City approves loan to entice firm to expand

November 03, 2005|By DOUG DONOVAN

The city's spending board approved an office improvement loan yesterday that helped entice a Chicago-based insurance corporation to expand its Baltimore presence.

The Board of Estimates voted unanimously to lend $900,000 to Aon Corp., which plans to expand next year into an office at 500 E. Pratt St. Aon has about 180 workers at its office at 111 Market Place.

Aon will pay 1 percent interest on the 15-year loan and provide no collateral.

City and real estate officials said the deal is a standard incentive. Officials estimate that Aon provides an annual economic benefit of $188,720 in property, payroll, parking and utility taxes.

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