Planners endorse measure to grant tax break to 1 Light St. developers

November 06, 1998|BY A SUN STAFF WRITER

Developers planning a $120 million hotel and office complex at 1 Light St. in downtown Baltimore -- site of the Southern Hotel -- passed a key hurdle yesterday when the Planning Commission endorsed legislation that would allow them to make a "payment in lieu of taxes" (PILOT) for part of the project.

The developers sought the legislation as part of their strategy for financing the project, which includes a 267-room hotel, a 660-space garage and nearly 400,000 square feet of office space.

Under the measure, the owners would make an agreed-upon payment to the city for the hotel and the garage rather than pay taxes on the full assessed value of the property. The PILOT would be in effect for the first 10 years of the hotel's operation and the first 25 years of the garage operation.

The City Council must approve the legislation. A hearing will be held this fall.

Pub Date: 11/06/98

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