Aug 19, 2013
A Baltimore developer offered to buy 30 million dollars’ worth of bonds during an August meeting of the City Council. Does it sound like a good deal for the city? The bonds mean that he will be paid back principal and interest – worth more than twice what he is spending.
This same developer, Michael Beatty, is a little shark, and former vice president of one of the biggest development companies in Baltimore. His billion-dollar project, Harbor Point, has already gotten 300 or 400 million dollars worth of special tax breaks from the city taxpayers.
After a raucous city council meeting, during which some Baltimore residents criticized all the tax money being given away by the mayor and city council to Harbor Point, Beatty offered a little “gift” to the city: three million dollars toward low-income housing.
Let’s see – that’s barely one percent of all the gifts the city has given his project! This shark is tossing back a minnow – and he expects residents to be happy!