A state board said Monday that the Baltimore Development Corp. improperly barred the public and the news media from meetings about a proposal that the city borrow $535 million to pay for roads, parks, sewers and other projects on land in South Baltimore owned by Under Armour CEO Kevin Plank.
The Open Meetings Compliance Board said the BDC’s stated reason for closing the meetings — that it was discussing the marketing of bonds — did not apply and that the discussions that occurred in closed session did not fall within allowable exceptions.
As part of its proposed mixed-use redevelopment of land south of Interstate 95 near the cruise terminal, Plank’s private real estate company, Sagamore Development, is seeking $535 million in tax increment financing for infrastructure. The TIF bonds would be repaid by taxes generated by the project.
Click here to read the rest of the article written by Natalie Sherman over at Baltimore Sun