Council bill first step in issuing bonds for Charles Village project

September 14, 2004|By Doug Donovan | Doug Donovan,SUN STAFF

Baltimore's City Council introduced legislation last night that begins the process of issuing $9.9 million in bonds that would improve public areas near a Charles Village development called College Town.

Separate legislation also was introduced at the council's meeting that would allow for the bonds to be repaid with new taxes generated by the North Baltimore retail and residential project, an approach called tax-increment financing, or TIF.

Struever Bros. Eccles & Rouse Inc. is developing a $150 million project along St. Paul Street between 32nd and 34th streets. Plans call for the developer to build 68,300 square feet of retail space, including a Barnes & Noble bookstore, as well as 151 condominium units, 263 private parking spaces and a public parking facility.

A third piece of legislation was introduced that would authorize the imposition of a special tax on property owners within that district if the TIF falls short of repaying the bonds.

Proceeds from the bonds would be used to improve landscaping along St. Paul Street and the median along 33rd Street. The money would also provide for traffic-calming measures for Union Memorial Hospital and for acquiring land for public parking.

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