City property sales to fund BDC

January 11, 2012|By Julie Scharper, The Baltimore Sun

Money is tight, even for the city's economic development agency.

The Baltimore Development Corp. hopes to draw a substantial portion of its budget from the sales of city-owned properties, a mayoral spokesman said Tuesday.

The city's spending board is slated to vote to transfer $2.4 million from proceeds from property sales to the BDC Wednesday morning, according to the board's agenda.

Ryan O'Doherty, a spokesman for Mayor Stephanie Rawlings-Blake, said that the unusual arrangement is meant to be a stop-gap measure to fund the BDC amid last year's budget shortages.    The city faced a $65 million shortfall in the current budget year and is looking to a $52 million shortfall in the coming year.

The document laying out the current budget notes: "The City will need to develop a long-term funding plan for BDC."

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