Stimulus funds to go toward Balt. Co. office, hotel projects

Developers to make use of $26 million in recovery zone bonds

June 28, 2010|By Lorraine Mirabella, The Baltimore Sun

Two development projects in Baltimore County, including an office building in Towson and a hotel in Owings Mills, will make use of $26 million in federal stimulus financing, county economic development officials said Monday.

Two development projects in Baltimore County, including an office building in Towson and a hotel in Owings Mills, will make use of $26 million in federal stimulus financing, county economic development officials said Monday.

Developer Towson City Center LLC plans to use up to $16 million in federal Recovery Zone Facility Bonds to redevelop a vacant, 12-story building overlooking Towson Circle into 155,000 square feet of offices and shops, a $27 million project that will create 500 permanent jobs.

Another team, Home Run Lodging LLC, will use up to $10 million in bonds to build a five-story, 105-room Hampton Inn on Red Run Boulevard in Owings Mills, a more than $11 million project. The federal financing, designed to jump-start construction nationwide and create jobs, comes from a pool of tax-exempt bonds made available nationally for private sector projects.

The Baltimore County Council is slated to vote July 6 on the bonds, which allow businesses and commercial developers to borrow funds at below-market interest rates. The federal government has allocated a total of $48.8 million in recovery zone bonds to Baltimore County.

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