Daily Briefing

DAILY BRIEFING

November 24, 2009

1st Mariner unit to share profits with private firm

1st Mariner Bank's division that originates reverse mortgages and conventional mortgages has entered into a profit-sharing agreement with a private company, according to documents filed last week with the U.S. Securities and Exchange Commission. Next Generation Financial Services originates reverse mortgages for sale to Fannie Mae and other private investors. 1st Mariner said the profit-sharing agreement may result in the acquisition of Next Generation if certain requirements are satisfied within the next 18 months, but noted that there is no assurance that the transaction will occur. The bank said it does not anticipate any material benefit from the sale.

- Hanah Cho

City announces $500,000 allocation for Town Theatre

The directors of Everyman Theatre came $500,000 closer to their goal of creating a home inside Baltimore's Town Theatre, after Mayor Sheila Dixon announced Monday that the city is allocating money to help the project. The state money is to revitalize West Baltimore, and the city chose to help renovate the Town Theatre, 315 W. Fayette St. Everyman members said they have raised $15.1 million of their $17.75 million goal.

- Edward Gunts

Panel recommends team to renovate Parkway Theatre

A community selection panel has recommended that the city-owned Parkway Theatre at 3-5 W. North Ave. in Baltimore be sold for redevelopment to a group headed by Samuel Polakoff of Cormony Development and Donald and Thibault Manekin of Seawall Development Co. They proposed that the theater be renovated for live entertainment to draw visitors to the surrounding Station North Arts and Entertainment District. A second proposal called for the theater to be restored as part of a cinema and drafthouse. The panel's recommendation was sent to the Baltimore Development Corp.'s board of directors, who met in closed session last week to decide which proposal to recommend to the mayor. Kim Clark, executive vice president of the BDC, would not say identify the chosen team.

- Edward Gunts

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