Oct 16, 2017
Baltimore officials recently agreed to sell developers a row of five historic commercial buildings on Howard Street downtown. The sales price? The developer will pay $75,000 up front and promises to pay another $100,000 in installments over the next decade. But the city paid well over $580,000 to buy these rundown buildings. This quietly reported deal, like a similar one a few blocks away, is a telling example of how the city squanders its money for the profit of developers, taking it from schools, community centers, sewers, or other public services.
And the money in all these deals racks up!