimore Convention Center Headquarters Hotel, a critical element for the competitiveness and growth of the City’s hospitality and tourism business. In 2002, BDC expanded its mission when Mayor Martin O’Malley asked BDC to assume responsibility for the City’s Commercial Revitalization function, which had been located in the Department of Housing and Community Development.

ARNOLD WILLIAMS, CPA, BOARD CHAIRMAN | M.J. “JAY” BRODIE, PRESIDENT Letter from the Chairman & President 8-11

8 Baltimore Development Corporation Annual Report 2010 9 2008 saw the Baltimore City Council and Mayor approve major TIF legislation for the infrastructure And in 2010, Morgan Stanley expanded into new waterfront office space at the first building needed to create an entirely new mixed-use, “green” community in Westport, to be developed on the to be constructed in Harbor Point; the NAACP decided to retain its national headquarters in west shore of the Middle Branch of the Patapsco River. The Baltimore Main Streets program was Seton Business Park; Transamerica/Aegon announced it would be consolidating its Baltimore expanded by adding two communities – Brooklyn and Hamilton-Lauraville. Construction started on operations at 100 Light Street as well as relocating AEGON’s CEO from Iowa to Baltimore, the residential/retail development – The Fitzgerald at UB (University of Baltimore) – for which BDC solidifying the City as the company’s North American base of operations; and Bambeco, an negotiated a PILOT (Payment In Lieu of Taxes) to enable the project to be economically feasible. eco-retailer found Baltimore an attractive location, bringing its corporate headquarters to the City from West Virginia. Projects such as 25th Street Station in Remington, redevelopment of the 2009 was a year in which BDC’s outreach efforts resulted in more business growth and expansion former Chesapeake Restaurant building in Charles North, the Howard Park Grocery Store project successes – including Bravo Health in Brewers Hill; Legg Mason’s relocation and expansion to in Northwest Baltimore, McHenry Row in Locust Point and the Westside Initiative continued to Harbor East; MTC Logistics’(formerly Merchants Terminal Corporation) new “green” refrigerated move forward. The Fitzgerald residential/retail development in Mt. Vernon was completed and distribution center near the Port of Baltimore; Pompeian Inc.’s new warehouse addition on Pulaski the U.S. Social Security Administration announced plans for its new complex in Northwest Highway; and Under Armour’s expansion in the former Overflo Public Warehouse in Locust Point. Baltimore, adjacent to the Reisterstown Plaza Metro stop, retaining 1600 jobs in the City, Baltimore City was also the beneficiary of federal stimulus funds, ultimately awarded to the through a tax-paying, privately-built development. University of Maryland BioPark, enabling its continued growth and development. Small business development continues to expand through BDC’s Main Streets program, At the ETC (Emerging Technology Centers), the City’s incubator program, operated by BDC, the Emerging Technology Centers and the Small Business Resource Center, while the Foreign where the focus is on growing early-stage technology and biotechnology firms in Baltimore City, 23 Trade Zone and Enterprise Zone functions have proven their value in promoting business new companies joined the program in 2009 and 21 graduated. By year’s end, 84% of ETC’s graduates growth both around the Port and in the City’s commercial areas. were still in business. While ETC companies enjoy flexible leases and shared services, it also provides an environment in which like-minded companies can accelerate their potential through partnerships, As we move ahead carrying out Mayor Stephanie Rawlings-Blake’s economic development joint ventures, and other collaborations. The ETC has maintained high client quality; its client strategy, we look forward to working with your business – helping to ensure your growth companies employed 360 people in 2009 at an average annual salary of $75,000, and had average and continued prosperity in Baltimore City. Let us know how we can help! annual revenues in excess of $900,000. Sincerely, Over the past years, the Small Business Resource Center (SBRC) has focused on developing capacity in the small business community through counseling, coaching and seminars. In 2009, the SBRC, located on the 3rd floor of Johns Hopkins Eastern at 1100 East 33rd Street, provided technical assistance in the form of more than 72 counseling sessions and seminars. In addition, over 4,000 people visited the SBRC, with the center handling more than 9,600 telephone calls for help. Arnold Williams, CPA M.J. “Jay” Brodie Board Chairman President

Letter from the Chairman & President 8-11

10 Baltimore Development Corporation Annual Report 2010 11 MISSION Retention and Expansion 01 of Existing Businesses

Business Retention and Outreach During 2010, BDC’s staff conducted more than 200 outreach visits with business owners throughout the city. An outreach visit can be pivotal in influencing a company’s decision to make additional investments in their business. As a part of the outreach visit, BDC staff provides specialized information about city processes, financing programs and workforce programs. Staff also offers to serve as a liaison to other city agencies in order to act as an advocate for the company as it navigates what often are unfamiliar processes.

Outreach visits provide the opportunity to build a relationship with the business owner and learn about company plans. This firsthand information enables delivery of customized business assistance. For business owners, the interaction with BDC staff is significant as having a familiar economic development person to call upon can be invaluable “ We have always enjoyed strong support from the City and BDC, but our relocation to our current headquarters in Harbor East best illustrates BDC’s dogged efforts to assist us.

While Legg Mason has always been committed to Baltimore, the decision for a new Global Headquarters Building was an important one for our company. BDC had been instrumental in furthering the development of Harbor East into an amenities attraction truly befitting global companies. From the outset, BDC worked to retain Legg Mason in the City and helped to identify and facilitate a suitable opportunity for the creation of our Global Headquarters. Throughout the design and construction of our building, BDC staff and leadership provided invaluable assistance in navigating the myriad of details necessary to meet the aggressive time table that we had for this project. Your efforts included assistance with the fast-tracked permitting process, expedition of road closures and land swap arrangements, and attention to the logistics of traffic and transportation issues. In addition, the City also provided an infrastructure grant for public utilities and promenade improvements.

We are excited to renew our commitment to Baltimore with our move to our new Headquarters in Harbor East. This continued Baltimore renaissance takes true leadership and we thank you (Jay Brodie) and your colleagues at BDC for all of your efforts.”

Mark R. Fetting Chairman and Chief Executive Officer Legg Mason, Inc.

PORT OF BALTIMORE Mission 01 Retention and Expansion of Existing Businesses 12-29

12 Baltimore Development Corporation Annual Report 2010 13 MORGAN STANLEY

Morgan Stanley & Co., Inc., a global financial services firm, took occupancy of its new waterfront office building at Harbor Point in 2010. By leasing 140,000 square feet in the 277,000 square-foot, eight-story Thames Street Wharf Office building, the company is expanding its business operations with financial assistance from the City of Baltimore and State of Maryland, creating an estimated 900 new jobs over several years.

MORGAN STANLEY Mission 01 Retention and Expansion of Existing Businesses 12-29

14 Baltimore Development Corporation Annual Report 2010 15 Morgan Stanley, which already had a significant presence in Baltimore, consolidated employees from two offices in the city to its new location at 1300 Thames Street. In 2002, BDC partnered with the State of Maryland’s Department of Business and Economic Development (DBED) to attract Morgan Stanley to Baltimore.

Located between Fells Point and Harbor East, Thames Street Wharf is the first property completed at Harbor Point. Harbor Point, the former site of the Allied Signal chromium plant, is being redeveloped by H&S Properties as a mixed-use project, adding a vibrant bridge between the adjacent Harbor East area and Fells Point.

Morgan Stanley Mission 01 Retention and Expansion of Existing Businesses 12-29

16 Baltimore Development Corporation Annual Report 2010 17 NAACP

City officials in 2010 celebrated the NAACP’s (National Association for the Advancement of Colored People) announcement that it would be retaining its national headquarters in Northwest Baltimore at 4805 Mount Hope Drive in Seton Business Park. Founded in 1909, the NAACP is the nation’s oldest and largest civil rights organization.

BDC worked with the NAACP over a number of years to maintain the presence of this prestigious organization in the city. The NAACP moved to Baltimore in 1986 from New York.

NAACP Mission 01 Retention and Expansion of Existing Businesses 12-29

18 Baltimore Development Corporation Annual Report 2010 19 Transamerica/AEGON

Transamerica Life Insurance Company, an AEGON company, announced in 2010 that it would be relocating its Baltimore operations and leasing 140,526 square feet at 100 Light Street. As part of its lease, the 35-story skyscraper will be renamed the “Transamerica Tower.” AEGON’s decision will bring more than 700 employees to the building. In addition, AEGON’s North American CEO will be relocating from Iowa to Baltimore.

The building is owned by a subsidiary of Lexington Realty Trust, a New York based real estate investment trust. Their lease with Transamerica commences no later than November 1, 2011 and continues for a term of ten years and three months, with two five-year tenant renewal options.

Since acquiring the building on December 31, 2006, Lexington Realty Trust has invested in a number of enhancements, including a new parking garage just across Lombard Street, a conference center, cafeteria and fitness center, and an improved lobby and plaza.

BDC provided general business assistance to AEGON and is working to identify potential uses for the properties that the company will be vacating.

TRANSAMERICA/AEGON Mission 01 Retention and Expansion of Existing Businesses 12-29

20 Baltimore Development Corporation Annual Report 2010 21 Volunteers of America Chesapeake

Volunteers of America Chesapeake (VOAC), Inc.’s mission is to inspire self-reliance, dignity and hope through human services. For more than 30 years VOAC’s Residential Re-Entry Center (RRC) has been assisting men and women in making a successful transition back into the Baltimore community through pre-release and work-release programs. The current RRC is a 106-bed program, which moved to its current location, a refurbished motel, at 4601 East Monument Street in February 1988. The facility is leased from the City of Baltimore; VOAC also leases 2,500 square feet of office space in the adjacent building.

While the current facility has served the needs of RRC residents for many years, it is now outdated, leading the Volunteers of America Chesapeake to seek a new state-of–the-art location.

BDC, which continues to provide general business assistance to the organization, helped VOAC to identify a new location near its current home, which it is in the process of acquiring.

VOLUNTEERS OF AMERICA CHESAPEAKE Mission 01 Retention and Expansion of Existing Businesses 12-29

22 Baltimore Development Corporation Annual Report 2010 23 Enterprise Zone

The Baltimore City Enterprise Zone is a City and State funded tax credit program in designated areas of Baltimore City. The program targets economically depressed areas and allows businesses located in those areas to apply for real property tax credits on improvements to commercial properties and business income tax credits to companies that create new jobs.

In 2010, BDC certified 53 small businesses and development projects in the Baltimore City Enterprise Zone. Each was certified to have made improvements and/or added new jobs. Those certified businesses anticipated creating an estimated 1,600 new jobs, completing over $131 million in new construction, conducting $25 million in rehabilitation of existing structures, and making more than $9 million in new equipment purchases. In total, those businesses certified in 2010 made, or plan to make, over $165 million in capital investments in Baltimore City.

Enterprise Zone Enterprise Zone Focus Area

ENTERPRISE ZONE Mission 01 Retention and Expansion of Existing Businesses 12-29

24 Baltimore Development Corporation Annual Report 2010 25 “Being able to open a Foreign Trade Zone activated warehouse in Baltimore has been the next logical step in growing our warehouse business.”

Joanna McGowan President White Marsh Transport, Inc.

Port of Baltimore - FOREIGN TRADE ZONE Mission 01 Retention and Expansion of Existing Businesses 12-29

26 Baltimore Development Corporation Annual Report 2010 27 Foreign Trade Zone (FTZ)

To assist the Port of Baltimore and further encourage the health and competitiveness of Baltimore industry, BDC administers Foreign Trade Zone (FTZ) #74, a federally designated area located within the United States yet considered “outside” of U.S. Customs’ territory for the purposes of assessing and collecting import duties and taxes. The FTZ expedites and encourages foreign commerce, promotes domestic employment and assists U.S. firms in competing within the global marketplace.

With twelve operators (two of them new in 2010), and more than 3 million activated square feet of non-contiguous industrial and warehouse space, the zone served 131 businesses during fiscal year 2010. Of those businesses, 84 used the FTZ on a continuous basis, employing up to 1,100 people, 786 of whom were full-time employees. FTZ #74 handled 23,728 different items from 68 countries of origin, compared with 18,835 items from 51 countries during the preceding fiscal year. Over $2.3 billion worth of goods were transferred to U.S. Customs’ territory and $48 million worth of goods were exported from Baltimore’s FTZ to international markets in fiscal year 2010. Additionally, five new boundary modifications and two new subzones were approved.

In 2010, Baltimore’s Foreign Trade Zone was ranked the fourth best port-related FTZ in the world by fDiMagazine, a publication of the Financial Times. Their analysis reviewed 700 economic zones and Baltimore came in fourth under the “Best Port Zone” category for 2010/2011, following only the zones of Shanghai, China, Tangier, Morocco and Jacksonville, Florida. Only one other U.S. port zone made the top 10 list: Los Angeles, which ranked eighth.

“MTC Logistics has operated cold storage distribution centers in Maryland since 1928. In 2008 we decided to relocate our Baltimore Distribution Center from Highlandtown to the Seagirt Industrial Area to be closer to the expanding MPA and private terminal operations and to modernize our facilities. BDC helped us throughout the process by aiding us and our contractors as we navigated the permitting and construction process. Due to their help we were able to open on time which enabled us to meet commitments to our customers. Their interest and help continues to this day as we are presently completing a 800,000 KW solar generation facility on the facility and planning to double the size of this distribution center. Aside from the expansion of our company, I regularly interact with BDC representatives at industry association meetings and Baltimore City master plan meetings and have come to rely on their knowledge and expertise.”

Harry Halpert President MTC Logistics

Port of Baltimore - FOREIGN TRADE ZONE Mission 01 Retention and Expansion of Existing Businesses 12-29

28 Baltimore Development Corporation Annual Report 2010 29 MISSION Attract New 02 Businesses

“Moving into the Emerging Technology Center (ETC) was the single best move our rapidly growing company has made to date. From the above-and-beyond help that’s always available from the amazing ETC staff to the collegial atmosphere in the building, we continue to be thrilled with our ETC experience.”

John Sherman Managing Partner Storyfarm New Media

EMERGING TECHNOLOGY CENTER Mission 02 Attract New Businesses 30-41

30 Baltimore Development Corporation Annual Report 2010 31 Bambeco

Innovative eco-retailer Bambeco relocated its corporate headquarters to Baltimore from West Virginia. After extensive consultation with BDC on selecting a location, Bambeco elected to lease 5,900 square feet of space in Lucky’s Warehouse at 3430 Second Street in the Brooklyn/Curtis Bay community. The former warehouse building was refurbished into a cutting edge, environmentally responsible office building that provides an ideal match for the company’s needs and corporate philosophy.

BAMBECO Mission 02 Attract New Businesses 30-41

32 Baltimore Development Corporation Annual Report 2010 33 Crossroads and Carroll Camden Industrial Parks

To maintain an environment attractive to both existing and new businesses in Crossroads and Carroll Camden Industrial Parks, the Baltimore Development Corporation (BDC), which manages the parks on behalf of the City of Baltimore, commissioned the design and installation of new entrance signage.

Crossroads Industrial Park, located in Southwest Baltimore, is bounded by Bernard Drive, South Dukeland Street and Interstate 95. Carroll Camden includes 500 acres between the Camden Yards stadium complex and Interstate 95 in West Baltimore.

CROSSROADS INDUSTRIAL PARK Mission 02 Attract New Businesses 30-41

34 Baltimore Development Corporation Annual Report 2010 35 Emerging Technology Centers (ETC)

“The ETC (Emerging Technology Centers) team is extraordinary… they know intricately what it takes to grow, develop and manage a business. They have a pinpoint accuracy to zone in on what is needed and the resources to find the support needed. In the two past years, we grew on average 125% which would not be possible without the ETC team.”

Anne Dunne CEO Strategic Results

“It is a reality in entrepreneurship that few are willing to be the first to back a start-up and the ETC (Emerging Technology Centers) filled that role for me and my company. At the earliest stages, my investor pitch included the ETC’s involvement and track record and it always seemed to put prospective investors at ease! To broaden my business network and further establish credibility, I leveraged direct consultation with the ETC Administration, the advisory of its Entrepreneur-in-Residences, the legal and accounting clinics sponsored by top local firms affiliated with the ETC, and interaction with other ETC tenants. As a result, I successfully attracted smart investment within a reasonable period of time.”

Angela Singleton President Pique LLC

EMERGING TECHNOLOGY CENTER Mission 02 Attract New Businesses 30-41

36 Baltimore Development Corporation Annual Report 2010 37 The Emerging Technology Centers (ETC), a subsidiary of the Baltimore Development Corporation (BDC), operates two business incubators, the Emerging Technology Center at Canton and the Emerging Technology Center at Johns Hopkins Eastern. Each center provides technology and biotechnology-based start-ups with a wide range of benefits: flexible lease terms, shared basic services and equipment, technology support services, and on-site management.

The ETC at Canton, located in the former American Steve Schaeffer, CEO of CSA Medical, was chosen as Can Company complex, is the ETC’s administrative one of 15 CEOs of the Year by SmartCEO magazine. headquarters. The 48,909 square foot facility provides fully wired office space in an open environment for a Wind Current CEO, Jim Maguire, won an EcoCEO wide array of information technology, software, biotech award from SmartCEO magazine. and wireless companies. The fully wired, 45,000 square foot ETC at Johns Hopkins Eastern – located minutes ETC graduate, Millennial Media, acquired from the Johns Hopkins University campus – is housed TapMetrics, a mobile application analytics company. in a renovated building that formerly was Baltimore’s Eastern High School and it focuses on Paul Palmieri, CEO of Millennial Media, received the commercializing technology. Maryland Ernst & Young Technology Entrepreneur of the Year award. At the conclusion of 2010, the ETC facilities had 73 companies. During 2010, 31 new companies were Encore Path and Millennial Media were honored with admitted and 18 graduated. By year’s end, ETC’s Stevie Awards, considered the Oscars of the business occupancy rate was 89%, and 80% of ETC’s graduates world, at the 8th annual American Business Awards. were still in business with 61% located in Baltimore City. ETC graduate, Juxtopia, was honored as ETC client companies employed 350 people at an The Emerging Company of the Year at the average annual salary of $75,000, and had average National Engineer of the Year award ceremony annual revenues of $760,000. Client and graduate and as Company of the Year by the Baltimore companies of the ETC received funding estimated National Technical Association. at $75 million from public and private sources. Anne Dunne, CEO of Strategic Results and Kris The ETC received international acclaim as the runner- Appel, CEO of Encore Path were among the 25 up “Incubator of the Year” by the National Business entrepreneurs awarded BRAVA! Women Business Incubation Association in 2010. ETC clients and Achievement awards. graduate companies were also the recipients of various awards and recognition during the year. They include:

EMERGING TECHNOLOGY CENTER Mission 02 Attract New Businesses 30-41

38 Baltimore Development Corporation Annual Report 2010 39 Three ETC companies were recognized at the Maryland Current ETC at Canton tenant, EntreQuest, Incubator Company of the Year event: Lookingglass acquired True Colors Consulting, a Columbia, won in the Best Homeland Security Company category, MD sales training company. CSA Medical was awarded Best Life Sciences Company, and Moodlerooms won the Best IT Company award. Graduate WellDoc Communications signed a strategic alliance agreement with AT&T Wireless to market and CEOs Matt Goddard (R2Integrated), Joe Mechlinski sell WellDoc’s mobile health (mHealth) solution in the (EntreQuest), Heather Sarkissian (MP3 Car), and Todd United States to facilitate improved patient outcomes Johnson, (graduate company Salar) were recognized as and reduce the spiraling costs of managing chronic Successful by 40 VIP 2010 awards by The Daily Record. diseases.

Arcion Therapeutics, a client of ETC Canton, received U.S. Food and Drug Administration Fast Track designation for ARC-4558, a 0.1% gel formulation of clonidine hydrochloride (HCl) for the treatment of pain associated with Painful Diabetic Neuropathy (PDN).

EMERGING TECHNOLOGY CENTER Mission 02 Attract New Businesses 30-41

40 Baltimore Development Corporation Annual Report 2010 41 MISSION Promote and Improve Retail 03 Districts Beyond Downtown

Commercial Revitalization

Baltimore Main Streets (BMS) continued its work as a nationally recognized success in 2010. The program is administered by BDC, on behalf of the City of Baltimore, as part of its Commercial Revitalization division. BMS uses a model developed by the National Trust for Historic Preservation’s National Main Street Center and is focused on a four-point approach that includes design, organization, promotion and economic restructuring of each designated neighborhood business district.

Baltimore has the second largest urban Main Streets program in the United States with 10 fully-designated communities: Belair-Edison, Brooklyn, East Monument Street, Federal Hill, Fells Point, Hamilton-Lauraville, Highlandtown, Pennsylvania Avenue, Pigtown and Waverly.

Statistics demonstrate the success of the program. Data from 2000 to 2010 shows 457 net new businesses opened, resulting in 1,184 new full-time and 722 part-time jobs in the city. In addition, 584 new façade renovations were completed that helped to spur $8.6 million in private investment. Every $1.00 of public funds invested in BMS neighborhoods during that period leveraged an additional $4.41 in private investment.

During 2010, the BMS program was responsible for the opening of 43 net new businesses, resulting in 60 full-time and 59 part-time jobs. The program also oversaw the completion of 39 new façade renovations, helping to stimulate more than $680,000 in private investment.

Following the completion of a Request for Proposals (RFP) process conducted by BDC (on behalf of the City of Baltimore), the sale of properties in the 700 block of Washington Boulevard (761-767 Washington Bouelvard and 760 Eislen Street) to Baltic Gold, LLC (formerly Magnum Construction, Inc.) was concluded for $122,500. Baltic Gold will redevelop the properties located in the Pigtown/Washington Village Business District into a new 10,650 square foot mixed-use development with first floor retail, a residential component on the upper floors, and a Carriage House with covered parking spaces and storage.

Commercial Revitalization (Baltimore Main Streets) / Rendering 700 Block of Washington Boulevard Mission 03 Promote and Improve Retail Districts Beyond Downtown 42-51

42 Baltimore Development Corporation Annual Report 2010 43 “The Baltimore Main Streets Program is an essential resource in the Baltimore business community. The program takes an innovative approach to understand small business needs to improve business on our Main Street. The program has been available for my company and helped us at our most crucial time of need. One incident that I can recall; our business was completely flooded and we were forced to close down for thirty days. Along with BDC’s help, we were able to get through a very challenging time and restore our business at 100 percent. Anytime I have needed assistance with my business, Baltimore Main Streets has always been there to help. The program brings my business and other small businesses together to achieve results necessary to succeed in today’s economy.”

Angelina Giardina Co-Owner Positive Image Tattoos

“Pigtown Main Street had been having a rough couple of years; our board was rebuilding from scratch, our volunteer levels had dropped drastically, and our funds were just about dried up. In December of 2010, we reached out to the BDC for assistance. Within weeks, our board was being professionally trained and volunteer recruitment was on the rise. And with BDC’s help, we created a viable fundraising plan, as well as work plans for each of our committees. BDC stepped up to help us in the bleakest period our organization has ever faced, and with that help, we are moving back onto a path to success.”

John Lam President Pigtown Main Street

Commercial Revitalization (Baltimore Main Streets) - Pennsylvania Avenue Façade Improvement Mission 03 Promote and Improve Retail Districts Beyond Downtown 42-51

44 Baltimore Development Corporation Annual Report 2010 45 “I would like to thank BDC for considering my business for the CDBG-R Facade Improvement project. Since the start of construction, BDC made sure the job was done right and business has picked up.”

Gregory Eason Owner Esiquire Barber Shop

Commercial Revitalization Façade Improvement Grant Program – Greektown Mission 03 Promote and Improve Retail Districts Beyond Downtown 42-51

46 Baltimore Development Corporation Annual Report 2010 47 BDC also administers a Façade Improvement Grant (FIG) Program that offers up to $3,000 in matching grants and, in certain cases, design assistance to merchants and property owners in designated commercial revitalization districts. The goal of this program is to leverage private investment.

In 2010, 20 façade grants were approved totaling more than $74,000; leveraging over $447,000 in private investment. Projects were completed in Penn-North, Federal Hill, Govans, Mount Washington, Highlandtown, Charles Village, Locust Point, Hampden, Charles North and Little Italy.

Community Development Block Grant (CDBG-R) Façade Improvement Project – Additional façade improvements were conducted in 2010 utilizing $800,000 in funds awarded from the U.S. Department of Housing and Urban Development (HUD) and the American Recovery and Reinvestment Act. These funds were used to complete commercial building façade improvements in six targeted neighborhoods: Belair-Edison, Brooklyn, Oldtown, Pennsylvania Avenue, Pigtown and West Baltimore Street.

Commercial Revitalization – Community Development Block Grant Façade Improvement Project – West Baltimore Street Mission 03 Promote and Improve Retail Districts Beyond Downtown 42-51

48 Baltimore Development Corporation Annual Report 2010 49 Hilltop Shopping Center

The State of Maryland issued a Request for Proposals (RFP) for approximately 25,000 square feet of office space in Baltimore City to be occupied by the Maryland Department of Transportation’s Motor Vehicle Administration (MVA). The award by the State was to Hilltop Development Associates, LLC, a development entity comprised of the A&R Development Corporation and the present owners of Hilltop Shopping Center. The new building will replace the MVA’s current Mondawmin Mall location, opening that site to future development.

The Hilltop Shopping Center, located at 5415 Reisterstown Road in the Park Heights community of Northwest Baltimore, consists of two main components – the creation of new office space for the MVA and the refurbishment of the existing strip retail center. The new MVA facility will serve as the main anchor for the site, bringing in thousands of people on an annual basis. Approximately 21,000 square feet of office space will be created within the former movie theatre structure, including an additional 4,500 square feet of new construction. The full service facility will include two driver test courses and over 350 parking spaces. Project costs are estimated at $11.5 million.

In order to facilitate this redevelopment, BDC, working with the developer, assisted with making changes to the Park Heights Urban Renewal Plan (to add acquisition and disposition authority for eight properties) and obtained zoning changes to accommodate the project.

HILLTOP SHOPPING CENTER Mission 03 Promote and Improve Retail Districts Beyond Downtown 42-51

50 Baltimore Development Corporation Annual Report 2010 51 MISSION Increase Employment 04 Opportunities

Hilton Baltimore

Receiving guidance from BDC since the project’s conception, the Hilton Baltimore, Baltimore City’s 757-room convention center hotel, achieved more successes in 2010.

The hotel was honored with a Connie Award in July. Named for Hilton Hotels’ founder, Conrad Hilton, the Connie Award is the pinnacle of Hilton awards that recognizes hotels that excel in customer loyalty, service, condition and cleanliness based solely on customer surveys. Employees of the Hilton Baltimore won this recognition in their first full year of operation, outperforming all other Hilton Hotels with “more than 500 rooms” in the United States, Canada and Mexico. Additionally, also based upon customer feedback, the Hilton Baltimore was the recipient of Hilton Hotels’ Housekeeping Award of Excellence (excelling in housekeeping cleanliness and quality) and the Pride Award (leading in service, loyalty and cleanliness) both in the “more than 500 rooms” category.

The Hilton Baltimore, which opened in August 2008, has more than 400 employees, 79% of whom are Baltimore City residents.

MAYOR STEPHANIE RAWLINGS-BLAKE AND HILTON BALTIMORE GENERAL MANAGER LINDA WESTGATE AT THE CONNIE AWARD CEREMONY Mission 04 Increase Employment Opportunities 52-59

52 Baltimore Development Corporation Annual Report 2010 53 Minority Business Inclusion

BDC actively supports the inclusion of minority and women business enterprises (MBE/WBE) in all facets of Baltimore’s development. In 2010, these BDC assisted projects included minority equity participation:

1 Charles North (Former Chesapeake Restaurant)

2 Howard Park Grocery Store

3 Hilltop Shopping Center

4 NAACP

5 Pennsylvania Avenue (Former Sphinx Club)

6 Recovery Zone Facility Bonds (University of Maryland BioPark)

7 Seton Business Park (New Psalmist Baptist Church Expansion)

8 The Fitzgerald at UB (University of Baltimore)

9 Westport

10 Westside Initiative

HILLTOP SHOPPING CENTER Mission 04 Increase Employment Opportunities 52-59

54 Baltimore Development Corporation Annual Report 2010 55 Small Business Resource Center (SBRC)

Enhancing economic growth through business development and innovation, the Small Business Resource Center, a part of BDC, provides assistance to new and small business owners through individual assessment, consulting, seminars, technical assistance and referrals within a cooperative network of government agencies, educational institutions, community organizations and private sector partners.

Located at Johns Hopkins Eastern, over 3,700 people visited the SBRC in 2010, where more than 70 workshops were conducted with over 900 participants. The center’s staff fielded in excess of 6,700 telephone calls for assistance in 2010.

SMALL BUSINESS RESOURCE CENTER Mission 04 Increase Employment Opportunities 52-59

56 Baltimore Development Corporation Annual Report 2010 57 “Kenneth M. Barr and I have been members of Local Union #24 IBEW since 1975. In 2003 we decided to go into business for ourselves. Not having a clue how to get started, we heard about the Small Business Resource Center (SBRC) and met Paul Taylor.

He first sent us to the SCORE program which is a group of retired professional business men and women. Their many years of experience guided us in the right direction. With assistance from advisors from the Small Office Home Office Loan Program, their representatives helped us to secure a small business loan. The SBRC assisted us in getting MBE (Minority Business Enterprise) City and State certifications. At the SBRC, we were given information, advice and access to a variety of business publications through the use of their business library. The SBRC even helped us setup for bonding. But most of all we were provided with countless contacts, building relationships that continue today.

Also, we were introduced to the City’s Department of Housing & Community Development’s Job Order Contracting Program, which made it easier for us to find business. Throughout this process, Mr. Taylor provided direction and points of contact to resolve issues revolving around joint venturing as related to governmental agencies. The SBRC, a well needed program, is priceless to the community.”

Jerry M. Williams President BMW Electrical Services

Small Business Resource Center Workshop Mission 04 Increase Employment Opportunities 52-59

58 Baltimore Development Corporation Annual Report 2010 59 MISSION Create New Real Estate 05 Development Opportunities

25th Street Station

BDC continues to work closely with the developer, WV Urban Developments LLC, on its 25th Street Station project. With BDC’s assistance, this project took a significant step forward in 2010 with approvals by the Baltimore City Council and Planning Commission of a Planned Unit Development (PUD) that rezones an 11-acre site for the construction of a 330,000 square foot mixed-use development in North Baltimore’s Remington community. The final design was also approved by the Planning Commission.

The project area, bounded by 25th Street/Huntington Avenue (north), 24th Street (south), Maryland Avenue (east) and CSX railroad tracks (west), will include the city’s first Lowe’s Home Center (approximately 136,000 square feet) and a 94,000 square foot Walmart store, as well as other retailers. Also included are 70-90 apartments (along Maryland Avenue) and 1,100 parking spaces. It is anticipated that the $65 million project will create 400 construction and 750 permanent jobs.

Brownfields Initiative

BDC’s Brownfields initiative targets those vacant and underutilized sites where contamination (or perception of contamination) impedes new investment. In 2010, the Brownfields initiative kicked-off a major effort to stabilize and secure a 17.5-acre brownfield site in the Brooklyn community. Known as the Potee-Garrett site, the property is owned by both the City of Baltimore and State of Maryland. BDC, in concert with the State, is utilizing brownfields grant funding awarded by the U.S. Environmental Protection Agency (EPA) to coordinate an extensive clean-up and stabilization of the site. To date, more than 75 tons of debris have been removed from the property, along with almost five tons of tires. When the work is completed in 2011, the site will be secured and efforts will continue to identify an appropriate use or uses for the property.

25th Street Station Rendering Mission 05 Create New Real Estate Development Opportunities 60-97

60 Baltimore Development Corporation Annual Report 2010 61 Charles North

After a recommendation by BDC, the City’s Board of Estimates approved a Land Disposition Agreement (LDA) for Station North Development Partners, LLC to acquire two City-owned disposition lots: 1701-1709 North Charles Street (the former Chesapeake Restaurant building) and 22-24 East Lanvale Street for $500,000.

Station North Development Partners will undertake a multi-phased renovation of the existing building. The Lanvale Street lots will be redeveloped in conjunction with other privately owned adjacent parcels. The intent is to develop a mixed-use project, consisting of residential apartments with retail and parking.

“The BDC staff’s collaboration with Station North Development Partners to acquire and execute a historic renovation of the Chesapeake highlights the agency’s commitment to attracting new investment to Baltimore – as well as a steady dedication to the City’s rich past as we venture into the future of a great Baltimore.”

Ernst Valery President Ernst Valery Investments Corp. Co-Managing Member Station North Development Partners, LLC

CHARLES NORTH (FORMER CHESAPEAKE RESTAURANT) Mission 05 Create New Real Estate Development Opportunities 60-97

62 Baltimore Development Corporation Annual Report 2010 63 Energy Answers International

BDC, on behalf of the City of Baltimore, continues to work closely with Energy Answers International as it moves forward with its plans to develop the $1 billion Fairfield Renewable Energy Power Plant at the former FMC site at 1701 East Patapsco Avenue. The 140-megawatt combined heat and power plant is designed to provide wholesale energy to help meet regional demands, as well as provide reduced-priced retail energy as an attraction for industries that locate on this 90-acre property.

RENDERING/ENERGY ANSWERS’ POWER PLANT Mission 05 Create New Real Estate Development Opportunities 60-97

64 Baltimore Development Corporation Annual Report 2010 65 This project will generate energy from renewable and alternative fuels, increase regional recycling rates, recover valuable materials for commercial reuse, reduce landfilling and associated greenhouse gas emissions, redevelop a brownfield site, create over 180 permanent “green collar” jobs, create an average of 400 construction jobs over a three-year period, and spur the establishment of new industrial sector facilities in the neighboring communities.

ENERGY ANSWERS INTERNATIONAL Mission 05 Create New Real Estate Development Opportunities 60-97

66 Baltimore Development Corporation Annual Report 2010 67 Fairfield

2010 heralded the achievement of some major milestones in the redevelopment of the Fairfield Industrial Area in South Baltimore. Over the course of several years, BDC spearheaded the process to revitalize the industrially zoned properties on the Fairfield peninsula. In 2010, BDC facilitated Board of Estimates approval for a Land Disposition Agreement (LDA) with Fleet Properties, II, LLC. This agreement included the City’s acquisition of 81 properties scattered throughout five parcels bounded by Sun Street on the east, Carbon Street on the north, a portion of Weedon Street on the west and Chesapeake Avenue on the south.

Dispositions lots have been awarded by the City to Chesapeake Real Estate Group, Allied Contractors, Inc., Baltimore Scrap Corporation and Fleet Properties. BDC will continue to work with the awardees in order to ensure that progress is made in bringing new investment and vitality to Fairfield.

Fairfield Mission 05 Create New Real Estate Development Opportunities 60-97

68 Baltimore Development Corporation Annual Report 2010 69 Former Highlandtown Library

In 2010, BDC, on behalf of the City of Baltimore, entered into an agreement to sell the Former Highlandtown Library at 3323 Eastern Avenue in East Baltimore to Wolfe Street Development, a wholly-owned subsidiary of the Southeast Community Development Corporation (SECDC). SECDC plans a 7,978 square foot, mixed-use development that includes 5,045 square feet of office and classroom space for their organization, along with 2,933 square feet of first floor restaurant space with basement storage.

Plans call for Wolfe Street Development to develop and operate the building. The site, at the southwest corner of the Eastern Avenue/Highland Avenue intersection, is located in the Highlandtown Main Street District and is part of the Highlandtown Urban Renewal Area in close proximity to Johns Hopkins Hospital, Bayview Medical Center, Interstates 95 and 895. Southeast Community Development Corporation was the single respondent to a BDC issued Request for Proposals for the site.

RENDERING/REDEVELOPED HIGHLANDTOWN LIBRARY SITE Mission 05 Create New Real Estate Development Opportunities 60-97

70 Baltimore Development Corporation Annual Report 2010 71 The admirals cup

Admirals Cup, LLC received a $400,000.00 loan from BDC’s Economic Development Administration (EDA) Revolving Loan Fund for the purchase of furniture, fixtures, equipment, and leasehold improvements at 1645 Thames Street in Fells Point; known as The Admirals Cup restaurant and tavern. In disrepair, The Admirals Cup was vacant for more than a year. The land and building was purchased from the previous owner for the purpose of reopening the former establishment as a high-end restaurant and tavern serving lunch, dinner and light fare - open to the public seven days a week. The business will be operated on three levels, with dining areas enjoying Baltimore Harbor and historic views in Fells Point. The total operation will encompass approximately 7,000 square feet, including the basement area. When completed, the project will be a major asset to the Fells Point area.

Kona Grill

BDC facilitated Board of Estimates approval of a 10-year lease agreement between the City of Baltimore and One East Pratt Street, LLC for the use of 1,525 square feet of a city-owned parcel at 200 South Light Street for the expansion of the Kona Grill. The restaurant, which opened in October 2010, constructed a one-story addition to its 1 East Pratt Street location. In close proximity to the Inner Harbor and Baltimore’s Convention Center, the Kona Grill (the 25th such in the nation) is a high-energy place that features Japanese and American cuisine, fresh sushi and specialty entrees with international flavors.

the admirals cup / kona grill Mission 05 Create New Real Estate Development Opportunities 60-97

72 Baltimore Development Corporation Annual Report 2010 73 Hollander 95 Business Park

BDC is assisting Baltimore-based Florida Rock Properties (FRP) with their plans to construct a state-of-the-art light industrial warehouse and mixed-use business park in East Baltimore. Located on the site of the former Hollander Ridge public housing complex at Route 40 and 62nd Street, FRP’s plans for the 50-acre Hollander 95 Business Park include approximately 500,000 square feet of building space. FRP plans to capitalize on the property’s proximity to Interstates 95 and 895 as well as to the Port of Baltimore. The project is expected to create an estimated 500 jobs.

BDC is assisting FRP as it finalizes its infrastructure work and is providing general business assistance including help with marketing the site.

HOLLANDER 95 BUSINESS PARK Mission 05 Create New Real Estate Development Opportunities 60-97

74 Baltimore Development Corporation Annual Report 2010 75 Howard Park Grocery Store

In 2010, BDC continued to move the Howard Park grocery store project forward as it completed acquisition of the properties needed for the development; identified a grocer and held ongoing meetings with Howard Park community leaders.

Howard Park is a stable middle-class neighborhood located in Northwest Baltimore. The neighborhood is working to improve the overall Howard Park Business Area. The last full-service grocer, Super Pride, closed its store (on this site) more than a decade ago, and, since that time, the neighborhood has been without contemporary grocery products. Community residents requested BDC to acquire the site and to facilitate the development of a full-service grocery store.

During the year, BDC continued to negotiate business terms with the developer, ShopRite of Liberty Heights, LLC (a partnership of Klein’s Family Markets and UpLift Solutions, a non-profit created to help supermarkets open in locations that lack access to healthy and affordable foods).

HOWARD PARK GROCERY STORE Mission 05 Create New Real Estate Development Opportunities 60-97

76 Baltimore Development Corporation Annual Report 2010 77 McHenry Row

BDC has been providing assistance to the developer of McHenry Row, an approximate 8.5 acre, mixed-use redevelopment of the former Chesapeake Paperboard site in Locust Point. The $119 million development, currently under construction, will include 725,000 square feet of new facilities, including office space, 130,000 square feet of retail, a 61,000 square foot Harris Teeter grocery store (the first in Baltimore City), 250 rental apartments, and two parking garages. In 2010, the City provided $20 million in Parking Revenue Bonds for the garages and BDC staff, in collaboration with the Parking Authority of Baltimore City, was instrumental in getting those bonds issued. McHenry Row will also become the new home of GKV, a long-time Baltimore advertising agency.

MCHENRY ROW Mission 05 Create New Real Estate Development Opportunities 60-97

78 Baltimore Development Corporation Annual Report 2010 79 University of Maryland BioPark

BDC facilitated the disposition of the City of Baltimore’s allocation of $30,834,000 in Recovery Zone Facility Bonds; a new category of tax exempt private activity bonds authorized under the U.S. American Recovery and Reinvestment Tax Act of 2009. In 2010, the allocation was awarded to the University of Maryland, Baltimore BioPark Building Three project. In total, the BioPark received $65 million in bonds that included the City’s allotment plus $34,166,000 in additional bond proceeds reallocated through the State of Maryland’s Department of Business and Economic Development (DBED).

Building Three will be located at the corner of Poppleton and West Baltimore Streets (973 West Baltimore Street) opposite the existing 638-space parking garage. The six-story building, comprising 180,000 square feet, will be a state-of-the-art facility offering laboratory and office space to early-stage and mature bioscience companies.

Development of the building will be undertaken by a joint venture between Wexford Science & Technology, LLC and Kenneth R. Banks. Total project costs are estimated at $77 million. The Building Three project is estimated to create 988 construction and 784 permanent jobs, and generate more than $31.7 million in total new taxes over a 20-year period.

“BDC is a vigorous supporter of the University of Maryland BioPark particularly through the leadership and partnership extended to us by Kathy Robertson and Chris Moyer, our economic development and marketing collaborators.”

Jane Shaab Executive Director University of Maryland BioPark

UNIVERSITY OF MARYLAND BIOPARK Mission 05 Create New Real Estate Development Opportunities 60-97

80 Baltimore Development Corporation Annual Report 2010 81 The Fitzgerald at UB (University of Baltimore)

BDC worked closely with The Bozzuto Group, Gould Property Company and McCrary Development on The Fitzgerald, a $76 million mixed-use, residential/retail development in Mount Vernon. Located just blocks from the University of Baltimore, Lyric Opera House, Meyerhoff Symphony Hall, Penn Station and Maryland Institute College of Art (MICA), the property celebrated its grand opening in 2010.

THE FITZGERALD AT UB Mission 05 Create New Real Estate Development Opportunities 60-97

82 Baltimore Development Corporation Annual Report 2010 83 The Fitzgerald’s 275 Mount Vernon apartments are joined by a 1,250-space public parking garage, a Barnes & Noble College Booksellers Superstore with Starbucks Café and 15,000 square feet of additional retail space. BDC negotiated the $12 million PILOT (Payment in Lieu of Taxes) for the parking garage and provided assistance to the development team throughout the design and construction phases.

“Jay Brodie and the entire team at Baltimore Development Corporation were instrumental to the development of The Fitzgerald apartments in Mount Vernon. They truly understood how this project could have a positive impact on the immediate community as well as Baltimore City. Their assistance in crafting tax legislation around the project allowed for it to be feasible, and ultimately incredibly successful.”

Toby S. Bozzuto President Bozzuto Development Company

THE FITZGERALD AT UB Mission 05 Create New Real Estate Development Opportunities 60-97

84 Baltimore Development Corporation Annual Report 2010 85 United States Social Security Administration

In 2010, the U.S. General Services Administration (GSA) announced the selection of JBG Companies of Chevy Chase as the developer of the new $150 million Social Security Administration (SSA) complex to be located in Northwest Baltimore. Starting in 2006, BDC worked tirelessly with elected officials, GSA and Social Security Administration officials to retain this facility and the 1,600 related jobs in the city. This Transit-Oriented Development (TOD) is to be located at 6100 Wabash Avenue, adjacent to the Reisterstown Plaza Metro stop. This project represents the largest single office lease ever executed in the history of Baltimore City.

UNITED STATES SOCIAL SECURITY ADMINISTRATION RENDERING Mission 05 Create New Real Estate Development Opportunities 60-97

86 Baltimore Development Corporation Annual Report 2010 87 GSA awarded a 20-year lease to JBG that enables the firm to move ahead with the design and construction of the 538,000 square-foot office project. JBG Companies will purchase the 11.3-acre construction site, a former State of Maryland Department of Transportation property. The new facility, with construction expected to begin in 2011 and completion in 2014, will replace the aging Social Security Administration Baltimore Metro West complex on Greene Street in downtown Baltimore. The new campus will be anchored by two office buildings – one five stories, the other seven stories – connected by a glazed atrium. A six-story parking garage, cafeteria, fitness center, day care center and parking spaces for bicycles, will also be included. The Social Security Administration project represents the first phase of a larger TOD project planned by the State of Maryland for its additional adjacent property. JBG Companies, in partnership with Klein Enterprises, will develop, own, and manage the development, producing significant tax revenues for the City of Baltimore.

Social Security Administration Announcement by City, State and Federal Officials Mission 05 Create New Real Estate Development Opportunities 60-97

88 Baltimore Development Corporation Annual Report 2010 89 Westside Initiative

Lexington Square Partners, LLC (LSP- Chera/Feil/Goldman/Nakash/Dawson) is the designated developer for a mixed-use project in the block bounded by Lexington Street, Park Avenue, Fayette Street and Howard Street. The project plan proposes up to 350 rental residential units, approximately 179,000 square feet of retail and 725 parking spaces.

WESTSIDE OF DOWNTOWN – RENDERING/PERSPECTIVE-HOWARD & LEXINGTON STREETS Mission 05 Create New Real Estate Development Opportunities 60-97

90 Baltimore Development Corporation Annual Report 2010 91 In April 2010, the Maryland Court of Appeals decided a lawsuit filed in 2007 in favor of the City on six of seven counts.

Following the Court’s decision, LSP resumed meetings with the Maryland Historical Trust (MHT). In October 2010, LSP, through the City, submitted a revised design proposal to the MHT which included the preservation of additional historic properties and facades. MHT determined that the LSP proposal minimized or mitigated the adverse effects of the project on the historic district to the extent consistent with their expressed business model. MHT approved – through their letter of December 22, 2010 to BDC – the proposed design with several conditions.

C-W Superblock, LLC (The Cordish Company/The Harry and Jeanette Weinberg Foundation, Inc.) will develop a mixed-use project comprising a minimum of 70,000 square feet of: residential, office and retail space. The site is located in the block bounded by Lexington Street, Park Avenue, Howard Street and Clay Street. In August 2009, the Baltimore City Department of General Services received eight bids for demolition and awarded the contract; demolition began in January 2010. The temporary use of the site is open green space.

WESTSIDE OF DOWNTOWN – LEXINGTON STREET RENDERING Mission 05 Create New Real Estate Development Opportunities 60-97

92 Baltimore Development Corporation Annual Report 2010 93 “Samuelson’s Diamonds is a family owned and operated company that has served the Baltimore and surrounding Carmel Realty Associates – As a result of the Board of Estimates approved Memorandum of Understanding community for nearly 90 years. We have operated a business in the 400 block of West Baltimore Street since 1972 (MOU) between Carmel Realty, Lexington Square Partners (LSP) and the City, the City acquired the Carmel and, along with our team, have worked with Jay Brodie and various members of his staff to rehabilitate our block and property in 2010. Also in 2010, Carmel was awarded five properties in the 100 blocks of Lexington and Liberty move our project forward. The long term goal was to bring various types of businesses to the Westside of downtown. Streets.

It’s been our experience that the Baltimore Development Corporation (BDC) has been most helpful during this process. Westside Façade Improvement Grant (FIG) Program – BDC is partnering with the Downtown Partnership of Whenever there were issues during the many months, which stretched into years, BDC was always able to assist in Baltimore (DPOB) for the Westside Façade Improvement Grant Program in coordination with the City’s ongoing resolving many of the issues that arose. streetscape improvements. The FIG targets commercial and mixed-use properties in traditional retail commercial corridors within the Westside. To date, the FIG has stimulated investments of more than $16.4 million. Being the mainstay of the 400 block for 40 years has given us the foresight to conclude that the Westside of downtown Baltimore is and will continue to be the gateway to the whole of downtown and serve as a lasting In August 2010, the City approved a City Funding Agreement with DPOB in the amount of $900,000 from its remaining State of Maryland FY 2007 ($450,000) and FY 2008 ($450,000) appropriation for the Westside impression to those who pass through our entranceway.” Revitalization Project – Capital Projects Grants Agreement to implement a FIG throughout the entire Westside with 80% of the funds in specific target areas including: Steven D. Samuelson Owner 300 and 400 blocks of North Howard Street Samuelson’s Diamonds 100-400 blocks of West Saratoga Street 300 block of West Lexington Street 300 block of Park Avenue Hippodrome Hatters recently celebrated five years at its new location at 318 West Baltimore Street. This event was “ Unit block and 100 block of North Howard Street made possible by loyal customers, financial assistance provided by BDC, and my husband – Lou Boulmetis – one of

the smartest men I know. We do not hesitate recommending anyone opening a The two-year contract will fund approximately 75 businesses (38 businesses in year one and 37 businesses in year two) business in Baltimore City to contact BDC.” at an average of $12,500 per façade grant. The Façade Improvement Grant provides up to $20,000 in matching funds (owner provides 50% in matching funds) for façade renovation projects. Judy Boulmetis Co-Owner Hipprodrome Hatters

WESTSIDE OF DOWNTOWN Mission 05 Create New Real Estate Development Opportunities 60-97

94 Baltimore Development Corporation Annual Report 2010 95 University of Maryland Medical System/Shock Trauma Center (UMMS) is developing a new 140,000 square foot, six-story building topped with a helipad. The expansion will include 50 intensive/intermediate care beds; 10 operating/procedure rooms; an expanded emergency department; doctor’s offices and a training center for traumatic injury to keep up with growing admissions. The building will cantilever 24 feet over Penn Street, which required the acquisition of the air-rights from the City of Baltimore in order to provide a floor plate to accommodate the operating theaters and patient rooms.

The $160 million project is funded by the federal government, State of Maryland, UMMS, and philanthropy, including $500,000 in Westside Revitalization Project funds for exterior façade improvements. Groundbreaking was held in May 2010.

Howard Street–East – BDC, on behalf of the City, completed acquisition of properties in the block bounded by Park Avenue, Mulberry Street, Howard Street and Franklin Street with the exception of one property, a surface parking lot. (This property will be acquired when the billboard advertising lease expires or is terminated.) Two other properties in the block: Liberty Federal Savings Bank and a former restaurant will not be acquired. The Current Gallery occupies 419-421 N. Howard Street as a temporary use. The site will be offered to developers through a Request for Proposals (RFP) process.

Urban Land Institute (ULI) Advisory Services Panel – The City of Baltimore, through the Mayor’s Office, invited a review of the Westside Revitalization Project by the Urban Land Institute’s Advisory Services. The national panel of professionals with backgrounds in real estate development, finance and historic preservation, met in Baltimore in December 2010.

Some of the ULI recommendations to be detailed in their report, expected in 2011, include:

Create a Task Force co-chaired by the Mayor and University of Maryland, Baltimore President. Reevaluate the West Side Strategic Plan. Reevaluate the Westside Memorandum of Agreement (MOA), including assessing the financial implications of the magnitude of the MOA on the rehabilitation of existing buildings. A financial “czar” should be hired to identify capital and investment strategies and leverage public funding. The Police Department, Methadone Clinic service providers and the General Manager of Lexington Market should work very closely to overcome current negative perceptions of the area.

university of maryland medical system / shock trauma center expansion Mission 05 Create New Real Estate Development Opportunities 60-97

96 Baltimore Development Corporation Annual Report 2010 97 MISSION Support the City’s Cultural 06 Resources / Institutions

Everyman Theatre, Inc.

The former Town Theatre, located at Fayette and Eutaw Streets (adjacent to the completed Centerpoint project), will be the new home of Everyman Theatre. The new theater includes approximately 40,000 square feet with 250 seats. Everyman has raised $21 million, including historic tax credits, New Market Tax Credits, philanthropy and $1,650,000 in public funds (including City bonds, a State of Maryland Department of Business and Economic Development (DBED) grant and $500,000 in Westside Revitalization Project funds for exterior façade improvements). everyman theatre, inc. Mission 06 Support the City’s Cultural Resources / Institutions 98-109

98 Baltimore Development Corporation Annual Report 2010 99 Inner Harbor Coordination

The Inner Harbor is Baltimore’s premier and world-renowned tourist attraction. BDC, through its Inner Harbor Coordinator function, is responsible for the coordination of day-to-day operations, oversight and management of City leases, and the planning and implementation of the continuing economic and physical development of the Inner Harbor.

Pierce’s Park

In 2010, BDC received Board of Estimates approval for a 25-year ground lease between the Mayor and City Council and Pierce’s Park Management for City-owned land located on Pier 5 at the Inner Harbor between Eastern Avenue and the Columbus Center to develop a public space, to be known as Pierce’s Park. The new park will be a landscaped and sustainable environment that includes a playground, pedestrian foot paths, natural sculptures and works of art to be enjoyed by adults and children of all ages. The park is being named for the late Pierce Flanigan, a long-standing member of Baltimore’s business community.

PIERCE’S PARK Mission 06 Support the City’s Cultural Resources / Institutions 98-109

100 Baltimore Development Corporation Annual Report 2010 101 Seadog Cruises

BDC, through its Inner Harbor Coordinator function, facilitated the wharfage agreement that brought about the arrival of Seadog Cruises, a new attraction for the Inner Harbor. Seadog is one of the new tour boats operated by Entertainment Cruises, the east coast’s largest dining and entertainment cruise company, with 24 ships in eight cities. In 2010, Entertainment Cruises brought its first speedboat to Baltimore, the Seadog III, a 70-foot vessel that accommodates 120 passengers and can travel at speeds of up to 40 knots. Seadog offers 50-minute sightseeing and speedboat tours that depart from the Inner Harbor. Trips go pass Fort McHenry and then proceed out to the Key Bridge before returning. The tour includes informative descriptions of the USS Constellation, historic Federal Hill, the iconic Domino Sugar factory and sign, Tide Point, the John W. Brown Liberty Ship, the Naval Reserve Center, Fort McHenry, Canton, Fells Point, the USS Torsk and more. Due to its success in 2010, Entertainment Cruises plans to introduce a second speedboat, Seadog VI, in 2011.

SEADOG CRUISES Mission 06 Support the City’s Cultural Resources / Institutions 98-109

102 Baltimore Development Corporation Annual Report 2010 103 Pennsylvania Avenue (Former Sphinx Club)

BDC continued working to revitalize West Baltimore’s historic Pennsylvania Avenue in 2010 through the redevelopment of the former Sphinx Club and adjacent properties. Located at 2101-2111 Pennsylvania Avenue in the Druid Heights community, the former jazz and supper club is a vital piece of Baltimore’s African American heritage and culture. Pennsylvania Avenue (“The Avenue”) was known worldwide for its jazz clubs, theaters and nightclubs as the heart of African American entertainment in Baltimore. The Sphinx Club, a private club known for its after-show parties where jazz greats congregated, opened in 1946 and closed in 1992.

The 12,000 square foot site, consisting of five commercial properties at the northeast corner of the Pennsylvania Avenue/Bloom Street intersection, is part of the Druid Heights Urban Renewal Plan. After a Request for Proposals (RFP) process, BDC entered into an Exclusive Negotiating Privilege (ENP) with the Druid Heights Community Development Corporation (DHCDC) and is negotiating the terms of a Land Disposition Agreement (LDA) for the sale of the property. DHCDC has created Sphinx Club Complex, LLC, a for-profit, wholly-owned subsidiary, to manage the project.

The redevelopment proposal calls for a $4.1 million, 18,650 square foot mixed-use project consisting of a three- story B.A.L.L. (Black Athletes and Lost Legends) House Museum, which would contain displays about Negro League teams (that played before Major League Baseball admitted African American players). The museum would be connected to the Negro League Café at the Sphinx Club, a sports bar, restaurant and performance venue created inside the former Sphinx Club building. Additional elements of the project would be incubator office space and an outdoor dining area. The Sphinx Club façade would be restored to its 1940’s appearance, while the 5,375 square-foot museum would be housed in a new structure at the corner of Pennsylvania Avenue and Bloom Street.

PENNSYLVANIA AVENUE/RENDERING OF REDEVELOPED SPHINX CLUB Mission 06 Support the City’s Cultural Resources / Institutions 98-109

104 Baltimore Development Corporation Annual Report 2010 105 Senator Theatre

In 2010, BDC, after an extensive Request for Proposals (RFP) process, received Board of Estimates approval for the execution of a long-term lease with Senator Theatre, LLC (James Cusack and Kathleen Cusack) for the operation of the City-owned Senator Theatre at 5904-06 York Road.

The Cusacks, who are also owners of the Charles Theatre, are renovating and expanding the Senator. The main auditorium will continue to be used as a movie theatre, and plans propose the addition of three theatres and food service.

Proposed capital improvements include replacement of seats, carpeting, wall coverings and curtains, and painting of ceilings and walls in the auditorium; repairs to the exterior and roof; and new or upgraded building systems including electrical service, sprinklers and boiler.

Located within the Govanstowne business district, the Senator Theatre, which opened in 1939, is listed on the National Register of Historic Places.

SENATOR THEATRE Mission 06 Support the City’s Cultural Resources / Institutions 98-109

106 Baltimore Development Corporation Annual Report 2010 107 Seton Business Park (New Psalmist Baptist Church Expansion)

BDC facilitated the land sale between the City of Baltimore and New Psalmist Baptist Church, and provided general business assistance for an expansion project. Construction of the church’s new $50,000,000 home in Seton Business Park was completed in 2010. The state-of-the-art church complex, located on Marian Drive in Northwest Baltimore, includes a 3,500 seat sanctuary, offices and banquet hall.

NEW PSALMIST BAPTIST CHURCH Mission 06 Support the City’s Cultural Resources / Institutions 98-109

108 Baltimore Development Corporation Annual Report 2010 109 2010 Business Retention, Expansion & Attraction Results

TYPE OF PUBLIC ASSISTANCE COMPANY Jobs Projected TOTAL TOTAL CAPITAL TYPE OF PUBLIC ASSISTANCE retained New Jobs JOBS INVESTMENT ($) Business Incubation

BMS Design Funds Hamilton Physical Therapy 2 2 2,840.00 COMPANY Jobs COMPANY Jobs Hamilton Vacuum 4 4 7,575.00 retained retained

Business Assistance 180’s 45 45 6th Street Inc. 4 Khepra Energy Group, LLC 15

AEGON 750 1 751 Acclaro Research Solutions, Inc. 5 Kitchen Table Financial 1

Allstate Floors & Construction 25 25 Applied Plasma Science LLC 2 MDR Group 3

American Radiology 20 20 Baltimore Media Group LLC 1 NV3 Technologies LLC 4

Bambeco 55 55 300,000.00 Blue Globe Solutions 2 Oomph Marketing 2

Barton Cotton 100 100 BriJen Biotech LLC 2 Pieran LLC 1

Barton Malow 20 20 CervoCheck, LLC 2 RC Matrice, LLC 7

Connections Academy 206 175 381 Cognapse LLC 3 Ridgewood Healthcare IT 1

Crown Security 200 50 250 600,000.00 Curiosityville LLC SAJE Pharma LLC 2

Fells Point Meats 50 25 75 Edcosystem, Inc. 2 Soleil Solar LLC 1

King Architectural Metals 33 33 Ellickson USA LLC 1 Superior Technology 5 Solutions Corp. Moodlerooms 30 30 60 Funding Universe 1 Urban Design Group LLC 4 NAACP 75 75 Groove Commerce 10 VoicePlex LLC 5 Southwest Charter School 60 30 90 Grovehurst Construction 3 Management Group TravelClick 50 50

Volunteers of America 30 15 45

Definitions Downtown FTZ PILOT Defined as the area bounded by Interstate 83 to the east, Foreign Trade Zone Payment in Lieu of Taxes Attraction Pratt Street and the Inner Harbor to the south, and Martin Bringing new business into the City Luther King Jr. Boulevard to the west and north. Jobs Retained Projected New Jobs Business Assistance ETC Land Disposition Retention Any assistance provided by BDC, non-monetary, that Emerging Technology Centers Sale of publicly owned property by BDC on Keeping existing business in the City of Baltimore assists a company in its decision to stay in Baltimore, behalf of the Mayor and City Council of Baltimore. expand in Baltimore, or locate in Baltimore. Assistance Expansion TIF can range from site selection to building permits. Expanding existing business in the City of Baltimore Lease Tax Increment Financing Lease of publicly owned property by BDC on Business Incubation FIG behalf of the Mayor and City Council of Baltimore. Total Projected Capital Investment Business assistance provided directly to new Façade Improvement Grant matching a business owner’s Total capital dollars invested in a project as estimated and emerging companies through the Emerging capital with public dollars to facilitate façade improvements Loan by the company. Technology Centers’ program. benefiting the business and the commercial corridor as Direct financial assistance via a loan of public dollars a whole. including funding sources such as local economic development bond funds, State and Federal funds provided to the City for economic development investment.

Financials 110-117

110110 Baltimore Development Corporation Annual Report 2010 111 TYPE OF PUBLIC ASSISTANCE COMPANY Jobs Projected TOTAL TOTAL CAPITAL TYPE OF PUBLIC ASSISTANCE COMPANY Jobs Projected TOTAL TOTAL CAPITAL retained New Jobs JOBS INVESTMENT ($) retained New Jobs JOBS INVESTMENT ($)

City Loans, City, State, and The Senator Theatre, LLC 15 15 1,650,000.00 Funding Agreement Day Spring, Inc. 10 25 35 8,029,000.00 Federal Historic Tax Credits, Enterprise Zone Tax Credits; Land subsidy Bond Distributing 150 5 155 171,500.00 $1 yearly lease Lease Kona Grill / One East 60 60 4,000,000.00 Façade Improvement M&CC / Clear Channel N/A N/A N/A 3,010.00 Pratt Street, LLC

FIG Baltimore Clayworks Inc 10 10 1,335.00 Lease / LDA South Broadway 2 2 103,000.00 Properties, LLC Casa Di Pasta 5 1 6 3,000.00 Loan Admirals Cup, LLC 60 60 2,231,000.00 Chezzie Realty 4 1 5 3,000.00 Loan Maisy’s 15 15 160,000.00 Community Store 3 3 2,990.00 Loan Performance Workshop, Inc. 2 2 4 850,000.00 Corner Carry Out 8 8 5,086.11 Parking Revenue Bonds McHenry Row Holding 350 350 119,000,000.00 Eastern Retail Shipping 5 5 3,000.00 Company, LLC & Delivery Recovery Zone Facility Bonds Wexford Science and 784 784 76,700,000.00 Geo G Ruppersberger 25 2 27 2,275.00 Technology, LLC & Sons Inc State of MD - Ann’s Clothing 1 1 Greektown Grille 5 5 3,000.00 Community Legacy

Hopkins Discount 5 5 800.00 Darker Than Blue 3 3 60,841.38 & Dollar Store Goldstone Jewelry 2 2 Jen Liquors, Inc 3 3 3,000.00 Green’s Carryout 2 2 Jiffy Lube 10 1 11 3,000.00 Joyce’s Place 2 2 Light St Nail Salon 3 3 6 3,000.00 Main Street Hats 2 2 Lucky’s Deli & Market 4 4 3,000.00 Next Level 1 1 Mother’s Federal Hill Grille 60 3 63 755.00 Penn Optical 3 3 Oaktree Management 36 5 41 24,000.00 People’s Community 3 3 Façade Project Health Center Ope’s Laundromat 3 3 3,000.00 X-Top 2 2 Paradiso 6 6 2,882.50 State of MD – Neighborhood Kodi’s 1 1 55,985.50 Soft and Cozy Baby 4 4 594.23 Business Works

Steady Baltmore Inc 3 6 9 3,000.00 State of MD – Neighborhood Miss Belle’s Restaurant 3 3 301,434.57 Business Works The Family Tree 9 2 11 3,000.00 Zoning Appeal Fraley Corporation 10 10 100,000.00 Foreign Trade Zone - BMW 2 2 Operator Agreement Totals 2074 1873 3947 214,399,904.00 Canton Port Services 13 13

S.H. Bell Co 8 8

WWL 2 3 5

Financials 110-117

112 Baltimore Development Corporation Annual Report 2010 113 96% 4%

93 Projects - 4 downtown - 89 in neighborhoods Neighborhoods = 96%; Downtown = 4%

Financials 110-117

114 Baltimore Development Corporation Annual Report 2010 115 Statements of Statement of Activities & Financial Position Change in Net Assets

JUNE 30, 2010 AND 2009 YEARS ENDED JUNE 30, 2010 AND 2009

2010 2009 2010 2009 ASSETS Changes in unrestricted net assets: Revenues and gains: Cash and cash equivalents $ 4,361,183 $ 5,174,061 Baltimore City funds: Contributions receivable 120,000 – General funds $ 3,414,449 $ 5,083,472 Loans receivable, net of allowance for doubtful accounts 1,859,033 2,230,933 City bond funds 3,304,621 3,931,339 of $ 143,459 in 2010 and $ 168,320 in 2009 Mayor and City Council real property funds 2,382,627 2,121,364 Other receivables and investments 539,743 779,711 Total Baltimore City Funds 9,101,697 11,136,175 Prepaid expenses and deposits 86,961 63,622

Federal funds 109,149 172,481 Total assets 6,966,920 8,248,327 State funds 73,174 810,769 Interest and investment (loss) income (30,605) 213,208 LIABILITIES AND NET ASSETS Other fees 312,170 603,565 Private grants 40,216 4,808 Accounts payable and accrued expenses 375,414 1,640,316 504,104 1,804,831 Accrued payroll 1,015,890 1,040,990 Total unrestricted revenues and gains 9,605,801 12,941,006 Other payables 201,680 271,158

Expenses: Total liabilities 1,592,984 2,952,464 Payroll and payroll related, including Net assets - temporary help fees 4,601,282 4,722,141 Unrestricted: Occupancy 413,138 425,016 Available for general activities 2,384,302 2,316,573 Supplies 98,688 86,322 Loan funds 2,548,964 2,548,964 Travel 71,684 76,835 Investment funds 320,670 430,326 Professional fees 69,137 75,803 Telephone 46,971 44,448

5,253,936 5,295,863 Repairs and maintenance 46,836 48,901 Temporarily restricted 120,000 – Software support 44,149 59,122 Miscellaneous 27,253 50,108

Total net assets 5,373,936 5,295,863 Staff development 25,987 47,190 Insurance 7,279 7,454

Total liabilities and net assets $ 6,966,920 $ 8,248,327 Bad debt (recovery) expense (24,860) 50,453 Capital expenditures 4,220,184 7,319,903 Total expenses 9,647,728 13,013,696 Decrease in unrestricted net assets (41,927) (72,690) Changes in temporarily restricted net assets - Contributions 120,000 - Increase in temporarily restricted net assets 120,000 - Change in net assets 78,073 (72,690) Net assets - beginning 5,295,863 5,368,553 Net assets - ending $ 5,373,936 $ 5,295,863

Financials 110-117

116 Baltimore Development Corporation Annual Report 2010 117 Board Member Directory Staff Directory

Leadership Commercial Revitalization Finance & Accounting Roseann Walsh Senior Economic M.J. “Jay” Brodie William L. Beckford David P. Adamski Development Officer President Managing Director Controller Elizabeth H. Goetzinger Kimberly A. Clark of Commercial Revitalization Karen L. Bailey-Young Administrative Assistant Executive Vice President Donna J. Langley Full Charge Bookkeeper Director of Baltimore Arnold Williams, CPA Atwood “Woody” Jeffrey P. Pillas Betty J. O’Carroll Maglev Maryland Vice President & Main Streets Accounts Payable Clerk Managing Director Collins III Phyllis M. Wilkins Chief Financial Officer Nicholas V. Rudolph Abrams, Foster, Maria E. Beckett President & COO Kimberly L. Taylor Executive Director Nole & Williams, P.A. President M&T Bank, Mid-Atlantic Nancy S. Jordan-Howard Business District Specialist Accounting Clerk Baltimore Main Streets BDC Board Chairman Maricom Systems, Inc. Division Chief Operating Officer Planning & Design Mica J. Fetz Geographical East Taronda Wagstaff Paul J. M. Dombrowski Business District Specialist Gilberto de Jesus, Executive Assistant to Darrell Doan Director of Planning & Design Esquire M.J. “Jay” Brodie Baltimore Main Streets Director of Economic Senior Attorney Ben J. Stone Plushette A. Sullivan Gaylord M. Dutton Development – East Federal Communications Architectural Designer/Planner Executive Assistant to Business District Specialist Terrance E. Hancock Armentha Cruise Clinton R. Daly Commission Robert A. Williams Kimberly A. Clark Baltimore Main Streets Senior Economic President & CEO Partner Office of Communications Architectural Assistant Kristen E. Mitchell Development Officer The Aspen Group, Inc. Brown Advisory Business Opportunities Diane E. Scott Administration Senior Economic Marianne P. Navarro Administrative Assistant Joann T. Logan Development Officer Senior Economic Director of Public Relations Leon F. Pinkett, III Development Officer Small Business Resource Deborah Hunt Devan, Sandra E. Blake Senior Economic Kerry M. DeVilbiss Center (SBRC) Director of Government Development Officer Economic Development Officer Esquire Edward J. Gallagher Paul E. Taylor Relations David R. Garza Attorney Director Francis X. Gallagher, Jr. Director of the Small Economic Development Officer Geographical West Neuberger, Quinn, Gielen, Baltimore CIty Department Managing Director Tracy F. McIlwain Business Resource Center Rubin & Gibber, P.A. of Finance Stifel Nicolaus Management Information Mary J. Klipa Phil E. Croskey Lisa A. Edwards Systems Administrator Administrative Assistant Director of Economic Resource Center Manager Lenea N. Armstrong Development – West Danielle Hector Paul T. Graziano Executive Administrative/ Emerging Technology Jason B. Schwartzberg Centers (ETC) Receptionist Commissioner, Baltimore Marketing Assistant Economic Development Officer City Department of Housing & Bert J. Hash, Jr. Kenneth V. Moreland R. Ann Lansinger Yvonne Butler Paul T. Clary Special Projects Community Development and President & CEO Vice President & President Receptionist Economic Development Officer Executive Director, Housing Municipal Employees Chief Financial Officer Irene E. Van Sant Neil R. Davis Authority of Baltimore City Credit Union of Baltimore T. Rowe Price Josephine E. Murdock Michelle L. Edmisten Director of Special Projects Vice President for Operations Executive Administrative Administrative Assistant Arlisa W. Anderson Assistant Fulya Gursel Senior Project Analyst Director of Marketing Industrial Development Carla A. Nelson Kaliope Parthemos, Business Development V. Lynn Slone Larysa A. Salamacha Westside Initiative Richard L. Escalante Property Manager Managing Director of Director Esquire Brian K. Tracey Kathy A. L. Robertson Director of Business Industrial Development Mayor’s Office of Minority Deputy Mayor Senior Vice President Valerie E. Ellis Director of the Development and Women-Owned Business Economic and Bank of America Administrative Assistant Gary E. Suskauer Westside Initiative Development Neighborhood Development Merrill Lynch Christopher P. Moyer Director of Brownfields John R. Thompson Director of Business Initiative / Policy Analyst Economic Development Officer Development Elizabeth A. Weiblen Hines Michelle L. Edmisten Director of Foreign Trade Administrative Assistant Zone #74 / Enterprise Zone Administrator

BOARD MEMBERS Board Member and Staff Directories 118-119

118 Baltimore Development Corporation Annual Report 2010 119 Credits Project Managers Photography Joann Logan, Director of Public Relations Justin Gladden, JCG Multimedia illume communications Nancy Jordan-Howard, Mark Dennis, Office of the Mayor Maryland Port Administration Chief Operating Officer ArchPlan Inc./Philipsen Architects Peter Fillat Architects Writing Brown/Craig/Turner Architects/Designers Southeast Community Development Corporation Joann Logan Dariush Watercolors Staff of the Baltimore Staff of the Baltimore David H. Gleason Associates, Inc. Architects Development Corporation Development Corporation Energy Answers International The Bozzuto Group Design Entertainment Cruises The JBG Companies illume communications Everyman Theatre, Inc. University of Maryland, Baltimore 36 SOUTH CHARLES STREET, SUITE 1600 BALTIMORE, MARYLAND 21201-3015 TEL 410 837 9305 FAX 410 837 6363 WWW.BALTIMOREDEVELOPMENT.COM