Feb 20, 2012
Excelon has promised to locate a divisional headquarters building in Baltimore if it is allowed to gobble up Constellation Energy and BGE. However, the property taxes that will be paid on the new building will not make up for the taxes Constellation has been paying on its old headquarters building – currently about three quarters of a million dollars a year.
Why? Because the new building will get a tax break for the next 10 years – 80% for the first five years, with decreasing breaks for five years after that.
What a deal for Excelon and wealthy real estate developer John Paterakis! And what a rip-off of ordinary city taxpayers!