Annual Report 2008

CITY OF BALTIMORE DEVELOPMENT CORPORATION Annual Report 2008

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4 BDC Mission, Vision and Value Statements 5 BDC Board Member Directory 6 Letter from the Mayor 7 Letter from the Chairman and President 8 Hilton Baltimore Hotel

MISSION #1 Retain and Expand Existing Businesses

12 Business Retention and Outreach 13 Merchants Terminal Corporation 15 Tulkoff Food Products, Inc. 15 Enterprise Zone 16 Foreign Trade Zone

MISSION #2 Attract New Businesses

16 Downtown Development Expo 17 Emerging Technology Centers 18 Holabird Business Park

MISSION #3 Promote Thriving Retail Districts

19 Baltimore Main Streets 20 Baltimore Neighborhood Market DrillDown 21 Mondawmin Mall 22 Park Heights 23 Shopping Center Transformation Initiative

MISSION #4 Increasing Employment Opportunities

24 Minority Business Inclusion 24 Small Business Resource Center

MISSION #5 Expand the Tax Base by Creating New Real Estate Development Opportunities

26 Brown!elds Initiative 26 Urban Renewal Plans and Amendments 26 Request for Proposals 27 Charles North 28 City Center 29 Former Bowleys Lane Land!ll Site 29 Former Monument Street Land!ll Site 30 Former Northern District Police Station 30 Inn at Government House 31 Jonestown/Washington Hill Properties 31 Pratt Street Revitalization 31 The Fitzgerald at UB (University of Baltimore) 32 Westport 35 Westside Initiative

MISSION #6 Support Cultural Resources

37 Baltimore Arena 37 Inner Harbor 39 Legends Park

40 2008 Business Retention, Expansion and Attraction Results 42 2008 BDC Project Map 44 Statement of Financial Position 45 Statement of Activities and Change in Net Assets !"#$%&'!"#$%&'()#$"*%+,'!%$,#')$'-./0'12.$)3'4$+,,$5 46 BDC Staff Directory ()*+,$'!"#$%&'6&/"-,'$7,'!"#$%&'()#$"*%+,'!%$,#'8' ''''''''''''''''''''''''''''9)*-,&'4$+,,$'*,,$"&:'/;)<, Values:

t We hold the highest standards of honesty, integrity, respect, and professionalism.

t We understand that responsiveness is the key to meeting our customers’ needs.

t We believe that success depends on exchanging ideas, sharing responsibilities, and making decisions at all levels.

t We respect tradition and value change.

t We believe BDC’s strength lies in the creativity and diversity of its staff.

t We share a vision for an ever-stronger Baltimore.

Our goal is to:

t Retain and expand existing businesses.

t Attract new businesses.

t Promote thriving retail districts. !"#$%&'()#$"*%+,'!%$,#=/':+,,&'+%%> t Increase employment opportunities for Baltimore City residents.

t Expand the tax base by creating new mixed-use industrial, commercial, and residential real estate -.)!/0,0'*1!20,,0'*!#*3! development opportunities. /#%4&!5+#+&6&*+, t Support cultural resources. Vision We will accomplish this by: TO LEAD BALTIMORE TO THE FOREFRONT OF CITIES IN WHICH TO LIVE AND t Providing outstanding customer service. DO BUSINESS BY BECOMING THE PREEMINENT ECONOMIC DEVELOPMENT t Offering innovative ideas and solutions. ENTITY IN THE UNITED STATES. t Engaging others in a collaborative effort. t Utilizing all possible resources. Mission t Capitalizing on our regional strengths. TO ACT AS A CATALYST IN THE CREATION OF A ROBUST, SUSTAINABLE ECONOMY FOR BALTIMORE.

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Arnold Williams, CPA Managing Director Atwood “Woody” Abrams, Foster, Nole Maria E. Beckett Collins III & Williams, P.A. President & CEO President & COO BDC Board Chairman Maricom Systems, Inc. M&T Bank

Gilberto de Jesus Vice President of Policy Armentha Cruise Clinton R. Daly & Strategic Planning President & CEO Partner Baltimore Hispanic The Aspen Group, Inc. Brown Advisory Chamber of Commerce

Andrew B. Frank 1st Deputy Mayor Of!ce of Neighborhood Deborah Hunt Devan and Economic Edward J. Gallagher Principal Development Director Neuberger, Quinn, Of!ce of Mayor Sheila Baltimore City Gielen, Rubin & Gibber Dixon Department of Finance

Paul T. Graziano Commissioner, Baltimore City Department of Housing & Community Bert J. Hash, Jr. Development & President & CEO Francis X. Gallagher, Jr. Executive Director, Municipal Employees Managing Director Housing Authority of Credit Union of Stifel Nicolaus Baltimore City Baltimore

Carla A. Nelson Director Mayor’s Of!ce of Minority and Women- Owned Business Development Brian K. Tracey Of!ce of Mayor Sheila Senior Vice President Dixon Bank of America

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As Mayor, my mantra is “Moving the In the past year, we have also seen City forward.” And in spite of the neighbors come together with City national economic recession, we government -- and in partnership made notable progress in 2008. with the State of Maryland -- to make progress on the Red Line – not just Progress is evident in the economic as a transportation project, but to development efforts of the Baltimore serve as a blueprint to strengthen Development Corporation (BDC) as neighborhoods, improve our highlighted in this annual report. environment, and create economic development opportunities. Three major employers (Laureate Education, Inc., Legg Mason and Now, and in future years, we will build Morgan Stanley) are moving into upon the energy of the spirit of renewal, new of!ce buildings, a combined hope and change that President Barack private investment of hundreds of Obama has brought to the nation and millions of dollars, representing yet heed his warnings of tough times well over a thousand jobs. ahead. We are encouraged by the new tone set for the federal government The Baltimore City Council passed Tax as a partner who understands the Increment Financing (TIF) legislation importance of the nation’s cities. to help build the infrastructure needed to create an entirely new And we are pleased that both mixed use, mixed income, “green” Business Week and Forbes Magazine community in Westport on the west listed Baltimore as one of the best shore of the Middle Branch. places to weather this recession.

On Baltimore’s Westside, the multi- Continuing to make Baltimore an million dollar transformation of the attractive location for business and State Center project achieved an providing incentives that support the important milestone with the City growth and expansion of companies Council’s approval of the master plan. is a priority for my administration and a necessity for a vibrant city. We are seeing real growth in two of our largest and expanding sectors: By moving forward with all our health care/life sciences and tourism. improvement programs, more and Johns Hopkins Hospital, the University more businesses and residents are of Maryland, Baltimore and Mercy choosing the City of Baltimore. Medical Center each have major building complexes under construction. Thank you for contributing to our progress and for your And the successful completion of the con!dence in our future. Hilton Baltimore Hotel was clearly one of the highlights of 2008. I supported Sincerely, this complex and vital project as President of the City Council and am delighted to note that it has met all of our expectations, exceeding the Mayor Sheila Dixon City’s goals for Minority Business Enterprise/Women Business Enterprise participation. My congratulations to all involved in this achievement.

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Again, 2008 was another In Park Heights, a new urban active year for the Baltimore renewal plan was approved by Development Corporation’s (BDC) the Baltimore City Council which economic development efforts, gives the City acquisition and advancing projects in a variety of disposition authority over properties Baltimore’s neighborhoods. needed for redevelopment. BDC is facilitating implementation of the BDC’s mission is to stabilize and renewal plan, collaborating with expand the City’s job base by retaining community leaders, city agencies existing city-based employers, and other vital stakeholders in helping them grow and recruiting new Park Heights’ rejuvenation. employers to the City. In 2008, BDC directly assisted 61 small, medium and In 2008, Baltimore’s Main Streets large companies, accounting for 3,313 program was expanded with two new jobs retained and created. BDC has communities - Brooklyn and Hamilton- also assisted a substantial number Lauraville. Baltimore is the second of other companies with non-!nancial largest urban Main Streets program -%)".,'/+..+01*'(%)+-'97)"+*)& economic development assistance. in the United States with 10 fully- Since 2000, BDC has assisted 973 designated communities, creating businesses and development a national model. Begun in 2000, projects, resulting in the retention the program’s primary purpose is to and creation of 41,144 jobs. support Baltimore’s small businesses and assist neighborhoods with the Last summer, we celebrated the revitalization of their commercial grand opening of one of the City’s districts. Since its inception, 304 most signi!cant recent economic new businesses have opened in our development projects, the Hilton Main Street communities, resulting Baltimore Hotel. Completed on time in 907 new full-time and 483 new and within budget, the $301 million, part-time jobs in the City. Baltimore 757-room hotel has greatly improved Main Streets has completed 460 Baltimore’s image among meeting new façade renovations. BDC planners and will help us compete for manages the Main Streets program the vast majority of the convention on behalf of the City of Baltimore. business in the United States. BDC 2343'54067'8%",+$'?+,/"-,&$ guided and managed the hotel project We were delighted with the start from conception to completion. of construction for The Fitzgerald for ten years, will provide up to at UB (University of Baltimore), a $5 million annually in state funds Bringing quality goods and services to $77 million mixed-use project at for infrastructure improvements. City residents are a priority of Mayor West Oliver Street and Mount Royal The Westport Waterfront will be Sheila Dixon’s administration. At Avenue. The Fitzgerald, named after redeveloped as a new construction Mondawmin Mall, an icon in Northwest author F. Scott Fitzgerald, who resided mixed-use project including Baltimore and a major retail anchor just a few blocks away, will include residential, retail and of!ce use. and transportation hub, the opening of a vibrant mix of 275-market rate the !rst Target store in Baltimore City apartments, a 20,000 square foot We are proud of these results. And we was warmly welcomed. Target hired Barnes & Noble College Booksellers pledge to continue working creatively over 250 employees, 95% of which Superstore, and a 1,245 space parking and diligently with our private non- are City residents. Target is part of garage, enhancing the University of pro!t and government partners General Growth Properties’ $70 million Baltimore’s academic community and to even greater achievements. renovation of Mondawmin Mall, which the surrounding neighborhood. BDC also includes a new Shoppers Food negotiated the PILOT (Payment in Warehouse and A.J. Wright clothing Lieu of Taxes) to enable the project Sincerely, store. As a partner in this important to be economically feasible. development, the City approved $15 million in Tax Increment Financing We also received good news from the (TIF) to assist with infrastructure State of Maryland: the designation of Arnold Williams, CPA improvements. BDC facilitated TIF the Westport Waterfront, a proposed Board Chairman approval for the project and worked 42-acre mixed-use development along closely with General Growth on the Middle Branch of the Patapsco Mondawmin’s overall revitalization. River, as a BRAC (Base Realignment and Closure) Zone. In response to M.J. “Jay” Brodie the City’s application, the designation, President

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When the Hilton Baltimore Hotel From the hotel project’s initial concept includes the City’s largest hotel grand opened in August 2008, the City of in 2003 to its on-time opening ballroom at 25,000 square feet. Baltimore added a critical component in August 2008, BDC guided and in attracting new convention and managed the process for one of the Other features include a 15,000 tourism business to the City. City’s most signi!cant and complex square foot junior ballroom, wired economic development projects. and wireless high-speed Internet Completed on time and within budget, access in all guest rooms and public the $301 million, 757-room hotel at It is the only hotel in the City spaces, a 5,000 square foot Diamond 401 West Pratt Street on the Westside providing an enclosed pedestrian sky Tavern restaurant, a !tness center, a of downtown, is causing businesses bridge to the Baltimore Convention full-service 24-hour business center, to take a closer and more favorable Center along with 60,000 square retail space and 550 on-site parking look at Baltimore making the City feet of "exible function space that spaces. Sustainable green roofs have competitive with other destinations. been installed over the ballrooms.

E CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# In 2008, 369 people were employed As part of its theme of celebrating check, the !rst installment of a at the Hilton Baltimore, 75% of Baltimore, the Hilton Baltimore $3 million commitment, for the Hilton whom are Baltimore City residents. is !lled with paintings, prints, Scholarship Fund for Baltimore City photographs, mosaics and other High School students aspiring to The Hilton Baltimore is owned by works of art that total more than careers in the hospitality industry. the Baltimore Hotel Corporation 2,300 pieces by 31 artists who either (BHC), a non-stock, non-pro!t live or work in the Baltimore area. corporation, established by the City of Baltimore in 2005. During At the grand opening ceremony, Hilton construction of the hotel, the BHC Hotels Corporation announced its exceeded MBE (Minority Business commitment to the National Academy Enterprise)/WBE (Women Business Foundation and the CollegeBound Enterprise) goals for the project. Foundation and presented a $200,000

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GH CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# “The decision to move forward with this hotel represents one of the crucial moments in our history – when we had the courage to pursue what we might become. Baltimore is already becoming a more desirable destination for tourists and conventions, a City that offers more quality jobs and more affordable housing and a place that promises a brighter future for everyone who lives, works and plays here”

– Mayor Sheila Dixon !"#$%&'!%$,#/'9%+;%+)$"%&'+,;+,/,&$)$"H,/';+,/,&$"&:'$7,' ϔ ϔ Ǥ

“All of us in the State and the City knew we “Having Hilton in needed a convention Baltimore means their center hotel if we were huge national sales force going to compete. This is now selling Baltimore was something we had to instead of drawing do for ourselves. Nobody conventions away from it” was stepping up to do it for us. This isn’t just about a hotel stay – it’s – Tom Noonan, President & CEO, Baltimore Area about a City that is staying on the map” Convention and Visitors Association (BACVA)

– Governor Martin O’Malley, who was mayor during the planning phase for the hotel.

“It has changed the reception that Baltimore gets in a hugely positive way. The change is immense”

– Baltimore Development Corporation (BDC) President and Baltimore Hotel Corporation Chairman M.J. “Jay” Brodie

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At BDC we know that Baltimore’s -- its challenges and opportunities headquarters buildings for Legg stability and future growth will -- and will work with you to make Mason and Morgan Stanley. BDC come, in large part, from its existing Baltimore the right location for obtained City !nancial assistance and businesses. That’s why BDC reaches the success of your company. provided oversight for each project. out to at least 100 companies every year for face-to-face meetings. BDC In 2008, as well, continuous wants to understand your business progress was made on the waterfront

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Located within the 180-acre former General Motors property now known as the Chesapeake Commerce Center, Merchants Terminal Corporation is presently constructing a state of the art, environmentally sustainable refrigerated distribution center. The site of the new facility is strategically located alongside the Maryland Port Administration’s Seagirt Marine Terminal, three rail roads, three private marine terminals, and adjacent to Interstate 95 and 895. The facility will facilitate the movement of refrigerated and frozen cargoes to and from international marketplaces.

Merchants is anticipating completion of this facility in August 2009 (having broken ground in August 2008). The City’s recent extension of the MIZOD (Maritime Industrial Zone Overlay District) will allow Merchants to protect its signi!cant investment due to the protection of the industrial land adjacent to the deep water berths owned by the private and public marine terminal operators. Merchants’ distribution center also will generate hundreds of industrial and maritime jobs.

Merchants is a subsidiary of Hoffberger Holdings, Inc. which has operated businesses in Baltimore City since 1913. Phase I of the Hoffberger Holdings Inc.’s effort involved the L,+<7)&$/'B,+*"&)#'9%+;%+)$"%&':+%.&-A+,)0"&:' <,+,*%&J'>%+'"$/'&,3'-"/$+"A.$"%&'<,&$,+G' acquisition of approximately 14 acres of brown!elds land, and the construction of six million cubic feet of refrigerated space at a cost of $25 million. This new and modern “green” facility will allow Merchants to relocate from its Kresson Street building to a location that when Phase II is complete shall encompass 12 million cubic feet of racked refrigerated storage.

BDC provided general business assistance to facilitate the company’s expansion.

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Tulkoff Food Products, Inc., the nation’s largest manufacturer of prepared horseradish products and other condiments, completed construction and moved into its new $12.5 million, 70,000 square foot production facility at 2301 Chesapeake Avenue in Holabird Business Park (the last available site in the Park).

Tulkoff, which purchased the 5.9- acre site from the City of Baltimore for approximately $500,000, employs 75 people and expects to create up to 20 additional jobs as a result of its expansion.

BDC also worked closely with the company to assist in its relocation and expansion.

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BDC provides assistance to encourage the retention and growth of Baltimore companies including administering the State of Maryland Enterprise Zone (EZ) certi!cation. The EZ program was established in 1982 as an economic development tool to stimulate business investment and job creation through the use of real property and employment tax credits.

In 2008, 89 small businesses and development projects were certi!ed in the Baltimore City Enterprise Zone to have made improvements and/or added new jobs: a 220% increase from 2007. In those businesses that were certi!ed, 959 existing jobs were retained and 998 new jobs were created.

$40 million in new construction and $80 million in rehabilitation of existing structures took place. In total, 2008 Certi!ed Enterprise Zone businesses made over $228.6 million dollars in capital investments.

CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# G> MISSION #1 Retain and Expand Existing Businesses

.'R*+'R*!.&S&%':6&*+! M';&0U*!";#3&!Q'*& I::';+4*0+0&,!PT:' BDC administers Foreign Trade Zone Businesses in the Zone handled 31 BDC and Downtown Partnership #74, a federally designated area different products from 24 countries of Baltimore sponsored its !rst located within the United States yet of origin. Over $119 million worth of “Downtown Baltimore Development considered “outside” of U.S. Customs’ merchandise held in the Zone was Opportunities Expo” in Fall 2008. territory for the purposes of assessing sold to domestic and foreign markets The event, which attracted over 200 and collecting import duties and during the reporting period. In 2008, attendees, provided an occasion taxes. Baltimore’s Foreign Trade Zone Foreign Trade Zone #74 welcomed to showcase Downtown Baltimore consists of over 2,000,000 square feet two new operators: Under Armour, with walking tours of development of industrial and warehouse space. Inc. and The Belt’s Corporation. projects, to hear about investment and leasing opportunities, and to network During the reporting period October with members of the commercial 1, 2007 to September 30, 2008, the real estate industry. Nationally Zone served 95 businesses. Of these, known economist, Anirban Basu, 25 used the Zone on a continuous Chairman & CEO, Sage Policy Group, basis, employing up to 224 people. Inc., was the luncheon speaker.

GA CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# MISSION #2 Attract New Businesses

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P6&;U0*U!"&<@*'%'U=!! )&*+&;,!VP")W The Emerging Technology Centers facilities (Canton and Johns Hopkins and international companies, in March (ETC), a venture of BDC, is Baltimore Eastern) were at 95% of full capacity. 2008, ETC signed a partnership City’s incubator, focused on These companies employ nearly agreement with the Dublin Business growing early-stage technology and 500 individuals in jobs having an Innovation Centre (DBIC) to accelerate biotechnology companies. The ETC average annual salary of $73,000. In the growth of trade between Baltimore promotes economic development, addition, 82% of ETC graduates were and Dublin (Ireland) and to promote providing business, technical, still in business with 57% located job creation in the two cities. and networking connections to in Baltimore City and another 42% help these companies grow and located elsewhere in the State of 2008 also marks the third consecutive prosper – adding to both the job Maryland. In 2008 alone, ETC current year that a client company of the ETC and tax base of Baltimore City. and graduate companies raised nearly incubator program won the National $60 million in outside funding. Business Incubation Association (NBIA) At year-end, 66 early-stage technology competition; Millennial Media, Inc. was and biotechnology companies were To broaden the services and programs named Outstanding Incubator Client af!liated with ETC; and its two that ETC is offering to its domestic in the technology category. The NBIA

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is the world’s leading organization in Bioscience Award: Blake Holabird Business Park, owned by advancing business incubation and Paterson, Alba Therapeutics; the City of Baltimore and managed entrepreneurship, serving more than r 3FE)FSSJOH(MPCBM by BDC, is home to 45 businesses 1,700 members from 65 nations. List: Millennial Media; with over 2,000 employees. In order r 4NBSU$&0.BHB[JOFi'VUVSFu to maintain the Park as an attractive In addition to being recognized Social Solutions, Soteria Network location for business, in 2008 BDC nationally, ETC current and graduate Technologies, TX2 Systems, issued a Request for Proposals companies received local awards Trusted Technologies; and (RFP) for the design, fabrication and recognitions during 2008: r %JWFSTJUZ#VTJOFTT.BHB[JOF and installation of new entry and r .BSZMBOE*ODVCBUPS$PNQBOZPGUIF Top Women-owned Businesses directional signs at the 220-acre Year, IT Category: Millennial Media; in Maryland: BA Systems. business park. CFS Sign Systems r .BSZMBOE*ODVCBUPS$PNQBOZPG Inc. installed nine signs in the Park, the Year, “Hall of Fame”: Visicu; !ve entry and four directional signs. r 5IF%BJMZ3FDPSE*OOPWBUPS of the Year: Encore Path; r (#$#JPTDJFODF"XBSET#FTU New Product or Progress Award: CSA Medical; Leadership

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Baltimore Main Streets is a commercial – joining Baltimore’s eight other jobs in the city. Baltimore Main Streets revitalization concept begun in Main Street neighborhoods of Belair- completed 460 new façade renovations Baltimore by the Mayor’s Of!ce in Edison, East Monument Street, that helped to spur $5.8 million in 2000. The program, administered Federal Hill, Fells Point, Highlandtown, private investment. For every $1.00 by BDC on behalf of the City of Pennsylvania Avenue, Pigtown of public funds invested in Baltimore’s Baltimore as part of its Commercial and Waverly. By adding two new Main Street neighborhoods in 2008, Revitalization division, uses a model neighborhoods, Baltimore became $5.30 in private investment resulted. developed by the National Trust for the second largest urban Main Historic Preservation’s National Main Street program in the United States BDC also celebrated the exceptional Street Center with a focused approach with 10 designated communities. success of its 2008 “Miracle on that includes design, organization, With full designation, Main Street Main Streets” campaign, the only promotion and economic restructuring communities receive customized citywide Main Street holiday event in in working with designated support and assistance to revitalize the country, which encourages people neighborhood business districts. their historic commercial districts. in and around Baltimore to shop locally, exploring the City’s historic In 2008, the Main Streets program According to reports from Main Street neighborhoods while supporting was expanded to include two new managers, from 2000 to 2008, 304 community businesses. More fully-designated communities – net new businesses opened, resulting than 1,000 Baltimore merchants Brooklyn and Hamilton-Lauraville in 907 new full-time and 483 part-time participated in the promotion.

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The results of Baltimore Neighborhood home values in Oldtown estimated demonstrating previously unseen Market DrillDown study, a citywide at 619% higher than in 2000. strengths in the market. baseline of economic indicators which suggest a larger, stronger, and The DrillDown analysis documents The study, conducted by Social more stable market than traditional the sometimes hidden market Compact, in partnership with BDC, the market analyses show, with millions strengths of urban communities, in Baltimore City Department of Planning of dollars of untapped buying power, many cases validating residents’ and the Baltimore Neighborhood was released in Fall 2008. Detailed intuitions about the capacity of their Indicators Alliance-Jacob France pro!les of 13 distinct commercial neighborhood to support retail. The Institute, received support from markets revealed additional market City and its community development the Annie E. Casey Foundation, Citi strengths in speci!c areas, including partners intend to use the analysis Foundation, Enterprise Community income densities as high as $854,000 to better market commercial districts Partners, the Maryland State per acre in Reservoir Hill; and in underserved neighborhoods by Department of Transportation and BDC.

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Summer 2008 found Baltimore City BDC, working closely with Mondawmin’s celebrating the grand opening of its !rst owner, General Growth Properties of Target store, located at Mondawmin Chicago, and managing the project Mall. Target is part of a $70 million on behalf of the City of Baltimore, improvement of Mondawmin that received approval for $15 million includes a new 20,000 square foot AJ in TIF (Tax Increment Financing) Wright discount clothing retailer that Bonds for public infrastructure. opened last August on the east end of the mall and a new 67,000 square foot One of Baltimore’s older shopping Shoppers Food Warehouse in 2007. centers, Mondawmin Mall was Target hired over 250 employees for constructed in 1956 and is a major its 127,000 square foot facility, 95% retail anchor for Northwest Baltimore. of whom are Baltimore City residents.

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BDC, working with city and community is responsible for management, Avenue. Twenty-!ve commercial leaders, coordinated the Park Heights oversight and implementation of properties received more attractive Master Planning process. In Fall 2008, the master plan in Park Heights. and updated exteriors with façade the Baltimore City Council approved improvements including new signage. the Parks Heights Urban Renewal Plan BDC has also completed a which gives the City acquisition and $500,000 façade improvement disposition authority over 60-acres project for the Pimlico Commercial of land for redevelopment. BDC District at 5000-5200 Park Heights

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In an effort to improve Baltimore City’s stricter zoning and code enforcement the City sends a strong signal to shopping centers, some of whose with !nancial incentives. Eligible the development community of the physical condition, tenant mix, and shopping centers must meet certain City’s desire for partnership. overall character are inconsistent criteria developed by the Baltimore compared to the socioeconomic status City Planning Department and BDC, These shopping centers have the of households in the surrounding as well as post-development goals potential to serve as catalytic and neighborhoods, the City is creating and objectives. By pre-packaging transformative opportunities. a pilot program that combines incentives for the selected properties, BDC is managing the initiative.

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CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# JK MISSION #4 Increasing Employment Opportunities

20*';0+=!-4,0*&,,!! 56#%%!-4,0*&,,!9&,'4;<&! N*<%4,0'*! )&*+&;!V5-9)W As an important part of its mission, r 'PSNFS/PSUIFSO%JTUSJDU Located in the former Eastern High BDC works to assure and increase Police Station School, now Johns Hopkins Eastern, the inclusion of minority and r )BSCPS&BTU 1BSDFM# on 33rd Street in the Waverly women-owned business enterprises r )BSCPS&BTU 1BSDFM% community, the Small Business (MBE/WBE) in every aspect of r )JMUPO#BMUJNPSF)PUFM Resource Center (SBRC), a division development. In 2008, BDC assisted r *OOBU(PWFSONFOU)PVTF of BDC, is responsible for providing the following projects that included r +POFTUPXO8BTIJOHUPO services to support the growth minority equity participation: Hill Properties of new and small businesses. r 5IF'JU[HFSBMEBU6# r $JUZ$FOUFS (University of Baltimore) In 2008, the SBRC provided assistance r 'PSNFS#PXMFZT-BOF-BOEàMMTJUF r 8FTUQPSU to over 3,400 people who came for r 'PSNFS.POVNFOU counseling, attended seminars and Street Land!ll site utilized library services. The Local

J7 CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# Contractor Development Program completed two college sessions which was attended by over 40 contractors. This program has also provided assistance with MBE and WBE (minority and women business enterprises) certi!cations. Further, the SBRC provided over $680,000 in microloans that range from $5,000 to $50,000.

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BDC’s Brown!elds Initiative with environmental assessment real estate investment. In 2008, provides assistance to businesses work and enrollment in the Maryland the Baltimore City Council approved considering development of Voluntary Cleanup Program for the requests for plans/amendments contaminated sites, which enables redevelopment of the former Census for these urban renewal areas: additional private investment. Building (now Miller’s Court) in the Charles Village neighborhood at t $BSSPMM$BNEFO Since 1996, Baltimore completed 2601 North Howard Street. Seawall t $FOUSBM#VTJOFTT%JTUSJDU more than 30 brown!elds projects, Development Company has converted t )BNJMUPO#VTJOFTT"SFB which include Tide Point and the 80,000 square foot historic t ,FZ)JHIXBZ&BTU Montgomery Park. These projects former H.F. Miller & Sons Tin Box and t .JEEMF&BTU resulted in more than 3,000 retained Can Manufacturing Plant into a $19 t 1BSL)FJHIUT and new jobs and leveraged $300 million mixed-use of!ce and housing t 6QMBOET million in new investment. project targeted at nonpro!t groups and Teach for America participants in The City of Baltimore provides yearly the Baltimore City Public Schools. 9&Z4&,+!(';!B;':',#%, funding for brown!elds projects and has enacted a tax credit program which A large underground storage By advertising property that is provides up to a 70% credit on the tank was removed and soil already publicly owned or whose incremental increase in assessed value excavation was required. Seawall acquisition has been approved by for brown!elds projects. Additionally, is seeking LEED (Leadership City Council, BDC assists projects to the U.S. Environmental Protection in Energy and Environmental move ahead. In 2008, BDC sought Agency (EPA) has a number of grant Design) Gold certi!cation. proposals for projects that included: programs for brown!elds sites and BDC works very closely with the agency. t #BMUJNPSF"SFOB The State of Maryland also has a Y;$#*!9&*&R#%!B%#*,!#*3! t 'PSNFS#PXMFZT-BOF-BOEmMM Brown!elds Revitalization Incentive 86&*36&*+, t 'PSNFS.POVNFOU4USFFU-BOEmMM Program that provides some funding t *OOFS)BSCPS for assessment and cleanup of sites. Across the City, BDC works to t *OOBU(PWFSONFOU)PVTF assemble and prepare sites for t +POFTUPXO8BTIJOHUPO In 2008, BDC provided approximately redevelopment. Through urban )JMM1SPQFSUJFT $38,000 in EPA funding to assist renewal planning and implementation, t )PMBCJSE#VTJOFTT1BSL BDC opens up new opportunities for t 8FTUTJEF

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Last October, Mayor Sheila Dixon and a residential, commercial and Phase II and beyond include the the Central Baltimore Partnership entertainment destination point initiation of “Asia Town” along unveiled a multi-phased development for the Baltimore region. 20th Street at Charles Street, initiative for the Charles North development of a Design Center community incorporating input from Four anchor areas have been facility, creation of a live-work-study a broad spectrum of community identi!ed as ready for revitalization: tower building, and creation of Falls members. This plan leverages Charles Gateway/Penn Station, Hill Park along the Jones Falls. existing artist and small business Charles and North corners, Asia incubators with a development Town, and Creative/Design Zone. The Charles North Vision Plan was strategy focused on stimulating developed by BTA+, selected through private sector investment and Phase I recommendations include a national competition managed by increasing residential density. supporting current pioneers, initiating BDC. BDC, the City’s Departments the Penn Station redevelopment of Planning and Transportation, Central Baltimore is a collection of process, targeting new redevelopment area property owners, University of some of Baltimore’s most historic initiatives, and building on existing Baltimore, Maryland Institute College neighborhoods, situated between incubators. BDC is part of the of Art and the Goldseker Foundation Charles Village to the north, Midtown- Working Group formed by Amtrak teamed together to fund the plan. Mount Vernon to the south and and other interested parties to guide overlooking the Jones Falls River Valley. planning and implementation of the concept for the Penn Station/ The plan is focused on Lanvale Street Parking Lot. transforming Charles North into

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BDC received Board of Estimates Hyatt at City Center will consist of On behalf of the City, BDC had approval for a Land Disposition two Hyatt-branded hotels (Hyatt Place purchased seven properties in the Agreement (LDA), that allows and Hyatt Summer!eld Suites) with a block bounded by Calvert, Mercer, developers Mark Sapperstein, combined total of 300 keys, a parking Lombard and Grant Streets with Benjamin Greenwald and Joseph garage with up to 300 spaces and the intent of facilitating such a Haskins (City Center, LLC) to acquire commercial space. The project will development. BDC issued a Request seven City-owned properties (26- cost approximately $80 million to for Proposals (RFP) for the site and, 36 South Calvert Street, 110 East develop, and create an estimated 450 after consideration of the proposals Lombard Street and 117 Water construction jobs and 140 permanent received, City Center, LLC was selected. Street) for a new 450,000 square jobs. BDC estimates that the project foot, mixed-use development will generate approximately $60 million named “Hyatt at City Center.” in new City taxes over a 20-year period.

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BDC, on behalf of the City of property still houses a garage and BDC has awarded the redevelopment Baltimore, has entered into an small administration building for rights to 27-acres of the former Exclusive Negotiating Privilege the City’s Eastern Sanitation Yard, Monument Street Land!ll site to (ENP) with Chesapeake Real Estate which must remain on the site at developer Black Oak Associates/ Group/McCrary Development for its existing location or be relocated McCrary Development and is the redevelopment of the former to a new location approved by the entering into an Exclusive Negotiating Bowleys Lane Land!ll and Eastern City’s Department of Public Works. Privilege (ENP) with the team. Sanitation Yard at 6101 Bowleys Lane in Northeast Baltimore. The project is expected to generate The property, vacant for more than approximately 100 construction 25 years, located in East Baltimore The development team plans to jobs during the three year build-out at 3300-3400 East Madison Street redevelop the site as the “Moravia period, with the creation of over and 3500 East Monument Street, Business Center,” an estimated $31.7 140 permanent jobs. Over a 25- will be redeveloped as “Monument million light industrial and warehouse year period, the “Moravia Business Street Marketplace” consisting of an business park. The project would Center” will create an estimated $20 approximate 247,000 square foot include a total of 423,800 square million in new revenue for the City. commercial development center that feet in !ve buildings, consisting of includes 183,700 square feet of 115,800 square feet of "ex space with retail space and 63,000 square feet the remaining 308,000 square feet of "ex space in four buildings. The in light industrial/warehouse space. project, estimated at $18 million, is expected to create more than The site, located in the City’s Frankford 400 permanent full-time jobs. neighborhood, comprises approximately 82 acres, 55 of which were formerly Black Oak Associates/McCrary used for land!ll operations, which Development responded to a BDC issued ceased in 1985. Currently, the RFP (Request for Proposals) for the site.

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Developer 1899 LLC completed the $8 million renovation of the former Northern District Police Station at 3355 Keswick Road in North Baltimore. BDC managed the Request for Proposals (RFP) process, provided oversight for the project including the sale of the building, and obtaining $475,000 in City !nancial assistance. The developer paid the City $335,000 for the 25,000 square foot building. Tenants in the of!ce building include U.S. Lacrosse and the Community Law Center.

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In an effort to !nd a new owner and ϔ operator for the historic City-owned A."#-"&:G Government House at 1125 North Calvert Street in Mount Vernon, BDC issued a Request for Proposals (RFP) to identify a developer who will purchase, lease or operate the property as a historic inn, or another suitable use approved by the City.

The Inn at Government House, a brownstone mansion constructed in 1890, consists of three connected structures with a combined square footage estimated at 18,093 square feet. During its lifetime the building has served as a private residence for William Painter (inventor of the bottle cap), the !rst headquarters for the City’s Department of Recreation and Parks, and now as the of!cial guest house of Baltimore City. The property is con!gured as an inn with 21 rooms; it was last renovated in 1985.

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\'*&,+'R*]^#,@0*U+'*! and sustainable development all come team from Ayers Saint Gross and Olin together around the unique asset Partnership, under the guidance of D0%%!B;':&;+0&, that is Baltimore’s Inner Harbor is BDC and Downtown Partnership of the conceptual plan that will guide a Baltimore, with input from the Baltimore BDC in partnership with the Housing comprehensive redesign of a 16-block City Departments of Planning and Authority of Baltimore City and the section of Pratt Street (between Martin Transportation, and from a wide range of Department of Housing and Community Luther King, Jr. Boulevard on the west private stakeholders. Development issued a Request for and President Street on the east). Proposals (RFP) for the redevelopment The redesign of Pratt Street, which of eight City and HABC-owned properties The goal is for a one-way, tree-lined will be conducted in phases, will be in the Jonestown and Washington Hill street active with restaurants, shops overseen by BDC and the Downtown neighborhoods of Southeast Baltimore. and parks that unite the site and Partnership. encourage increased pedestrian activity. The eight parcels, which is composed "@&!M0+_U&;#%3!#+!Y-!! of three sites, includes properties In!ll retail development is proposed VY*0S&;,0+=!'(!-#%+06';&W! on Lombard Street, Granby Street through additions to existing buildings and Central Avenue that are adjacent on the north side of the street, taking to the Albemarle Square HOPE VI Financing for this signi!cant project advantage of the large amount of closed in Fall 2008. The $77 million redevelopment project and the Central sidewalk that currently exists. The Avenue Corridor. mixed-use development by The Bozzuto south side design will create an urban Group, Gould Property Company and greenway that compliments the natural BDC received !ve responses to its RFP; McCrary Development will include beauty of the Inner Harbor. 275-market rate apartments, a and subsequently, the City awarded Site A (110 South Central Avenue and 1120 20,000 square foot Barnes & Noble The plan focuses on the intersection College Booksellers Superstore Granby Street) to A&R Development of Pratt and Light Street as having Company for a mixed-use development and a 1,245-space parking garage. potentially the biggest impact in terms Construction on the garage, retail and project, and Site B (1301-1309 East of public space creation. It recommends Lombard Street) to Gerry’s Tire Service apartment buildings is underway. The creating a larger, more attractive park parking garage will open in early 2010, for use as a temporary parking lot and that better connects the City to the water. future expansion site. and apartments and retailing structures are scheduled to be delivered later that B;#++!5+;&&+!9&S0+#%0_#+0'* As part of the !rst phase, the City has year. BDC negotiated the $12 million removed the berms along Pratt Street PILOT (Payment in Lieu of Taxes) for the and introduced new landscaping. Visualized as a grand boulevard where project and continues to work closely with the development team. people, commerce, art, architecture The design plan was created by a

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BDC obtained Baltimore City Council approximately 2,000 housing units, 2 Through the Westport BRAC Zone approval for a TIF (Tax Increment million square feet of of!ce space, and designation, the Maryland State Financing) bond not to exceed $160 300,000 square feet of retail space. Department of Transportation hopes million for public infrastructure to use the BRAC Zone funding to: 1) and site improvements including Through the BRAC (Base Realignment widen the ramps to and from MD-295 roads, utilities and open space for and Closure) Revitalization and to Waterview Avenue and Annapolis the redevelopment of the Westport Incentive Act of 2008, the State of Road; 2) improve the intersection Waterfront. Westport Development Maryland gave municipalities the of Waterview Avenue and Annapolis LLC (Turner Development, The Carlyle ability to designate a 10-year BRAC Road; 3) repair the Annapolis Road Group, and Joseph Haskins) plan a Zone. On December 15, 2008, the bridge over 295; and 4) repair the $1.4 billion mixed-use development, Westport Waterfront project was Annapolis Road, Waterview Avenue located along the Middle Branch of of!cially designated Baltimore’s !rst and Maisel Street bridges. the Patapsco River adjacent to the BRAC Zone. This will allow the City to Westport community. The developer use up to $5 million of the incremental purchased 42-acres of waterfront increase in property taxes resulting property along the west shore of the from the Westport project to construct Middle Branch. Westport will include infrastructure improvements. a total of 4.8 million square feet with

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Continuing to move the revitalization of the Westside of downtown forward, BDC, on behalf of the City of Baltimore, issued a Request for Proposals (RFP) for three development sites containing !ve properties on the Westside at Liberty and Lexington Streets.

BDC received proposals in response to the RFP and, on behalf of the City of Baltimore, has entered into an Exclusive Negotiating Privilege with Carmel Realty Associates for 109 West Lexington and 119 Park Avenue. Carmel Realty will combine M"A,+$J')&-'M,P"&:$%&'4$+,,$/ 109 West Lexington Street and 119 Park Avenue with an adjacent property that they own -- 117 West Lexington Street (the former Kresge building – a three-story structure at the corner of Lexington Street and Park Avenue) -- into a $8 million, 64,200 square foot residential/retail development (with 16,500 square feet of lower level retail, 12,500 square feet of street level retail, and 30 ef!ciency, one and two bedroom apartments). Carmel will relocate its Valu Plus store from the 200 block of West Lexington Street into this development.

Additionally, properties at 101 and 103 West Lexington Street and 124 North Liberty Street have been awarded to K Properties of Lexington, LLC for a new mixed-use retail/residential project. The developer plans to renovate the existing buildings; combining the two retail spaces on Lexington Street with a retail space on Liberty Street. Upper levels will be renovated to accommodate residential units. Project costs are estimated at $900,000.

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BDC obtained Board of Estimates The University of Maryland BioPark was approval for the execution of a Land honored in 2008 with an economic Disposition Agreement (LDA) between development award from the Maryland the Mayor and City Council of Baltimore Economic Development Association and Park Avenue Hotels, LLC for the (MEDA) for its master planning process purchase of a seven-story building at involving the Poppleton community. 200 W. Saratoga Street for $606,750. The $300 million biopark is projected Park Avenue Hotels was awarded the to comprise 10 life sciences site through a competitive Request buildings on 1.2 million square feet for Proposals process conducted by and is already home to a mix of BDC. Park Avenue Hotels plans to university/company researchers and redevelop the property into a 42 room entrepreneurs in its !rst two buildings. limited-stay Red Roof Inn Hotel.

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-#%+06';&!8;&*# N**&;!D#;$'; BDC, on behalf of the City of Baltimore, Baltimore’s Inner Harbor saw many a competitive Request For Proposals issued two Request for Proposals improvements in 2008, including process to construct a new tour vessel (RFP) – one for a development both public and private investment, based on a historic Chesapeake steam team and the other for a !nancial solid attendance numbers, and new ship bringing a new tourist attraction consultant – in connection with the economic development initiatives. to the Inner Harbor; 3) The State of development of a new 18,500-seat These improvements are fostered by Maryland, through its Department arena at the site of the current the successful collaboration of city of Natural Resources, awarded BDC facility at 201 West Baltimore Street agencies, the Waterfront Partnership a $25,000 matching grant to install on the Westside of downtown. of Baltimore, Inc. and a diverse group surveillance cameras for the Of!ce of of stakeholders. BDC plays a central the City Dockmaster; 4) Construction Twelve teams responded to the role in organizing these efforts through began in December 2008 on the West !nancial consultant RFP and four its Inner Harbor Coordinator position, Shore Park Fountain – a $1.3 million development teams submitted established by the City to improve the project funded with City, State and responses to the developer RFP. management of the Inner Harbor. private funds initiated by BDC and the Department of Recreation and Parks. 2008 highlights include: 1) BDC It will be the !rst interactive fountain of collected an additional $100,000 its kind in the City; and 5) BDC served in City lease payments through on a focus committee, led by the renegotiated leases and better City’s Department of Transportation, oversight, representing a 15% increase in charge of developing plans for a over 2007 revenues; 2) BDC selected new and free downtown and waterfront Watermark Cruises, a WBE (Women public transit system for tourists, Business Enterprise) company, through residents and of!ce workers alike.

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Ground was broken in 2008 for the Recreation and Parks, the Maryland will serve as a meeting place for the development of Legends Park at State Department of General Services Upton community and a destination 1301 North Freemont Avenue in the and the Pennsylvania Avenue location for the promotion of African Pennsylvania Avenue Corridor of West Redevelopment Collaborative, the American art, history and culture. Baltimore. Through a collaborative space is being transformed into an effort of BDC, Baltimore Main Streets, attractive park with a paved plaza, the Baltimore City Department of stage and lighting. Legends Park

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Type of Public Jobs Projected Total Retention / Expansion / Total Capital Company / Project Assistance Retained New Jobs Jobs Attraction Investment

600Block.com Business Incubation 2 2 Attraction 1110 East Baltimore Street Holdings Sale of City-owned Site N/A 35 35 Attraction $41,000,000.00 Phase II Environmental 1111 Light Street, LLC N/A 35 35 Retention Site Assessment 2Mpress U Nail & Hair Boutique FIG 5 5 Retention $13,972.00 4Ten Technologies LLC Business Incubation 4 4 Attraction AJM Enterprises, Inc. Loan 94 106 200 Expansion $2,075,000.00 Ark Sciences LLC Business Incubation 2 2 Attraction Asia Food FIG 8 8 Retention $4,300.00 Baba’s Mediterranean Kitchen FIG 5 5 Retention $8,620.00 Bay Island Seafood FIG 10 10 Retention $10,225.00 Best Upholstery FIG 3 3 Retention $16,750.00 Bozzuto Development Payment in Lieu of Taxes N/A 230 N/A Attraction $75,000,000.00 BTR Capital, LLC Business Assistance N/A 200 200 Attraction $10,000,000.00 Caribbean Variety FIG 3 3 Retention/Expansion $28,000.00 Century 21 Downtown FIG 6 Retention $4,175.00 Charm City Concierge Loan 36 4 40 Expansion $400,000.00 Clayworks FIG 8 8 Retention $3,139.00 Clothing Warehouse FIG 3 3 Attraction $180,000.00 First Line, Inc. Loan 2 1 3 Retention $52,300.00 Flowers by Angelica FIG 2 2 Attraction $1,000.00 Freda’s Kitchen FIG 4 2 6 Retention/Expansion $6,572.00 GlasZCafe FIG 4 4 Retention $6,300.00 Govans Old Trail Bar & Rest FIG 10 10 Retention $7,799.00 H & H Rock, LLC Business Assistance 62 388 450 Attraction $10,000,000.00 Phase I Environmental Impero Foods 15 15 Retention/Expansion $2,500.00 Site Assessment Jackson Hewitt FIG 6 5 (Seasonal) 11 Retention/Expansion $14,930.00 Lady Baltimore Studio Need 1 1 Attraction $180.00 Lexington Beauty Supply Loan 2 0 2 Retention $49,900.00 ManagementCV, Inc. Business Incubation 1 1 Attraction Manna Café NBW 4 4 Attraction $150,000.00 Merchants Terminal Business Assistance 70 5 75 Expansion/ Retention $40,000,000.00

Deﬁnitions

3FUFOUJPO&YQBOTJPO #VTJOFTT"TTJTUBODF 'BDBEF*NQSPWFNFOU(SBOU Keeping existing business in the City of Baltimore Any assistance provided by BDC, non-monetary, Grant matching a business owner’s capital that assists a company in its decision to with public dollars to facilitate façade "UUSBDUJPO stay in Baltimore, expand in Baltimore, or improvements bene!ting the business and Bringing new business into the City locate in Baltimore. Assistance can range the commercial corridor as a whole. from site selection to building permits. 5PUBM1SPKFDUFE$BQJUBM*OWFTUNFOU -BOE%JTQPTJUJPO Total capital dollars invested in a project #VTJOFTT*ODVCBUJPO Sale of publicly owned property by BDC on behalf as estimated by the company. Business assistance provided directly to of the Mayor and City Council of Baltimore. new and emerging companies through our Emerging Technology Centers program.

7H CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# Type of Public Jobs Projected Total Retention / Expansion / Total Capital Company / Project Assistance Retained New Jobs Jobs Attraction Investment

Milestone Hospitality Group Business Assistance N/A 20 20 Attraction $1,600,000.00 Mondawmin Mall TIF/ MEDAAF GRANT 500 550 1050 Expansion $70,000,000.00 mp3car.com Business Incubation 4 4 Attraction Mt. Washington Pizza FIG 6 2 8 Retention $2,525.00 Next Development Business Incubation 1 1 Attraction New Beginnings- Salon for Men FIG 5 2 7 Retention $8,000.00 Of!ce Space FIG 3 3 Retention $15,475.00 Old Banjara Restaurant FIG 12 12 Retention $19,250.00 Paniaqua’s Enterprises Loan 32 18 50 Expansion $697,410.00 Pigtown Pharmacy FIG 4 4 Retention $5,369.00 Pompeian Olive Oil Business Assistance 50 10 60 Retention/Expansion $4,000,000.00 Reportsee.com Business Incubation 3 3 Attraction Reset Medical, Inc. Business Incubation 4 4 Attraction SAJE Consulting Business Incubation 3 3 Attraction Sam’s Bagels FIG 11 11 Retention $4,000.00 Phase I & II Environmental Seawall Development Company N/A 55 55 Retention/Expansion $20,000,000.00 Site Assessments Select Services FIG 3 3 Expansion $425.00 Phase I & II Environmental Shippers Choice, LLC d/b/a Liquid Cargo 3 3 Attraction Site Assessments S & K Grocery FIG 4 4 Retention $9,000.00 Sister C Carryout FIG 4 4 Retention $13,500.00 Stone Exotics FIG 7 7 Retention $2,825.00 Swanson Graphics FIG 12 12 Retention/Expansion $32,800.00 Tenzo Artisan Bakery FIG 8 8 Retention $2,763.00 The Clothing Warehouse FIG 4 4 Retention $4,272.00 Trend Setters Hair Salon FIG 4 4 Retention $5,696.00 Under Armour Business Assistance 450 350 800 Expansion/Retention $26,000,000.00 Video Tech TV Repair FIG 3 3 Retention $525.00 Whimsy/Reason for Men FIG 2 4 6 Retention $8,279.00 YP Mortgages FIG 3 3 Retention $5,959.00 Zekes Coffee FIG 10 10 Retention $2,150.00

5PUBMT 1,514 2,030 3,313 $301,475,885

-FBTF 1*-05 Lease of publicly owned property by BDC on behalf Payment in Lieu of Taxes of the Mayor and City Council of Baltimore. 5*' -PBO Tax Increment Financing Direct !nancial assistance via a loan of public dollars including funding sources such as %PXOUPXO local economic development bond funds, De!ned as the area bounded by Interstate State and Federal funds provided to the City 83 to the east, Pratt Street and the Inner for economic development investment. Harbor to the south, and Martin Luther King Jr. Boulevard to the west and north.

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1 600Block.com 2 1110 East Baltimore Street Holdings 3 1111 Light Street, LLC 4 2Mpress U Nail & Hair Boutique 5 4Ten Technologies LLC 6 AJM Enterprises, Inc. 7 Ark Sciences LLC 8 Asia Food 9 Baba’s Mediterranean Kitchen 10 Bay Island Seafood 11 Best Upholstery 12 Bozzuto Development 13 BTR Capital, LLC 14 Caribbean Variety 15 Century 21 Downtown 16 Charm City Concierge 17 Clayworks 18 Clothing Warehouse 19 First Line, Inc. 20 Flowers by Angelica 21 Freda’s Kitchen 22 GlasZCafe 23 Govans Old Trail Bar & Rest 24 H & H Rock, LLC 25 Impero Foods 26 Jackson Hewitt 27 Lady Baltimore Studio 28 Lexington Beauty Supply 29 ManagementCV, Inc. 30 Manna Café 31 Merchants Terminal 32 Milestone Hospitality Group 33 Mondawmin Mall 34 mp3car.com 35 Mt. Washington Pizza 36 Next Development 37 New Beginnings- Salon for Men 38 Of!ce Space 39 Old Banjara Restaurant 40 Paniaqua’s Enterprises 41 Pigtown Pharmacy JHHE![&'U;#:@0

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June 30, 2008 and 2007 2008 2007

"TTFUT Cash and cash equivalents $ 3,913,924 5,804,778 Loans receivable, net of allowance for doubtful accounts of $215,177 and $178,450 for the years ended June 30, 2008 and 2007, respectively 2,858,778 2,321,145 Other receivables and investments 952,108 742,004 Prepaid expenses and deposits 155,610 130,605 Cash restricted for investments - - 100,000

Total Assets $ 7,880,420 9,098,532

-JBCJMJUJFTBOE/FU"TTFUT Accounts payable and accrued expenses $ 1,251,273 1,416,125 Other payables 510,594 1,116,826 Loans payable 750,000 750,000

Total Liabilities $ 2,511,867 3,282,951

/FU"TTFUT Unrestricted: Loan funds $ 2,548,964 3,154,387 Investment funds 356,897 398,503 Available for general activities 2,,462,692 2,262,691

Total Net Assets $ 5,368,553 5,815,581

Total Liabilities and Net Assets $ 7,880,420 9,098,532

77 CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# 5+#+&6&*+!'(!8<+0S0+0&,!#*3!)@#*U&!0*!X&+!8,,&+,

June 30, 2008 and 2007 2008 2007

Baltimore City Funds: General funds $ 3,678,617 2,250,557 City bond funds 3,875,908 3,757,949 Mayor & City Council real property funds 2,681,598 2,442,630 Total Baltimore City Funds $ 10,236,123 8,451,136

Federal funds $ 669,818 1,764,364 State funds 421,698 856,263 Interest income 215,693 319,776 Other fees 938,809 572,819 Private grants 27,332 415,453 $ 2,273,350 3,928,675 Total revenues $ 12,509,473 12,379,811

Payroll and payroll related, including temporary help fees $ 4,428,963 4,384,409 Occupancy 504,508 449,066 Supplies 92,976 140,366 Professional fees 68,027 67,094 Software support 63,046 108,496 Travel 53,934 72,760 Miscellaneous 53,364 53,099 Telephone 40,767 42,542 Repairs and maintenance 37,448 30,320 Bad debts 36,727 43,000 Staff development 35,071 58,794 Insurance 12,289 15,284 Capital expenditures 7,329,381 6,855,779 Total expenses $ 12,756,501 12,320,949 $ (247,028) 58,862

Transfer of loan program to funding source $ (200,000) - -

Change in Net Assets $ (447,028) 58,862

Net Assets - Beginning $ 5,815,581 5,756,719

Net Assets - Ending $ 5,368,553 5,815,581

CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# 7> 5+#((!.0;&<+';=!V#+!+@&!+06&!'(!:;0*+0*UW

Leadership Geographical West M.J. “Jay” Brodie, President Phil E. Croskey, Director of Economic Development – West Kimberly A. Clark, Executive Vice President Jason B. Schwartzberg, Economic Development Of!cer Jeffrey P. Pillas, Vice President & Chief Financial Of!cer Paul T. Clary, Economic Development Of!cer Nancy S. Jordan-Howard, Chief Operating Of!cer Katie A. Giordano, Assistant Economic Development Of!cer Taronda Wagstaff, Executive Assistant to M.J. “Jay” Brodie Michelle L. Edmisten, Administrative Assistant Plushette A. Sullivan, Executive Assistant to Kimberly A. Clark Industrial Development Administration Larisa A. Salamacha, Managing Director of Industrial Development Joann T. Logan, Director of Public Relations Gary E. Suskauer, Director of Brown!elds Initiative/Policy Analyst Tracy F. McIlwain, MIS Administrator Elizabeth A. Hines, Director of Foreign Trade Zone #74/Enterprise Sandra E. Blake, Urban Renewal Administrator Zone Administrator Lenea N. Armstrong, Executive Administrative/Marketing Assistant Roseann Walsh, Senior Economic Development Of!cer Yvonne Butler, Receptionist Elizabeth H. Goetzinger, Administrative Assistant Josephine E. Murdock, Executive Administrative Assistant Maglev Maryland Business Development Phyllis M. Wilkins, Executive Director Richard L. Escalante, Director of Business Development Christopher P. Moyer, Director of Business Development Planning & Design Paul J. M. Dombrowski, Director of Planning & Design Commercial Revitalization Ben J. Stone, Architectural Designer/Planner William L. Beckford, Managing Director of Commercial Revitalization Ernest L. Caldwell, Urban Designer Donna J. Langley, Director of Baltimore Main Streets Robert A. Williams, Architectural Assistant Nicholas V. Rudolph, Business District Specialist, Baltimore Diane E. Scott, Administrative Assistant Main Streets Mica J. Fetz, Business District Specialist, Baltimore Main Streets Small Business Resource Center (SBRC) Gaylord M. Dutton, Business District Specialist, Baltimore Paul E. Taylor, Director of the Small Business Resource Center Main Streets Lisa A. Edwards, Manager Kristen E. Mitchell, Senior Economic Development Of!cer Iris Carter, Receptionist Leon F. Pinkett, III, Senior Economic Development Of!cer David R. Garza, Economic Development Of!cer Special Projects Mary J. Klipa, Administrative Assistant Irene E. Van Sant, Director of Special Projects Arlisa W. Anderson, Senior Project Analyst Emerging Technology Centers (ETC) R. Ann Lansinger, President Westside Initiative Neil R. Davis, Vice President for Operations Kathy A. L. Robertson, Director of the Westside Initiative Fulya Gursel, Associate Director of Marketing John R. Thompson, Assistant Economic Development Of!cer V. Lynn Slone, Property Manager Michelle L. Edmisten, Administrative Assistant Valerie E. Ellis, Administrative Assistant

Finance & Accounting David P. Adamski, Controller Karen L. Bailey-Young, Full Charge Bookkeeper Betty J. O’Carroll, Accounts Payable Clerk Kimberly L. Taylor, Accounting Clerk

Geographical East Darrell A. Doan, Director of Economic Development – East Colin D. Tarbert, Senior Economic Development Of!cer Terrance E. Hancock, Economic Development Of!cer Marianne P. Navarro, Economic Development Of!cer Kerry M. DeVilbiss, Assistant Economic Development Of!cer

7A CITY OF BALTIMORE DEVELOPMENT CORPORATION 8**4#%!9&:';+!!""# Photo: Green space outside the Hilton Baltimore Hotel

Writing: Joann Logan, Director of Public Relations Staff of the Baltimore Development Corporation

Design: High Rock Studios www.highrockstudios.com

Photography: Ayers Saint Gross Black Oak Associates BTA+ Chesapeake Real Estate Group Daroff Design/Peter Paige Mark Dennis Richard Escalante Justin Gladden Richard Lippenholz RTKL/David Whitcomb Turner Development Group 36 South Charles Street, Suite 1600 Baltimore, Maryland 21201-3015 tel 410 837 9305 fax 410 837 6363 www.baltimoredevelopment.com