Last week's headlines

Developers busy in downtown Baltimore

June 01, 2008

Magna gets loan reprieve

Magna Entertainment Corp., which owns Laurel Park and Pimlico Race Course, received a reprieve on loan repayments and more cash. The Canadian company had owed $180 million to parent MI Developments Inc., which has a 59 percent stake in Magna, by the end of the month, and Magna's $40 million line of credit with a bank was due Friday. The bank exteneded its deadline to July 30, and MID to Aug. 31.

$550 million in construction

Developers completed nearly $550 million in downtown Baltimore construction projects in the first four months of this year. That's more than twice the value of developments completed in all of 2007. About $2.7 billion in construction is under way, despite the housing slump, credit crunch and economic slowdown, said the Downtown Partnership of Baltimore.

BGE credits set for September

Baltimore Gas and Electric Co. customers will get a one-time break from rising electricity bills in September, when the utility begins distributing $170 credits as part of a plan approved by state utility regulators. The bill credits were contained in a $2 billion settlement that state lawmakers approved last month to resolve a dispute with BGE's corporate parent, Constellation Energy Group Inc.

BDC finds redeveloper

The Baltimore Development Corp. has found a company to redevelop a West Baltimore warehouse that has stood mostly vacant since a supermarket company pulled out years ago. Himmelreich Associates Inc. of Baltimore is proposing a $22 million "community hub" with senior housing, offices, light manufacturing space and retail outlets.

Title company is shut down

A real estate title company in Severna Park and Ocean City was shut down after as much as $2 million from its escrow account for property settlements allegedly turned up missing, according to court documents and state regulators. Maryland Insurance Commissioner Ralph S. Tyler ordered that business licenses for Day Title Inc. and owner Deborah A. Williams be suspended and revoked.

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