Sep 19, 2016
The Baltimore City Council is expected to give final approval on September 19 to a 660 million-dollar subsidy for the real estate development arm of Under Armour sportswear company. The subsidy will be paid for by a loan the city will take out in the form of bonds. That 660 million will be used to pay for infrastructure for a new “city within a city” to be built on 266 acres of land at Port Covington in Southwest Baltimore. The development will include a new headquarters complex for Under Armour.
Many city officials claim this huge giveaway is worth it because of the jobs that will be created and the community benefits that Under Armour’s development company has agreed to – supposedly worth 136 million dollars.
We know what such promises are worth. But even if this agreement was completely carried out, it would give back to the community only 136 million of the millions the city – that is taxpayers – will pay out. Only about one-fifth of what the developer will rake in.