The Baltimore City Council gave preliminary approval on Monday to a proposal for a decade of tax breaks for
Two council members, Nick Mosby and
If the council approves Harbor Point's application, the Baltimore Development Corporation said, it expects to submit the expansion request to the state agency in mid-October.
Inclusion in the Enterprise Zone would make Harbor Point eligible for 10-years of local property tax credits based on the amount of capital invested in the property. The state reimburses local governments for half of the property tax revenue lost due to the credit.
The Harbor East Development Group expects that construction at Harbor Point will take place in phases over a 10-year period. The final complex on the site is to include 1.5 million square feet of office space, 1,000 residential units, 230,000 square feet of retail space, an 86,000-square-foot hotel and 3,000 parking spaces, the application said.
In another action, the council unanimously gave approval to an expanded tax zone benefiting
Sun reporter Steve Kilar contributed to this article.