Financing

DOVER, Del. - Magna Entertainment Corp. says it needs additional debtor-in-possession financing as it works to emerge from Chapter 11 bankruptcy. Canada's Magna, the largest horse track owner in the United States, previously reached agreements with a subsidiary of its parent, MI Developments, for $64.4 million in financing. But Magna, which filed a reorganization plan two weeks ago, says it is facing liquidity issues because of an unexpected decline in horse racing revenues and weather-related race cancellations at Santa Anita Park in California.

You know you're exceptional at managing money when your parents come to you to borrow an occasional $10 or $20 — and you're just 7 years old. Wilde Lake High School senior Taylor Bruner has long had been adept at money matters, and that has developed into an interest that may reap dividends not only after after high school, but also help her and three other like-minded students at Howard County's Applications and Research Lab win a state finance...

The board of the Baltimore Development Corp. is recommending the city approve a developer's request for $107 million in tax increment financing to pay for roads, utilities and parks for the $1 billion mixed-use Harbor Point development on the waterfront between Harbor East and Fells Point. The board of the BDC, the city's development agency, voted Thursday to send a recommendation to Mayor Stephanie Rawlings-Blake for consideration. The financing, a way to fund construction of public infrastructure for new development, also requires City Council approval.

As a senior financial planner with Baltimore money manager T. Rowe Price, Stuart Ritter spends much of his time on the job - and off - educating people about personal finance. April is Financial Literacy Month, and as many surveys show - including one by Price - we have a long way to go before we're a money-savvy nation. That means Ritter has his work cut out for him. Ritter took some time to answer questions about personal finance as it relates to parents and their children.

The state is kicking off a $150,000 campaign to advertise financing help for small businesses in Maryland. The state Department of Business and Economic Development said Tuesday that it will be running ads — online and on radio stations for 10 weeks — to spread the word that four of the state's financing programs still have money to extend after receiving $23 million in federal funding through the Small Business Jobs Act of 2010. The state, which has spent or earmarked about $1.3 million since getting the OK to start using the money last June, has until 2018 to allocate it all. The "Financing that Fits" campaign advertises the Maryland Small Business Development Financing Authority, which gives credit guarantees; the Maryland Industrial Development Financing Authority, which gives loan guarantees; the Maryland Venture Fund, which invests in startup companies; and Neighborhood Business Works, which provides gap financing.

Mayor Stephanie Rawlings-Blake will consider a request for up to $35 million in city tax increment financing for infrastructure projects related to the proposed doubling of Under Armour's Locust Point headquarters in South Baltimore. The board of the Baltimore Development Corp., the city's economic development agency, planned to forward the request to the mayor Thursday. The BDC board on Thursday also heard updates on developer Lexington Square Partners' proposed $150 million apartment and retail development on downtown's west side, in an area long targeted for urban renewal.

MicroProse Inc. said yesterday that it closed its $10 million financing with Spectrum HoloByte Inc.As part of the financing agreement, MicroProse also said that Spectrum has appointed Patrick S. Feely, Gilman G. Louie, Barry James Folsom and Frank Murnane to the MicroProse board, representing one-half of its members.John W. Stealey Sr., MicroProse's co-founder and principal stockholder, has resigned as president and chief executive, and Spectrum intends to appoint a replacement acceptable to MicroProse.

Dear Mr. Azrael:My husband and I recently contracted to have a home built. The home is scheduled for construction to begin in October with an estimated settlement in January.We have put a down payment down and expect to put down over 20 percent at settlement. We need to secure a mortgage company [and] pay for an appraisal fee and a credit report.My question is that, since January is so far away, and no one knows what the rates will be, what is the best way to handle the financing?Do we just go ahead and go with [the builder's mortgage company]

Signet Bank has provided construction financing and its affiliate, Signet Mortgage Corp., has provided residential financing for Nu-Homes Inc.'s development at Parson's Ridge in Bel Air.A grand opening preview of the model homes was on Sept. 14. This opening included a luncheon and tours of the award-winning homes, The Tidewater and The Millwood. The models, with prices starting at $239,000, are offered through Will Schneider and Joy Schene of Prudential Preferred Properties.Present at the opening were members of the Harford County Association of Realtors and its president, Joan Ryder.

Univax Biologics Inc. of Rockville yesterday lost its financing for a new manufacturing plant and headquarters, as Bioplex Group Inc. backed out of a $45 million deal to build a 130,000-square-foot facility that was set to open in 1996.Bioplex, which has dual headquarters outside Boston and San Diego, said it was pulling out of the deal and suspending all biotechnology activities because of pending litigation. Bioplex officials couldn't be reached late yesterday after the announcement, and Univax officials say they don't know what the lawsuit is about.

Your editorial, "Good government wins," (April 15) falls short of the mark. Bestowing kudos to the General Assembly for passing legislation that makes campaign finance more helpful in "restoring integrity to the political process" is, with all due respect, misguided. As you point out, these reforms are offset with other provisions which result in a process that facilitates throwing more money into the political arena instead of getting money out. The actions of the General Assembly with regard to campaign finance reform bring to mind the following analogy.

When the General Assembly created a commission to study Maryland's campaign finance laws two years ago it was difficult to tell whether the effort would lead to much. Certainly, the need for reform was there, but even given how Democrats have been decrying the Supreme Court's disastrous Citizens United ruling and the lack of limits on political spending, it wasn't clear how far elected officials in Maryland would go to rein in their own fundraising. Fortunately, advocates for reform had an ace in the hole: Maryland's current limits on campaign contributions - both to individual candidates and to all campaigns during any four-year election cycle - hadn't been raised in two decades.

In their op-ed piece calling on Congress to "Fix the sequester before it's too late" (April 5), Rep. Steny Hoyer and Gov. Martin O'Malley assert that Maryland is on the verge of eliminating its long-standing structural deficit. To the extent that is true, it still doesn't account for the mounting unfunded liabilities related to public employee health care benefits and pensions in Maryland that must be paid by the taxpayers. So long as our political leaders are unwilling to identify this major fiscal challenge facing future generations the problem of Maryland's structural deficit cannot be addressed.

With most of the heavy lifting behind them, Maryland legislators will convene Monday for a final frenzy of lawmaking before the 2013 General Assembly session adjourns at midnight. Bills that could affect every dog owner and every driver who talks on a cell phone still await approval, as does legislation that would craft tighter rules on speed cameras, legalize the use of marijuana for medical purposes and put new restrictions on government speed camera programs. Most lawmakers said these remaining issues and scores more will likely find resolution by the end of the day. "We're in pretty good shape," House Speaker Michael E. Busch said as his chamber adjourned Saturday afternoon.

The Senate gave its preliminary approval Tuesday to a comprehensive campaign finance reform bill after refusing to strip out a provision letting counties set up their own public-financing systems.  The measure, which has already passed the House, could receive a final vote as early as Wednesday. It would need to be reconciled with a slightly different House version.  Among other things, the legislation would raise campaign donation limits that haven't changed in two decades, curb giving through multiple corporate entities to evade those limits, increase reporting requirements and give the State Board of Elections new enforcement powers.

A moment of silence, please, for the death of the combined reporting bill in the General Assembly. The corporate tax reform measure passed away suddenly last week, the result of a 7-6 vote by the Senate Budget and Taxation Committee, which has developed a nasty habit of killing the bill annually. In lieu of flowers, supporters ask that angry letters be sent to lawmakers. It came as no surprise, of course, but that doesn't make the death of combined reporting any less frustrating.

One month after it negotiated an agreement to enable it to move ahead with the construction of a $39 million federal office building, a group headed by Otis Warren and Theo Rodgers has been unable to obtain financing for the project.The U.S. General Services Administration sent an official to Baltimore yesterday to determine the reason for the delay and will decide soon on whether to wait for Mr. Warren's group or to go with another developer.Mr. Warren could not be reached for comment. But John Thompson, director of business and public affairs for the GSA's Philadelphia office, said he understands the developer has been unable to sell the bonds needed to raise funds for the construction of the 11-story, 300,000-square-foot building, planned for the southwest corner of Baltimore and Howard streets.

HAMPSTEAD DESperately needs a bypass.There is no argument that diverting the heavy flow of traffic from the center of this pleasant northeast Carroll town would substantially improve the quality of life for its 3,300 residents. The disagreement is how to pay for the road.Since Hanover Pike, also known as Route 30, is a state road, Carroll residents have always assumed that the State Highway Administration would pay for the planning, design and construction of the 5.8-mile bypass.As currently planned, the road would branch from Route 30, swing out to the west away from the populated areas and rejoin Route 30 north of the village of Greenmount.

The board of the Baltimore Development Corp. is recommending the city approve a developer's request for $107 million in tax increment financing to pay for roads, utilities and parks for the $1 billion mixed-use Harbor Point development on the waterfront between Harbor East and Fells Point. The board of the BDC, the city's development agency, voted Thursday to send a recommendation to Mayor Stephanie Rawlings-Blake for consideration. The financing, a way to fund construction of public infrastructure for new development, also requires City Council approval.

High Street Partners, a business software and services company based in Annapolis, said Monday it received $8 million in financing, the largest round of funding in its 10-year history. The company said it would use the proceeds raised from venture capital investors - Baird Capital, Sigma Partners and Gold Hill Capital - to accelerate the launch of applications in its HSPOverseasConnect platform. High Street's offers software and services that help companies with back-office operations, such as payroll.