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AnnuAl RepoRt 2010City of BAltimoRe Development CoRpoRAtion

As we look back a decade, we see a City full of hope, future

potential and justifiable pride in many accomplishments

Among those accomplishments is the City’s investment in the

renovation and expansion of Mondawmin Mall, ensuring that

this Northwest Baltimore icon continues to create jobs and taxes

.

.

VAlues

We hold the highest standards of honesty, integrity, respect, and professionalism. We understand that responsiveness is the key to meeting our customers’ needs. We believe that success depends on exchanging ideas, sharing responsibilities, and making decisions at all levels. We respect tradition and value change. We believe BDC’s strength lies in the creativity and diversity of its staff. We share a vision for an ever-stronger Baltimore.

We will accomplish this by providing outstanding customer service. Offering innovative ideas and solutions. Engaging others in a collaborative effort. Utilizing all possible resources. Capitalizing on our City and regional strengths.

Image CaptIon

VISIon

To lead Baltimore to the forefront of cities in which to live and do business by becoming the preeminent economic development entity in the United States.

mISSIon

To act as a catalyst in the creation of a robust, sustainable economy for Baltimore.

Table of Contents 2-3

2 Baltimore Development Corporation 32 annual Report 2010Baltimore Development Corporation

2010 BuSIneSS RetentIon, expanSIon & attRaCtIon ReSultS110

StatementS of fInanCIal poSItIon116

Statement of aCtIVItIeS & Change In net aSSetS117

BoaRD memBeR DIReCtoRy118

Staff DIReCtoRy119

Create New Real Estate Development Opportunities

MISSION

0525th Street Station60

90 Westside Initiative

86 united States Social Security administration

82 the fitzgerald at uB (university of Baltimore)

80 university of maryland Biopark

78 mchenry Row

76 howard park grocery Store

73 Kona grill74 hollander 95 Business park

72 the admirals Cup

70 former highlandtown library

68 fairfield

64 energy answers International

62 Charles north

61 Brownfields Initiative

Support the City’s Cultural Resources / Institutions

MISSION

06

108 Seton Business park (new psalmist Baptist Church expansion)

106 Senator theatre

104 pennsylvania avenue (former Sphinx Club)

102 Seadog Cruises

101 pierce’s park

101 Inner harbor Coordination

98 everyman theatre, Inc.

letteR fRom the ChaIRman & pReSIDent08

letteR fRom the mayoR06

BDC pRojeCtS04

Retention and Expansion of Existing Businesses

MISSION

01Business Retention and outreach12

26 foreign trade Zone (ftZ)

24 enterprise Zone

22 Volunteers of america Chesapeake

20 transamerica / aegon

18 naaCp

14 morgan Stanley

Attract New Businesses

MISSION

02Bambeco32

36 emerging technology Centers (etC)

34 Crossroads and Carroll Camden Industrial parks

Increase Employment Opportunities

MISSION

04minority Business Inclusion54

56 Small Business Resource Center (SBRC)

52 hilton Baltimore

Promote and Improve Retail Districts Beyond Downtown

hilltop Shopping Center50

42 Commercial Revitalization

MISSION

03

BDC Projects 4-5

Baltimore Development Corporation annual Report 2010 54

1 180’s

2 admirals Cup, llC

3 aegon

4 allstate floors & Construction

5 american Radiology

6 Baltimore Clayworks Inc

7 Bambeco

8 Barton Cotton

9 Barton malow

10 BmW

11 Bond Distributing

12 Casa Di pasta

13 Chezzie Realty

14 Community Store

15 Canton port Services

16 Connections academy

17 Corner Carry out

18 Crown Security

19 Day Spring, Inc.

20 eastern Retail Shipping & Delivery

21 family tree, the

22 fells point meats

23 fraley Corporation

24 geo g Ruppersberger & Sons Inc

25 greektown grille

26 hamilton physical therapy

27 hamilton Vacuum

28 hopkins Discount & Dollar Store

29 jen liquors, Inc

30 jiffy lube

31 King architectural metals

32 Kodi’s

33 Kona grill / one east pratt Street, llC

34 light St nail Salon

35 lucky’s Deli & market

36 maisy’s

37 mchenry Row holding Company, llC

38 m&CC / Clear Channel

39 miss Belle’s Restaurant

40 moodlerooms

41 mother’s federal hill grille

42 naaCp

43 oaktree management façade project

44 ope’s laundromat

45 paradiso

46 performance Workshop, Inc.

47 Senator theatre, llC, the

48 S.h. Bell Co

49 Soft and Cozy Baby

50 South Broadway properties, llC

51 Southwest Charter School

52 Steady Baltmore Inc

53 Volunteers of america

54 Wexford Science and technology, llC

55 WWl

a 3000 block of greenmount avenue

ann’s Clothing

Darker than Blue

goldstone jewelry

green’s Carryout

joyce’s place

main Street hats

next level

people’s Community health Center

penn optical

x-top

B etC (emerging technology Center) at johns hopkins eastern

acclaro Research Solutions, Inc.

CervoCheck, llC

grovehurst Construction management group

Khepra energy group, llC

mDR group

RC matrice, llC

Superior technology Solutions Corp.

C etC (emerging technology Center) at Canton

6th Street Inc.

applied plasma Science llC

Baltimore media group llC

Blue globe Solutions

Brijen Biotech llC

Cognapse llC

Curiosityville llC

edcosystem, Inc.

ellickson uSa llC

funding universe

groove Commerce

Kitchen table financial

nV3 technologies llC

oomph marketing

pieran llC

Ridgewood healthcare It

Saje pharma llC

Soleil Solar llC

travelClick

urban Design group llC

Voiceplex llC

BDC pRojeCtS


Letter from the Mayor 6-7StephanIe RaWlIngS-BlaKe, mayoR, BaltImoRe CIty

BDC understands that in order to have a strong, vibrant and diverse City we must work hard to promote economic development in our neighborhoods. BDC has been hard at work for many years in the Northwest community of Howard Park and progress is being made on bringing a supermarket to that community. Since the grocery store closed more than a decade ago, and since my days as a member of the Baltimore City Council representing the 5th Council District, I have worked tirelessly with community leaders and BDC to bring a full-service grocery store to the site on Liberty Heights and Gwynn Oak Avenues. Additionally, BDC has worked on other important projects, such as the Senator Theater, McHenry Row, Hollander Ridge, Hilltop Shopping Center, and the Seton Business Park to name a few.

Thank you for your commitment and confidence in our City. We have made great progress and I am proud of Baltimore’s successes. I know that by working together, Baltimore’s future is better, safer, stronger!

Sincerely,

Stephanie Rawlings-BlakeMayor, Baltimore City

letteR fRom the mayoRAs shown in BDC’s 2010 annual report, we have the basis to be optimistic about the future. We are growing businesses in Baltimore! At the Emerging Technology Centers (ETC), Baltimore City’s incubator, 31 companies located their operations at the ETC in Canton or Johns Hopkins Eastern in 2010; a continuation of the excellent results over the last five years – an average of 23 new technology companies per year. In 2010, the ETC had 18 technology companies graduate from our incubation program with 65% of these graduates staying in Baltimore City.

In 2010, the Baltimore Main Streets program was responsible for the opening of 43 net new businesses, resulting in 60 full-time and 59 part-time jobs; 39 new façade renovations were completed, helping to stimulate more than $680,000 in private investment. BDC also performed business outreach in efforts to retain and attract business. BDC staff visited over 200 companies in 2010.

And the Small Business Resource Center (SBRC), a division of BDC responsible for providing services to support the growth of existing and prospective businesses through individual assessment, consulting, seminars, technical assistance and referrals within a cooperative network of public and private sector partners, conducted more than 70 counseling sessions and seminars in 2010. In addition, over 3,700 people visited the SBRC and the center fielded more than 6,700 telephone calls for assistance.

Developments such as Mondawmin Mall, Clipper Mill, Belvedere Square, and Frankford Estates – aided by TIFs (Tax Increment Financing) – are thriving and creating jobs for residents and generating tax revenue that the City would not otherwise collect. Through the carefully considered use of financial incentives such as TIFs and PILOTs (Payment in Lieu of Taxes), the City has seen $1.162 billion in new projects, with $275 million of certified MBE/WBE participation, resulting in 5,620 jobs and $25.9 million in annual taxes. The City also uses federal and state tax programs to spur development, such as Brownfield Incentives, Enterprise Zone and Foreign Trade Zone Credits.


aRnolD WIllIamS, Cpa, BoaRD ChaIRman | m.j. “jay” BRoDIe, pReSIDent Letter from the Chairman & President 8-11

2003 was a year of construction cranes and scaffolds – evident in many areas of the City – demonstrating increased investor confidence. The value of projects completed or under construction at the time exceeded $1.6 billion.

In 2004, BDC refined its organizational structure to more efficiently and effectively address the needs of Baltimore’s business community, and at the same time, further the strategic initiatives set out in the City’s Economic Development Growth Strategy.

BDC’s work in 2005 contributed significantly to Baltimore being seen as a growth market by national development investors. Duke Realty successfully acquired the former General Motors assembly plant site in East Baltimore, citing the 180-acre industrial property as “the best port-oriented development opportunity in the United States.” Wells Real Estate purchased a prominent downtown office building at 100 E. Pratt Street, adding to confidence in Baltimore’s downtown office market.

One of the 2006 highlights was the attention paid to the renovation and expansion of Mondawmin Mall in Northwest Baltimore. This $70 million project represented a major investment by the mall’s owner, General Growth Properties, and the City (through a $15 million TIF bond for infrastructure improvements).

In 2007, BDC continued its work to enlarge the inventory of space for the vital warehouse/distribution sector by facilitating the creation of a new business park – Chesapeake Commerce Center, the former General Motors property. And next to Oriole Park at Camden Yards, BDC oversaw the on-schedule and on-budget construction of the Hilton Baltimore Convention Center Headquarters Hotel, a critical element for the competitiveness and growth of the City’s hospitality and tourism business.

letteR fRom the ChaIRman & pReSIDentAt BDC, we take our core mission of the retention and expansion of businesses – creating jobs and increasing Baltimore City’s tax base – Very Seriously! BDC activities in calendar 2010, retained 2,074 jobs, while creating an estimated 1,873 new jobs (totaling 3,947 jobs) leveraging an estimated $214,399,904 in capital investment. Our outreach efforts last year – key to successful business retention and expansion – involved more than 200 City businesses.

This is also a fitting moment to look back over the last decade. We see a City full of hope, future potential and justifiable pride in many accomplishments.

In 2000, the technology revolution was reshaping the world’s business landscape, with the creation of info and biotech jobs. Led by BDC, Baltimore City has been very successful in attracting tech companies to Baltimore. And around the harbor, three projects moved forward: Inner Harbor East, HarborView and Tide Point – each representing new ideas for Baltimore’s future. Conversion of the former Montgomery Ward warehouse into “green” office space began. The Westside Initiative moved forward. Development continued in Holabird and Seton Business Parks. The State of Maryland’s General Assembly approved key development incentives: a brownfields program and a more flexible Tax Increment Financing (TIF) law, as well as the creation of a Parking Authority for Baltimore City.

Our report for the year 2001 demonstrated returns on the City’s investment: new jobs, new or expanded businesses, new places to live, new taxes generated, new programs launched – excitement and optimism in a year of great challenge. The tragedy of September 11 affected the way all of us think about life and brought forward the importance of the bonds formed as neighbors and members of a shared community.

In 2002, BDC expanded its mission when Mayor Martin O’Malley asked BDC to assume responsibility for the City’s Commercial Revitalization function, which had been located in the Department of Housing and Community Development.

10 Baltimore Development Corporation 11annual Report 2010

Letter from the Chairman & President 8-11

And in 2010, Morgan Stanley expanded into new waterfront office space at the first building to be constructed in Harbor Point; the NAACP decided to retain its national headquarters in Seton Business Park; Transamerica/Aegon announced it would be consolidating its Baltimore operations at 100 Light Street as well as relocating AEGON’s CEO from Iowa to Baltimore, solidifying the City as the company’s North American base of operations; and Bambeco, an eco-retailer found Baltimore an attractive location, bringing its corporate headquarters to the City from West Virginia. Projects such as 25th Street Station in Remington, redevelopment of the former Chesapeake Restaurant building in Charles North, the Howard Park Grocery Store project in Northwest Baltimore, McHenry Row in Locust Point and the Westside Initiative continued to move forward. The Fitzgerald residential/retail development in Mt. Vernon was completed and the U.S. Social Security Administration announced plans for its new complex in Northwest Baltimore, adjacent to the Reisterstown Plaza Metro stop, retaining 1600 jobs in the City, through a tax-paying, privately-built development.

Small business development continues to expand through BDC’s Main Streets program, the Emerging Technology Centers and the Small Business Resource Center, while the Foreign Trade Zone and Enterprise Zone functions have proven their value in promoting business growth both around the Port and in the City’s commercial areas.

As we move ahead carrying out Mayor Stephanie Rawlings-Blake’s economic development strategy, we look forward to working with your business – helping to ensure your growth and continued prosperity in Baltimore City. Let us know how we can help!

Sincerely,

Arnold Williams, CPA Board Chairman

M.J. “Jay” BrodiePresident

2008 saw the Baltimore City Council and Mayor approve major TIF legislation for the infrastructure needed to create an entirely new mixed-use, “green” community in Westport, to be developed on the west shore of the Middle Branch of the Patapsco River. The Baltimore Main Streets program was expanded by adding two communities – Brooklyn and Hamilton-Lauraville. Construction started on the residential/retail development – The Fitzgerald at UB (University of Baltimore) – for which BDC negotiated a PILOT (Payment In Lieu of Taxes) to enable the project to be economically feasible.

2009 was a year in which BDC’s outreach efforts resulted in more business growth and expansion successes – including Bravo Health in Brewers Hill; Legg Mason’s relocation and expansion to Harbor East; MTC Logistics’(formerly Merchants Terminal Corporation) new “green” refrigerated distribution center near the Port of Baltimore; Pompeian Inc.’s new warehouse addition on Pulaski Highway; and Under Armour’s expansion in the former Overflo Public Warehouse in Locust Point. Baltimore City was also the beneficiary of federal stimulus funds, ultimately awarded to the University of Maryland BioPark, enabling its continued growth and development.

At the ETC (Emerging Technology Centers), the City’s incubator program, operated by BDC, where the focus is on growing early-stage technology and biotechnology firms in Baltimore City, 23 new companies joined the program in 2009 and 21 graduated. By year’s end, 84% of ETC’s graduates were still in business. While ETC companies enjoy flexible leases and shared services, it also provides an environment in which like-minded companies can accelerate their potential through partnerships, joint ventures, and other collaborations. The ETC has maintained high client quality; its client companies employed 360 people in 2009 at an average annual salary of $75,000, and had average annual revenues in excess of $900,000.

Over the past years, the Small Business Resource Center (SBRC) has focused on developing capacity in the small business community through counseling, coaching and seminars. In 2009, the SBRC, located on the 3rd floor of Johns Hopkins Eastern at 1100 East 33rd Street, provided technical assistance in the form of more than 72 counseling sessions and seminars. In addition, over 4,000 people visited the SBRC, with the center handling more than 9,600 telephone calls for help.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29poRt of BaltImoRe


We have always enjoyed strong support from the City and BDC, but our relocation to our current headquarters in Harbor East best illustrates BDC’s dogged efforts to assist us.

Business Retention and Outreach During 2010, BDC’s staff conducted more than 200 outreach visits with business owners throughout the city. An outreach visit can be pivotal in influencing a company’s decision to make additional investments in their business. As a part of the outreach visit, BDC staff provides specialized information about city processes, financing programs and workforce programs. Staff also offers to serve as a liaison to other city agencies in order to act as an advocate for the company as it navigates what often are unfamiliar processes.

Outreach visits provide the opportunity to build a relationship with the business owner and learn about company plans. This firsthand information enables delivery of customized business assistance. For business owners, the interaction with BDC staff is significant as having a familiar economic development person to call upon can be invaluable

Retention and Expansion of Existing Businesses

MISSION

01

“

While Legg Mason has always been committed to Baltimore, the decision for a new Global Headquarters Building

was an important one for our company. BDC had been instrumental in furthering the development of Harbor East

into an amenities attraction truly befitting global companies. From the outset, BDC worked to retain Legg Mason

in the City and helped to identify and facilitate a suitable opportunity for the creation of our Global Headquarters.

Throughout the design and construction of our building, BDC staff and leadership provided invaluable assistance in

navigating the myriad of details necessary to meet the aggressive time table that we had for this project. Your efforts

included assistance with the fast-tracked permitting process, expedition of road closures and land swap arrangements,

and attention to the logistics of traffic and transportation issues. In addition, the City also provided an infrastructure

grant for public utilities and promenade improvements.

We are excited to renew our commitment to Baltimore with our move to our new Headquarters in Harbor East.

This continued Baltimore renaissance takes true leadership and we thank you (Jay Brodie) and your colleagues

at BDC for all of your efforts.”

Mark R. Fetting

Chairman and Chief Executive Officer

Legg Mason, Inc.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29moRgan Stanley


moRgan StanleyMorgan Stanley & Co., Inc., a global financial services firm, took occupancy of its new waterfront office building at Harbor Point in 2010. By leasing 140,000 square feet in the 277,000 square-foot, eight-story Thames Street Wharf Office building, the company is expanding its business operations with financial assistance from the City of Baltimore and State of Maryland, creating an estimated 900 new jobs over several years.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29moRgan Stanley


Morgan Stanley, which already had a significant presence in Baltimore, consolidated employees from two offices in the city to its new location at 1300 Thames Street. In 2002, BDC partnered with the State of Maryland’s Department of Business and Economic Development (DBED) to attract Morgan Stanley to Baltimore.

Located between Fells Point and Harbor East, Thames Street Wharf is the first property completed at Harbor Point. Harbor Point, the former site of the Allied Signal chromium plant, is being redeveloped by H&S Properties as a mixed-use project, adding a vibrant bridge between the adjacent Harbor East area and Fells Point.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29naaCp


naaCpCity officials in 2010 celebrated the NAACP’s (National Association for the Advancement of Colored People) announcement that it would be retaining its national headquarters in Northwest Baltimore at 4805 Mount Hope Drive in Seton Business Park. Founded in 1909, the NAACP is the nation’s oldest and largest civil rights organization.

BDC worked with the NAACP over a number of years to maintain the presence of this prestigious organization in the city. The NAACP moved to Baltimore in 1986 from New York.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29tRanSameRICa/aegon


tRanSameRICa/aegonTransamerica Life Insurance Company, an AEGON company, announced in 2010 that it would be relocating its Baltimore operations and leasing 140,526 square feet at 100 Light Street. As part of its lease, the 35-story skyscraper will be renamed the “Transamerica Tower.” AEGON’s decision will bring more than 700 employees to the building. In addition, AEGON’s North American CEO will be relocating from Iowa to Baltimore.

The building is owned by a subsidiary of Lexington Realty Trust, a New York based real estate investment trust. Their lease with Transamerica commences no later than November 1, 2011 and continues for a term of ten years and three months, with two five-year tenant renewal options.

Since acquiring the building on December 31, 2006, Lexington Realty Trust has invested in a number of enhancements, including a new parking garage just across Lombard Street, a conference center, cafeteria and fitness center, and an improved lobby and plaza.

BDC provided general business assistance to AEGON and is working to identify potential uses for the properties that the company will be vacating.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29VolunteeRS of ameRICa CheSapeaKe


VolunteeRS of ameRICaCheSapeaKe

Volunteers of America Chesapeake (VOAC), Inc.’s mission is to inspire self-reliance, dignity and hope through human services. For more than 30 years VOAC’s Residential Re-Entry Center (RRC) has been assisting men and women in making a successful transition back into the Baltimore community through pre-release and work-release programs. The current RRC is a 106-bed program, which moved to its current location, a refurbished motel, at 4601 East Monument Street in February 1988. The facility is leased from the City of Baltimore; VOAC also leases 2,500 square feet of office space in the adjacent building.

While the current facility has served the needs of RRC residents for many years, it is now outdated, leading the Volunteers of America Chesapeake to seek a new state-of–the-art location.

BDC, which continues to provide general business assistance to the organization, helped VOAC to identify a new location near its current home, which it is in the process of acquiring.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29enteRpRISe Zone


enteRpRISe ZoneThe Baltimore City Enterprise Zone is a City and State funded tax credit program in designated areas of Baltimore City. The program targets economically depressed areas and allows businesses located in those areas to apply for real property tax credits on improvements to commercial properties and business income tax credits to companies that create new jobs.

In 2010, BDC certified 53 small businesses and development projects in the Baltimore City Enterprise Zone. Each was certified to have made improvements and/or added new jobs. Those certified businesses anticipated creating an estimated 1,600 new jobs, completing over $131 million in new construction, conducting $25 million in rehabilitation of existing structures, and making more than $9 million in new equipment purchases. In total, those businesses certified in 2010 made, or plan to make, over $165 million in capital investments in Baltimore City.

enterprise Zone

enterprise Zone focus area

mISSIon 01 Retention and Expansion of Existing Businesses 12-29poRt of BaltImoRe - foReIgn tRaDe Zone


“Being able to open a Foreign Trade Zone activated warehouse in Baltimore has been the next logical step in growing our warehouse business.”

Joanna McGowan

President

White Marsh Transport, Inc.

mISSIon 01 Retention and Expansion of Existing Businesses 12-29poRt of BaltImoRe - foReIgn tRaDe Zone


foReIgn tRaDe Zone (ftZ)To assist the Port of Baltimore and further encourage the health and competitiveness of Baltimore industry, BDC administers Foreign Trade Zone (FTZ) #74, a federally designated area located within the United States yet considered “outside” of U.S. Customs’ territory for the purposes of assessing and collecting import duties and taxes. The FTZ expedites and encourages foreign commerce, promotes domestic employment and assists U.S. firms in competing within the global marketplace.

With twelve operators (two of them new in 2010), and more than 3 million activated square feet of non-contiguous industrial and warehouse space, the zone served 131 businesses during fiscal year 2010. Of those businesses, 84 used the FTZ on a continuous basis, employing up to 1,100 people, 786 of whom were full-time employees. FTZ #74 handled 23,728 different items from 68 countries of origin, compared with 18,835 items from 51 countries during the preceding fiscal year. Over $2.3 billion worth of goods were transferred to U.S. Customs’ territory and $48 million worth of goods were exported from Baltimore’s FTZ to international markets in fiscal year 2010. Additionally, five new boundary modifications and two new subzones were approved.

In 2010, Baltimore’s Foreign Trade Zone was ranked the fourth best port-related FTZ in the world by fDiMagazine, a publication of the Financial Times. Their analysis reviewed 700 economic zones and Baltimore came in fourth under the “Best Port Zone” category for 2010/2011, following only the zones of Shanghai, China, Tangier, Morocco and Jacksonville, Florida. Only one other U.S. port zone made the top 10 list: Los Angeles, which ranked eighth.

MTC Logistics has operated cold storage distribution centers in Maryland since 1928. In 2008 we decided to relocate

our Baltimore Distribution Center from Highlandtown to the Seagirt Industrial Area to be closer to the expanding MPA

and private terminal operations and to modernize our facilities. BDC helped us throughout the process by aiding us

and our contractors as we navigated the permitting and construction process. Due to their help we were able to open

on time which enabled us to meet commitments to our customers. Their interest and help continues to this day as we

are presently completing a 800,000 KW solar generation facility on the facility and planning to double the size of this

distribution center. Aside from the expansion of our company, I regularly interact with BDC representatives at industry

association meetings and Baltimore City master plan meetings and have come to rely on their knowledge

and expertise.”

Harry Halpert

President

MTC Logistics

“

mISSIon 02 Attract New Businesses 30-41emeRgIng teChnology CenteR


Moving into the Emerging Technology Center (ETC) was the single best move our rapidly growing company has made to date. From the above-and-beyond help that’s always available from the amazing ETC staff to the collegial atmosphere in the building, we continue to be thrilled with our ETC experience.”

John Sherman

Managing Partner

Storyfarm New Media

“

MISSION

02 Attract New Businesses

mISSIon 02 Attract New Businesses 30-41BamBeCo


BamBeCoInnovative eco-retailer Bambeco relocated its corporate headquarters to Baltimore from West Virginia. After extensive consultation with BDC on selecting a location, Bambeco elected to lease 5,900 square feet of space in Lucky’s Warehouse at 3430 Second Street in the Brooklyn/Curtis Bay community. The former warehouse building was refurbished into a cutting edge, environmentally responsible office building that provides an ideal match for the company’s needs and corporate philosophy.

mISSIon 02 Attract New Businesses 30-41CRoSSRoaDS InDuStRIal paRK


CRoSSRoaDS anD CaRRollCamDen InDuStRIal paRKS

To maintain an environment attractive to both existing and new businesses in Crossroads and Carroll Camden Industrial Parks, the Baltimore Development Corporation (BDC), which manages the parks on behalf of the City of Baltimore, commissioned the design and installation of new entrance signage.

Crossroads Industrial Park, located in Southwest Baltimore, is bounded by Bernard Drive, South Dukeland Street and Interstate 95. Carroll Camden includes 500 acres between the Camden Yards stadium complex and Interstate 95 in West Baltimore.



The ETC (Emerging Technology Centers) team is extraordinary… they know intricately what it takes to grow, develop and manage a business. They have a pinpoint accuracy to zone in on what is needed and the resources to find the

support needed. In the two past years, we grew on average 125% which would not be possible without the

ETC team.”

Anne Dunne

CEO

Strategic Results

emeRgIng teChnology CenteRS (etC)

It is a reality in entrepreneurship that few are willing to be the first to back a start-up and the ETC (Emerging Technology Centers) filled that role for me and my company. At the earliest stages, my investor pitch included the ETC’s

involvement and track record and it always seemed to put prospective investors at ease! To broaden my business

network and further establish credibility, I leveraged direct consultation with the ETC Administration, the advisory of

its Entrepreneur-in-Residences, the legal and accounting clinics sponsored by top local firms affiliated with the ETC,

and interaction with other ETC tenants. As a result, I successfully attracted smart investment within a reasonable

period of time.”

Angela Singleton

President

Pique LLC

“

“



The Emerging Technology Centers (ETC), a subsidiary of the Baltimore Development Corporation (BDC), operates two business incubators, the Emerging Technology Center at Canton and the Emerging Technology Center at Johns Hopkins Eastern. Each center provides technology and biotechnology-based start-ups with a wide range of benefits: flexible lease terms, shared basic services and equipment, technology support services, and on-site management.

The ETC at Canton, located in the former American Can Company complex, is the ETC’s administrative headquarters. The 48,909 square foot facility provides fully wired office space in an open environment for a wide array of information technology, software, biotech and wireless companies. The fully wired, 45,000 square foot ETC at Johns Hopkins Eastern – located minutes from the Johns Hopkins University campus – is housed in a renovated building that formerly was Baltimore’s Eastern High School and it focuses on commercializing technology.

At the conclusion of 2010, the ETC facilities had 73 companies. During 2010, 31 new companies were admitted and 18 graduated. By year’s end, ETC’s occupancy rate was 89%, and 80% of ETC’s graduates were still in business with 61% located in Baltimore City.

ETC client companies employed 350 people at an average annual salary of $75,000, and had average annual revenues of $760,000. Client and graduate companies of the ETC received funding estimated at $75 million from public and private sources.

The ETC received international acclaim as the runner-up “Incubator of the Year” by the National Business Incubation Association in 2010. ETC clients and graduate companies were also the recipients of various awards and recognition during the year. They include:

Steve Schaeffer, CEO of CSA Medical, was chosen as one of 15 CEOs of the Year by SmartCEO magazine.

Wind Current CEO, Jim Maguire, won an EcoCEO award from SmartCEO magazine.

ETC graduate, Millennial Media, acquired TapMetrics, a mobile application analytics company.

Paul Palmieri, CEO of Millennial Media, received the Maryland Ernst & Young Technology Entrepreneur of the Year award.

Encore Path and Millennial Media were honored with Stevie Awards, considered the Oscars of the business world, at the 8th annual American Business Awards.

ETC graduate, Juxtopia, was honored as The Emerging Company of the Year at the National Engineer of the Year award ceremony and as Company of the Year by the Baltimore National Technical Association.

Anne Dunne, CEO of Strategic Results and Kris Appel, CEO of Encore Path were among the 25 entrepreneurs awarded BRAVA! Women Business Achievement awards.



Three ETC companies were recognized at the Maryland Incubator Company of the Year event: Lookingglass won in the Best Homeland Security Company category, CSA Medical was awarded Best Life Sciences Company, and Moodlerooms won the Best IT Company award.

CEOs Matt Goddard (R2Integrated), Joe Mechlinski (EntreQuest), Heather Sarkissian (MP3 Car), and Todd Johnson, (graduate company Salar) were recognized as Successful by 40 VIP 2010 awards by The Daily Record.

Current ETC at Canton tenant, EntreQuest, acquired True Colors Consulting, a Columbia, MD sales training company.

Graduate WellDoc Communications signed a strategic alliance agreement with AT&T Wireless to market and sell WellDoc’s mobile health (mHealth) solution in the United States to facilitate improved patient outcomes and reduce the spiraling costs of managing chronic diseases.

Arcion Therapeutics, a client of ETC Canton, received U.S. Food and Drug Administration Fast Track designation for ARC-4558, a 0.1% gel formulation of clonidine hydrochloride (HCl) for the treatment of pain associated with Painful Diabetic Neuropathy (PDN).

mISSIon 03 Promote and Improve Retail Districts Beyond Downtown 42-51 CommeRCIal ReVItalIZatIon (BaltImoRe maIn StReetS) / RenDeRIng 700 BloCK of WaShIngton BouleVaRD


MISSION

03 Promote and Improve Retail Districts Beyond Downtown

CommeRCIal ReVItalIZatIonBaltimore Main Streets (BMS) continued its work as a nationally recognized success in 2010. The program is administered by BDC, on behalf of the City of Baltimore, as part of its Commercial Revitalization division. BMS uses a model developed by the National Trust for Historic Preservation’s National Main Street Center and is focused on a four-point approach that includes design, organization, promotion and economic restructuring of each designated neighborhood business district.

Baltimore has the second largest urban Main Streets program in the United States with 10 fully-designated communities: Belair-Edison, Brooklyn, East Monument Street, Federal Hill, Fells Point, Hamilton-Lauraville, Highlandtown, Pennsylvania Avenue, Pigtown and Waverly.

Statistics demonstrate the success of the program. Data from 2000 to 2010 shows 457 net new businesses opened, resulting in 1,184 new full-time and 722 part-time jobs in the city. In addition, 584 new façade renovations were completed that helped to spur $8.6 million in private investment. Every $1.00 of public funds invested in BMS neighborhoods during that period leveraged an additional $4.41 in private investment.

During 2010, the BMS program was responsible for the opening of 43 net new businesses, resulting in 60 full-time and 59 part-time jobs. The program also oversaw the completion of 39 new façade renovations, helping to stimulate more than $680,000 in private investment.

Following the completion of a Request for Proposals (RFP) process conducted by BDC (on behalf of the City of Baltimore), the sale of properties in the 700 block of Washington Boulevard (761-767 Washington Bouelvard and 760 Eislen Street) to Baltic Gold, LLC (formerly Magnum Construction, Inc.) was concluded for $122,500. Baltic Gold will redevelop the properties located in the Pigtown/Washington Village Business District into a new 10,650 square foot mixed-use development with first floor retail, a residential component on the upper floors, and a Carriage House with covered parking spaces and storage.

CommeRCIal ReVItalIZatIon (BaltImoRe maIn StReetS) - pennSylVanIa aVenue façaDe ImpRoVement mISSIon 03 Promote and Improve Retail Districts Beyond Downtown 42-51


Pigtown Main Street had been having a rough couple of years; our board was rebuilding from scratch, our volunteer

levels had dropped drastically, and our funds were just about dried up. In December of 2010, we reached out to the

BDC for assistance. Within weeks, our board was being professionally trained and volunteer recruitment was on the

rise. And with BDC’s help, we created a viable fundraising plan, as well as work plans for each of our committees.

BDC stepped up to help us in the bleakest period our organization has ever faced, and with that help, we are

moving back onto a path to success.”

John Lam

President

Pigtown Main Street

The Baltimore Main Streets Program is an essential resource in the Baltimore business community. The program takes an innovative approach to understand small business needs to improve business on our Main Street. The program has been available for my company and helped us at our most crucial time of need. One incident

that I can recall; our business was completely flooded and we were forced to close down for thirty days. Along

with BDC’s help, we were able to get through a very challenging time and restore our business at 100 percent.

Anytime I have needed assistance with my business, Baltimore Main Streets has always been there to help.

The program brings my business and other small businesses together to achieve results necessary to succeed

in today’s economy.”

Angelina Giardina

Co-Owner

Positive Image Tattoos

“

“

CommeRCIal ReVItalIZatIon façaDe ImpRoVement gRant pRogRam – gReeKtoWn mISSIon 03 Promote and Improve Retail Districts Beyond Downtown 42-51


I would like to thank BDC for considering my business for the CDBG-R Facade Improvement project. Since the start of construction, BDC made sure the job was done right and business has picked up.”

Gregory Eason

Owner

Esiquire Barber Shop

“

CommeRCIal ReVItalIZatIon – CommunIty DeVelopment BloCK gRant façaDe ImpRoVement pRojeCt – WeSt BaltImoRe StReet mISSIon 03 Promote and Improve Retail Districts Beyond Downtown 42-51


BDC also administers a Façade Improvement Grant (FIG) Program that offers up to $3,000 in matching grants and, in certain cases, design assistance to merchants and property owners in designated commercial revitalization districts. The goal of this program is to leverage private investment.

In 2010, 20 façade grants were approved totaling more than $74,000; leveraging over $447,000 in private investment. Projects were completed in Penn-North, Federal Hill, Govans, Mount Washington, Highlandtown, Charles Village, Locust Point, Hampden, Charles North and Little Italy.

Community Development Block Grant (CDBG-R) Façade Improvement Project – Additional façade improvements were conducted in 2010 utilizing $800,000 in funds awarded from the U.S. Department of Housing and Urban Development (HUD) and the American Recovery and Reinvestment Act. These funds were used to complete commercial building façade improvements in six targeted neighborhoods: Belair-Edison, Brooklyn, Oldtown, Pennsylvania Avenue, Pigtown and West Baltimore Street.

hIlltop ShoppIng CenteR mISSIon 03 Promote and Improve Retail Districts Beyond Downtown 42-51


hIlltop ShoppIng CenteRThe State of Maryland issued a Request for Proposals (RFP) for approximately 25,000 square feet of office space in Baltimore City to be occupied by the Maryland Department of Transportation’s Motor Vehicle Administration (MVA). The award by the State was to Hilltop Development Associates, LLC, a development entity comprised of the A&R Development Corporation and the present owners of Hilltop Shopping Center. The new building will replace the MVA’s current Mondawmin Mall location, opening that site to future development.

The Hilltop Shopping Center, located at 5415 Reisterstown Road in the Park Heights community of Northwest Baltimore, consists of two main components – the creation of new office space for the MVA and the refurbishment of the existing strip retail center. The new MVA facility will serve as the main anchor for the site, bringing in thousands of people on an annual basis. Approximately 21,000 square feet of office space will be created within the former movie theatre structure, including an additional 4,500 square feet of new construction. The full service facility will include two driver test courses and over 350 parking spaces. Project costs are estimated at $11.5 million.

In order to facilitate this redevelopment, BDC, working with the developer, assisted with making changes to the Park Heights Urban Renewal Plan (to add acquisition and disposition authority for eight properties) and obtained zoning changes to accommodate the project.

mISSIon 04 Increase Employment Opportunities 52-59mayoR StephanIe RaWlIngS-BlaKe anD hIlton BaltImoRe geneRal manageR lInDa WeStgate at the ConnIe aWaRD CeRemony


hIlton BaltImoReReceiving guidance from BDC since the project’s conception, the Hilton Baltimore, Baltimore City’s 757-room convention center hotel, achieved more successes in 2010.

The hotel was honored with a Connie Award in July. Named for Hilton Hotels’ founder, Conrad Hilton, the Connie Award is the pinnacle of Hilton awards that recognizes hotels that excel in customer loyalty, service, condition and cleanliness based solely on customer surveys. Employees of the Hilton Baltimore won this recognition in their first full year of operation, outperforming all other Hilton Hotels with “more than 500 rooms” in the United States, Canada and Mexico. Additionally, also based upon customer feedback, the Hilton Baltimore was the recipient of Hilton Hotels’ Housekeeping Award of Excellence (excelling in housekeeping cleanliness and quality) and the Pride Award (leading in service, loyalty and cleanliness) both in the “more than 500 rooms” category.

The Hilton Baltimore, which opened in August 2008, has more than 400 employees, 79% of whom are Baltimore City residents.

Increase Employment Opportunities

MISSION

04

mISSIon 04 Increase Employment Opportunities 52-59hIlltop ShoppIng CenteR


mInoRIty BuSIneSS InCluSIonBDC actively supports the inclusion of minority and women business enterprises (MBE/WBE) in all facets of Baltimore’s development. In 2010, these BDC assisted projects included minority equity participation:

ChaRleS noRth (foRmeR CheSapeaKe ReStauRant)

1

ReCoVeRy Zone faCIlIty BonDS (unIVeRSIty of maRylanD BIopaRK)

6

hIlltop ShoppIng CenteR3

the fItZgeRalD at uB (unIVeRSIty of BaltImoRe)

8

hoWaRD paRK gRoCeRy StoRe2

Seton BuSIneSS paRK (neW pSalmIStBaptISt ChuRCh expanSIon)

7

naaCp4

WeStpoRt9

pennSylVanIa aVenue (foRmeR SphInx CluB)

5

10 WeStSIDe InItIatIVe

mISSIon 04 Increase Employment Opportunities 52-59Small BuSIneSS ReSouRCe CenteR


Small BuSIneSS ReSouRCeCenteR (SBRC)

Enhancing economic growth through business development and innovation, the Small Business Resource Center, a part of BDC, provides assistance to new and small business owners through individual assessment, consulting, seminars, technical assistance and referrals within a cooperative network of government agencies, educational institutions, community organizations and private sector partners.

Located at Johns Hopkins Eastern, over 3,700 people visited the SBRC in 2010, where more than 70 workshops were conducted with over 900 participants. The center’s staff fielded in excess of 6,700 telephone calls for assistance in 2010.

mISSIon 04 Increase Employment Opportunities 52-59Small BuSIneSS ReSouRCe CenteR WoRKShop


He first sent us to the SCORE program which is a group of retired professional business men and women. Their many

years of experience guided us in the right direction. With assistance from advisors from the Small Office Home Office

Loan Program, their representatives helped us to secure a small business loan. The SBRC assisted us in getting MBE

(Minority Business Enterprise) City and State certifications. At the SBRC, we were given information, advice and access to

a variety of business publications through the use of their business library. The SBRC even helped us setup for bonding.

But most of all we were provided with countless contacts, building relationships that continue today.

Also, we were introduced to the City’s Department of Housing & Community Development’s Job Order Contracting

Program, which made it easier for us to find business. Throughout this process, Mr. Taylor provided direction and

points of contact to resolve issues revolving around joint venturing as related to governmental agencies. The SBRC,

a well needed program, is priceless to the community.”

Jerry M. Williams

President

BMW Electrical Services

Kenneth M. Barr and I have been members of Local Union #24 IBEW since 1975. In 2003 we decided to go into business for ourselves. Not having a clue how to get started, we heard about the Small Business Resource Center (SBRC) and met Paul Taylor.

“

mISSIon 05 Create New Real Estate Development Opportunities 60-9725th StReet StatIon RenDeRIng


Create New Real Estate Development Opportunities

MISSION

05

25th StReet StatIonBDC continues to work closely with the developer, WV Urban Developments LLC, on its 25th Street Station project. With BDC’s assistance, this project took a significant step forward in 2010 with approvals by the Baltimore City Council and Planning Commission of a Planned Unit Development (PUD) that rezones an 11-acre site for the construction of a 330,000 square foot mixed-use development in North Baltimore’s Remington community. The final design was also approved by the Planning Commission.

The project area, bounded by 25th Street/Huntington Avenue (north), 24th Street (south), Maryland Avenue (east) and CSX railroad tracks (west), will include the city’s first Lowe’s Home Center (approximately 136,000 square feet) and a 94,000 square foot Walmart store, as well as other retailers. Also included are 70-90 apartments (along Maryland Avenue) and 1,100 parking spaces. It is anticipated that the $65 million project will create 400 construction and 750 permanent jobs.

BRoWnfIelDS InItIatIVeBDC’s Brownfields initiative targets those vacant and underutilized sites where contamination (or perception of contamination) impedes new investment. In 2010, the Brownfields initiative kicked-off a major effort to stabilize and secure a 17.5-acre brownfield site in the Brooklyn community. Known as the Potee-Garrett site, the property is owned by both the City of Baltimore and State of Maryland. BDC, in concert with the State, is utilizing brownfields grant funding awarded by the U.S. Environmental Protection Agency (EPA) to coordinate an extensive clean-up and stabilization of the site. To date, more than 75 tons of debris have been removed from the property, along with almost five tons of tires. When the work is completed in 2011, the site will be secured and efforts will continue to identify an appropriate use or uses for the property.

mISSIon 05 Create New Real Estate Development Opportunities 60-97ChaRleS noRth (foRmeR CheSapeaKe ReStauRant)


ChaRleS noRthAfter a recommendation by BDC, the City’s Board of Estimates approved a Land Disposition Agreement (LDA) for Station North Development Partners, LLC to acquire two City-owned disposition lots: 1701-1709 North Charles Street (the former Chesapeake Restaurant building) and 22-24 East Lanvale Street for $500,000.

Station North Development Partners will undertake a multi-phased renovation of the existing building. The Lanvale Street lots will be redeveloped in conjunction with other privately owned adjacent parcels. The intent is to develop a mixed-use project, consisting of residential apartments with retail and parking.

“The BDC staff’s collaboration with Station North Development Partners to acquire and execute a historic renovation of the Chesapeake highlights the agency’s commitment to attracting new investment to Baltimore – as well as a steady dedication to the City’s rich past as we venture into the future of a great Baltimore.”

Ernst Valery

President

Ernst Valery Investments Corp.

Co-Managing Member

Station North Development Partners, LLC

mISSIon 05 Create New Real Estate Development Opportunities 60-97RenDeRIng/eneRgy anSWeRS’ poWeR plant


eneRgy anSWeRS InteRnatIonalBDC, on behalf of the City of Baltimore, continues to work closely with Energy Answers International as it moves forward with its plans to develop the $1 billion Fairfield Renewable Energy Power Plant at the former FMC site at 1701 East Patapsco Avenue. The 140-megawatt combined heat and power plant is designed to provide wholesale energy to help meet regional demands, as well as provide reduced-priced retail energy as an attraction for industries that locate on this 90-acre property.

mISSIon 05 Create New Real Estate Development Opportunities 60-97eneRgy anSWeRS InteRnatIonal


This project will generate energy from renewable and alternative fuels, increase regional recycling rates, recover valuable materials for commercial reuse, reduce landfilling and associated greenhouse gas emissions, redevelop a brownfield site, create over 180 permanent “green collar” jobs, create an average of 400 construction jobs over a three-year period, and spur the establishment of new industrial sector facilities in the neighboring communities.

mISSIon 05 Create New Real Estate Development Opportunities 60-97faIRfIelD


faIRfIelD2010 heralded the achievement of some major milestones in the redevelopment of the Fairfield Industrial Area in South Baltimore. Over the course of several years, BDC spearheaded the process to revitalize the industrially zoned properties on the Fairfield peninsula. In 2010, BDC facilitated Board of Estimates approval for a Land Disposition Agreement (LDA) with Fleet Properties, II, LLC. This agreement included the City’s acquisition of 81 properties scattered throughout five parcels bounded by Sun Street on the east, Carbon Street on the north, a portion of Weedon Street on the west and Chesapeake Avenue on the south.

Dispositions lots have been awarded by the City to Chesapeake Real Estate Group, Allied Contractors, Inc., Baltimore Scrap Corporation and Fleet Properties. BDC will continue to work with the awardees in order to ensure that progress is made in bringing new investment and vitality to Fairfield.

mISSIon 05 Create New Real Estate Development Opportunities 60-97RenDeRIng/ReDeVelopeD hIghlanDtoWn lIBRaRy SIte


foRmeR hIghlanDtoWnlIBRaRy

In 2010, BDC, on behalf of the City of Baltimore, entered into an agreement to sell the Former Highlandtown Library at 3323 Eastern Avenue in East Baltimore to Wolfe Street Development, a wholly-owned subsidiary of the Southeast Community Development Corporation (SECDC). SECDC plans a 7,978 square foot, mixed-use development that includes 5,045 square feet of office and classroom space for their organization, along with 2,933 square feet of first floor restaurant space with basement storage.

Plans call for Wolfe Street Development to develop and operate the building. The site, at the southwest corner of the Eastern Avenue/Highland Avenue intersection, is located in the Highlandtown Main Street District and is part of the Highlandtown Urban Renewal Area in close proximity to Johns Hopkins Hospital, Bayview Medical Center, Interstates 95 and 895. Southeast Community Development Corporation was the single respondent to a BDC issued Request for Proposals for the site.

the aDmIRalS Cup / Kona gRIll mISSIon 05 Create New Real Estate Development Opportunities 60-97

Kona gRIllBDC facilitated Board of Estimates approval of a 10-year lease agreement between the City of Baltimore and One East Pratt Street, LLC for the use of 1,525 square feet of a city-owned parcel at 200 South Light Street for the expansion of the Kona Grill. The restaurant, which opened in October 2010, constructed a one-story addition to its 1 East Pratt Street location. In close proximity to the Inner Harbor and Baltimore’s Convention Center, the Kona Grill (the 25th such in the nation) is a high-energy place that features Japanese and American cuisine, fresh sushi and specialty entrees with international flavors.

the aDmIRalS CupAdmirals Cup, LLC received a $400,000.00 loan from BDC’s Economic Development Administration (EDA) Revolving Loan Fund for the purchase of furniture, fixtures, equipment, and leasehold improvements at 1645 Thames Street in Fells Point; known as The Admirals Cup restaurant and tavern. In disrepair, The Admirals Cup was vacant for more than a year. The land and building was purchased from the previous owner for the purpose of reopening the former establishment as a high-end restaurant and tavern serving lunch, dinner and light fare - open to the public seven days a week. The business will be operated on three levels, with dining areas enjoying Baltimore Harbor and historic views in Fells Point. The total operation will encompass approximately 7,000 square feet, including the basement area. When completed, the project will be a major asset to the Fells Point area.


mISSIon 05 Create New Real Estate Development Opportunities 60-97hollanDeR 95 BuSIneSS paRK


hollanDeR 95BuSIneSS paRK

BDC is assisting Baltimore-based Florida Rock Properties (FRP) with their plans to construct a state-of-the-art light industrial warehouse and mixed-use business park in East Baltimore. Located on the site of the former Hollander Ridge public housing complex at Route 40 and 62nd Street, FRP’s plans for the 50-acre Hollander 95 Business Park include approximately 500,000 square feet of building space. FRP plans to capitalize on the property’s proximity to Interstates 95 and 895 as well as to the Port of Baltimore. The project is expected to create an estimated 500 jobs.

BDC is assisting FRP as it finalizes its infrastructure work and is providing general business assistance including help with marketing the site.

mISSIon 05 Create New Real Estate Development Opportunities 60-97hoWaRD paRK gRoCeRy StoRe


hoWaRD paRKgRoCeRy StoRe

In 2010, BDC continued to move the Howard Park grocery store project forward as it completed acquisition of the properties needed for the development; identified a grocer and held ongoing meetings with Howard Park community leaders.

Howard Park is a stable middle-class neighborhood located in Northwest Baltimore. The neighborhood is working to improve the overall Howard Park Business Area. The last full-service grocer, Super Pride, closed its store (on this site) more than a decade ago, and, since that time, the neighborhood has been without contemporary grocery products. Community residents requested BDC to acquire the site and to facilitate the development of a full-service grocery store. During the year, BDC continued to negotiate business terms with the developer, ShopRite of Liberty Heights, LLC (a partnership of Klein’s Family Markets and UpLift Solutions, a non-profit created to help supermarkets open in locations that lack access to healthy and affordable foods).

mISSIon 05 Create New Real Estate Development Opportunities 60-97mChenRy RoW


mChenRy RoWBDC has been providing assistance to the developer of McHenry Row, an approximate 8.5 acre, mixed-use redevelopment of the former Chesapeake Paperboard site in Locust Point. The $119 million development, currently under construction, will include 725,000 square feet of new facilities, including office space, 130,000 square feet of retail, a 61,000 square foot Harris Teeter grocery store (the first in Baltimore City), 250 rental apartments, and two parking garages. In 2010, the City provided $20 million in Parking Revenue Bonds for the garages and BDC staff, in collaboration with the Parking Authority of Baltimore City, was instrumental in getting those bonds issued. McHenry Row will also become the new home of GKV, a long-time Baltimore advertising agency.

mISSIon 05 Create New Real Estate Development Opportunities 60-97unIVeRSIty of maRylanD BIopaRK


unIVeRSIty of maRylanD BIopaRKBDC facilitated the disposition of the City of Baltimore’s allocation of $30,834,000 in Recovery Zone Facility Bonds; a new category of tax exempt private activity bonds authorized under the U.S. American Recovery and Reinvestment Tax Act of 2009. In 2010, the allocation was awarded to the University of Maryland, Baltimore BioPark Building Three project. In total, the BioPark received $65 million in bonds that included the City’s allotment plus $34,166,000 in additional bond proceeds reallocated through the State of Maryland’s Department of Business and Economic Development (DBED).

Building Three will be located at the corner of Poppleton and West Baltimore Streets (973 West Baltimore Street) opposite the existing 638-space parking garage. The six-story building, comprising 180,000 square feet, will be a state-of-the-art facility offering laboratory and office space to early-stage and mature bioscience companies.

Development of the building will be undertaken by a joint venture between Wexford Science & Technology, LLC and Kenneth R. Banks. Total project costs are estimated at $77 million. The Building Three project is estimated to create 988 construction and 784 permanent jobs, and generate more than $31.7 million in total new taxes over a 20-year period.

“BDC is a vigorous supporter of the University of Maryland BioPark particularly through the leadership and partnership extended to us by Kathy Robertson and Chris Moyer, our economic development and marketing collaborators.”

Jane Shaab

Executive Director

University of Maryland BioPark

mISSIon 05 Create New Real Estate Development Opportunities 60-97the fItZgeRalD at uB


the fItZgeRalD at uB (unIVeRSIty of BaltImoRe)

BDC worked closely with The Bozzuto Group, Gould Property Company and McCrary Development on The Fitzgerald, a $76 million mixed-use, residential/retail development in Mount Vernon. Located just blocks from the University of Baltimore, Lyric Opera House, Meyerhoff Symphony Hall, Penn Station and Maryland Institute College of Art (MICA), the property celebrated its grand opening in 2010.

mISSIon 05 Create New Real Estate Development Opportunities 60-97the fItZgeRalD at uB


Jay Brodie and the entire team at Baltimore Development Corporation were instrumental to the development of The Fitzgerald apartments in Mount Vernon. They truly understood how this project could have a positive impact on the immediate community as well as Baltimore City. Their assistance in crafting tax legislation around the project allowed for it to be feasible, and ultimately incredibly successful.”

Toby S. Bozzuto

President

Bozzuto Development Company

“

The Fitzgerald’s 275 Mount Vernon apartments are joined by a 1,250-space public parking garage, a Barnes & Noble College Booksellers Superstore with Starbucks Café and 15,000 square feet of additional retail space. BDC negotiated the $12 million PILOT (Payment in Lieu of Taxes) for the parking garage and provided assistance to the development team throughout the design and construction phases.

mISSIon 05 Create New Real Estate Development Opportunities 60-97unIteD StateS SoCIal SeCuRIty aDmInIStRatIon RenDeRIng


unIteD StateS SoCIal SeCuRIty aDmInIStRatIon

In 2010, the U.S. General Services Administration (GSA) announced the selection of JBG Companies of Chevy Chase as the developer of the new $150 million Social Security Administration (SSA) complex to be located in Northwest Baltimore. Starting in 2006, BDC worked tirelessly with elected officials, GSA and Social Security Administration officials to retain this facility and the 1,600 related jobs in the city. This Transit-Oriented Development (TOD) is to be located at 6100 Wabash Avenue, adjacent to the Reisterstown Plaza Metro stop. This project represents the largest single office lease ever executed in the history of Baltimore City.

mISSIon 05 Create New Real Estate Development Opportunities 60-97SoCIal SeCuRIty aDmInIStRatIon announCement By CIty, State anD feDeRal offICIalS


GSA awarded a 20-year lease to JBG that enables the firm to move ahead with the design and construction of the 538,000 square-foot office project. JBG Companies will purchase the 11.3-acre construction site, a former State of Maryland Department of Transportation property. The new facility, with construction expected to begin in 2011 and completion in 2014, will replace the aging Social Security Administration Baltimore Metro West complex on Greene Street in downtown Baltimore. The new campus will be anchored by two office buildings – one five stories, the other seven stories – connected by a glazed atrium. A six-story parking garage, cafeteria, fitness center, day care center and parking spaces for bicycles, will also be included. The Social Security Administration project represents the first phase of a larger TOD project planned by the State of Maryland for its additional adjacent property. JBG Companies, in partnership with Klein Enterprises, will develop, own, and manage the development, producing significant tax revenues for the City of Baltimore.

mISSIon 05 Create New Real Estate Development Opportunities 60-97WeStSIDe of DoWntoWn – RenDeRIng/peRSpeCtIVe-hoWaRD & lexIngton StReetS


WeStSIDe InItIatIVeLexington Square Partners, LLC (LSP- Chera/Feil/Goldman/Nakash/Dawson) is the designated developer for a mixed-use project in the block bounded by Lexington Street, Park Avenue, Fayette Street and Howard Street. The project plan proposes up to 350 rental residential units, approximately 179,000 square feet of retail and 725 parking spaces.

mISSIon 05 Create New Real Estate Development Opportunities 60-97WeStSIDe of DoWntoWn – lexIngton StReet RenDeRIng


In April 2010, the Maryland Court of Appeals decided a lawsuit filed in 2007 in favor of the City on six of seven counts.

Following the Court’s decision, LSP resumed meetings with the Maryland Historical Trust (MHT). In October 2010, LSP, through the City, submitted a revised design proposal to the MHT which included the preservation of additional historic properties and facades. MHT determined that the LSP proposal minimized or mitigated the adverse effects of the project on the historic district to the extent consistent with their expressed business model. MHT approved – through their letter of December 22, 2010 to BDC – the proposed design with several conditions.

C-W Superblock, LLC (The Cordish Company/The Harry and Jeanette Weinberg Foundation, Inc.) will develop a mixed-use project comprising a minimum of 70,000 square feet of: residential, office and retail space. The site is located in the block bounded by Lexington Street, Park Avenue, Howard Street and Clay Street. In August 2009, the Baltimore City Department of General Services received eight bids for demolition and awarded the contract; demolition began in January 2010. The temporary use of the site is open green space.

mISSIon 05 Create New Real Estate Development Opportunities 60-97WeStSIDe of DoWntoWn


Hippodrome Hatters recently celebrated five years at its new location at 318 West Baltimore Street. This event was

made possible by loyal customers, financial assistance provided by BDC, and my husband – Lou Boulmetis – one of

the smartest men I know. We do not hesitate recommending anyone opening a business in Baltimore City to contact BDC.”

Judy Boulmetis

Co-Owner

Hipprodrome Hatters

Samuelson’s Diamonds is a family owned and operated company that has served the Baltimore and surrounding

community for nearly 90 years. We have operated a business in the 400 block of West Baltimore Street since 1972

and, along with our team, have worked with Jay Brodie and various members of his staff to rehabilitate our block and

move our project forward. The long term goal was to bring various types of businesses to the Westside of downtown.

It’s been our experience that the Baltimore Development Corporation (BDC) has been most helpful during this process.

Whenever there were issues during the many months, which stretched into years, BDC was always able to assist in

resolving many of the issues that arose.

Being the mainstay of the 400 block for 40 years has given us the foresight to conclude that the Westside of

downtown Baltimore is and will continue to be the gateway to the whole of downtown and serve as a lasting

impression to those who pass through our entranceway.”

Steven D. Samuelson

Owner

Samuelson’s Diamonds

“

“

Carmel Realty Associates – As a result of the Board of Estimates approved Memorandum of Understanding (MOU) between Carmel Realty, Lexington Square Partners (LSP) and the City, the City acquired the Carmel property in 2010. Also in 2010, Carmel was awarded five properties in the 100 blocks of Lexington and Liberty Streets.

Westside Façade Improvement Grant (FIG) Program – BDC is partnering with the Downtown Partnership of Baltimore (DPOB) for the Westside Façade Improvement Grant Program in coordination with the City’s ongoing streetscape improvements. The FIG targets commercial and mixed-use properties in traditional retail commercial corridors within the Westside. To date, the FIG has stimulated investments of more than $16.4 million.

In August 2010, the City approved a City Funding Agreement with DPOB in the amount of $900,000 from its remaining State of Maryland FY 2007 ($450,000) and FY 2008 ($450,000) appropriation for the Westside Revitalization Project – Capital Projects Grants Agreement to implement a FIG throughout the entire Westside with 80% of the funds in specific target areas including:

The two-year contract will fund approximately 75 businesses (38 businesses in year one and 37 businesses in year two) at an average of $12,500 per façade grant. The Façade Improvement Grant provides up to $20,000 in matching funds (owner provides 50% in matching funds) for façade renovation projects.

300 and 400 blocks of North Howard Street 100-400 blocks of West Saratoga Street 300 block of West Lexington Street 300 block of Park Avenue Unit block and 100 block of North Howard Street

mISSIon 05 Create New Real Estate Development Opportunities 60-97unIVeRSIty of maRylanD meDICal SyStem / ShoCK tRauma CenteR expanSIon


University of Maryland Medical System/Shock Trauma Center (UMMS) is developing a new 140,000 square foot, six-story building topped with a helipad. The expansion will include 50 intensive/intermediate care beds; 10 operating/procedure rooms; an expanded emergency department; doctor’s offices and a training center for traumatic injury to keep up with growing admissions. The building will cantilever 24 feet over Penn Street, which required the acquisition of the air-rights from the City of Baltimore in order to provide a floor plate to accommodate the operating theaters and patient rooms.

The $160 million project is funded by the federal government, State of Maryland, UMMS, and philanthropy, including $500,000 in Westside Revitalization Project funds for exterior façade improvements. Groundbreaking was held in May 2010.

Howard Street–East – BDC, on behalf of the City, completed acquisition of properties in the block bounded by Park Avenue, Mulberry Street, Howard Street and Franklin Street with the exception of one property, a surface parking lot. (This property will be acquired when the billboard advertising lease expires or is terminated.) Two other properties in the block: Liberty Federal Savings Bank and a former restaurant will not be acquired. The Current Gallery occupies 419-421 N. Howard Street as a temporary use. The site will be offered to developers through a Request for Proposals (RFP) process.

Urban Land Institute (ULI) Advisory Services Panel – The City of Baltimore, through the Mayor’s Office, invited a review of the Westside Revitalization Project by the Urban Land Institute’s Advisory Services. The national panel of professionals with backgrounds in real estate development, finance and historic preservation, met in Baltimore in December 2010.

Some of the ULI recommendations to be detailed in their report, expected in 2011, include:

Create a Task Force co-chaired by the Mayor and University of Maryland, Baltimore President.

Reevaluate the West Side Strategic Plan.

Reevaluate the Westside Memorandum of Agreement (MOA), including assessing thefinancial implications of the magnitude of the MOA on the rehabilitation of existing buildings.

A financial “czar” should be hired to identify capital and investment strategies and leverage public funding.

The Police Department, Methadone Clinic service providers and the General Manager of Lexington Market should work very closely to overcome current negative perceptions of the area.

eVeRyman theatRe, InC. mISSIon 06 Support the City’s Cultural Resources / Institutions 98-109


Support the City’s Cultural Resources / Institutions

MISSION

06

eVeRyman theatRe, InC.The former Town Theatre, located at Fayette and Eutaw Streets (adjacent to the completed Centerpoint project), will be the new home of Everyman Theatre. The new theater includes approximately 40,000 square feet with 250 seats. Everyman has raised $21 million, including historic tax credits, New Market Tax Credits, philanthropy and $1,650,000 in public funds (including City bonds, a State of Maryland Department of Business and Economic Development (DBED) grant and $500,000 in Westside Revitalization Project funds for exterior façade improvements).

mISSIon 06 Support the City’s Cultural Resources / Institutions 98-109pIeRCe’S paRK


pIeRCe’S paRKIn 2010, BDC received Board of Estimates approval for a 25-year ground lease between the Mayor and City Council and Pierce’s Park Management for City-owned land located on Pier 5 at the Inner Harbor between Eastern Avenue and the Columbus Center to develop a public space, to be known as Pierce’s Park. The new park will be a landscaped and sustainable environment that includes a playground, pedestrian foot paths, natural sculptures and works of art to be enjoyed by adults and children of all ages. The park is being named for the late Pierce Flanigan, a long-standing member of Baltimore’s business community.

InneR haRBoR CooRDInatIonThe Inner Harbor is Baltimore’s premier and world-renowned tourist attraction. BDC, through its Inner Harbor Coordinator function, is responsible for the coordination of day-to-day operations, oversight and management of City leases, and the planning and implementation of the continuing economic and physical development of the Inner Harbor.

mISSIon 06 Support the City’s Cultural Resources / Institutions 98-109SeaDog CRuISeS


SeaDog CRuISeSBDC, through its Inner Harbor Coordinator function, facilitated the wharfage agreement that brought about the arrival of Seadog Cruises, a new attraction for the Inner Harbor. Seadog is one of the new tour boats operated by Entertainment Cruises, the east coast’s largest dining and entertainment cruise company, with 24 ships in eight cities. In 2010, Entertainment Cruises brought its first speedboat to Baltimore, the Seadog III, a 70-foot vessel that accommodates 120 passengers and can travel at speeds of up to 40 knots. Seadog offers 50-minute sightseeing and speedboat tours that depart from the Inner Harbor. Trips go pass Fort McHenry and then proceed out to the Key Bridge before returning. The tour includes informative descriptions of the USS Constellation, historic Federal Hill, the iconic Domino Sugar factory and sign, Tide Point, the John W. Brown Liberty Ship, the Naval Reserve Center, Fort McHenry, Canton, Fells Point, the USS Torsk and more. Due to its success in 2010, Entertainment Cruises plans to introduce a second speedboat, Seadog VI, in 2011.

mISSIon 06 Support the City’s Cultural Resources / Institutions 98-109pennSylVanIa aVenue/RenDeRIng of ReDeVelopeD SphInx CluB


pennSylVanIa aVenue (foRmeR SphInx CluB)BDC continued working to revitalize West Baltimore’s historic Pennsylvania Avenue in 2010 through the redevelopment of the former Sphinx Club and adjacent properties. Located at 2101-2111 Pennsylvania Avenue in the Druid Heights community, the former jazz and supper club is a vital piece of Baltimore’s African American heritage and culture. Pennsylvania Avenue (“The Avenue”) was known worldwide for its jazz clubs, theaters and nightclubs as the heart of African American entertainment in Baltimore. The Sphinx Club, a private club known for its after-show parties where jazz greats congregated, opened in 1946 and closed in 1992.

The 12,000 square foot site, consisting of five commercial properties at the northeast corner of the Pennsylvania Avenue/Bloom Street intersection, is part of the Druid Heights Urban Renewal Plan. After a Request for Proposals (RFP) process, BDC entered into an Exclusive Negotiating Privilege (ENP) with the Druid Heights Community Development Corporation (DHCDC) and is negotiating the terms of a Land Disposition Agreement (LDA) for the sale of the property. DHCDC has created Sphinx Club Complex, LLC, a for-profit, wholly-owned subsidiary, to manage the project.

The redevelopment proposal calls for a $4.1 million, 18,650 square foot mixed-use project consisting of a three-story B.A.L.L. (Black Athletes and Lost Legends) House Museum, which would contain displays about Negro League teams (that played before Major League Baseball admitted African American players). The museum would be connected to the Negro League Café at the Sphinx Club, a sports bar, restaurant and performance venue created inside the former Sphinx Club building. Additional elements of the project would be incubator office space and an outdoor dining area. The Sphinx Club façade would be restored to its 1940’s appearance, while the 5,375 square-foot museum would be housed in a new structure at the corner of Pennsylvania Avenue and Bloom Street.

mISSIon 06 Support the City’s Cultural Resources / Institutions 98-109SenatoR theatRe


SenatoR theatReIn 2010, BDC, after an extensive Request for Proposals (RFP) process, received Board of Estimates approval for the execution of a long-term lease with Senator Theatre, LLC (James Cusack and Kathleen Cusack) for the operation of the City-owned Senator Theatre at 5904-06 York Road.

The Cusacks, who are also owners of the Charles Theatre, are renovating and expanding the Senator. The main auditorium will continue to be used as a movie theatre, and plans propose the addition of three theatres and food service.

Proposed capital improvements include replacement of seats, carpeting, wall coverings and curtains, and painting of ceilings and walls in the auditorium; repairs to the exterior and roof; and new or upgraded building systems including electrical service, sprinklers and boiler.

Located within the Govanstowne business district, the Senator Theatre, which opened in 1939, is listed on the National Register of Historic Places.

mISSIon 06 Support the City’s Cultural Resources / Institutions 98-109neW pSalmISt BaptISt ChuRCh


Seton BuSIneSS paRK (neW pSalmISt BaptISt ChuRCh expanSIon)

BDC facilitated the land sale between the City of Baltimore and New Psalmist Baptist Church, and provided general business assistance for an expansion project. Construction of the church’s new $50,000,000 home in Seton Business Park was completed in 2010. The state-of-the-art church complex, located on Marian Drive in Northwest Baltimore, includes a 3,500 seat sanctuary, offices and banquet hall.

110 Baltimore Development Corporation 111110 annual Report 2010Baltimore Development Corporation

2010 BuSIneSS RetentIon, expanSIon & attRaCtIon ReSultS

Company joBSRetaIneD

6th Street Inc. 4

acclaro Research Solutions, Inc. 5

applied plasma Science llC 2

Baltimore media group llC 1

Blue globe Solutions 2

Brijen Biotech llC 2

CervoCheck, llC 2

Cognapse llC 3

Curiosityville llC

edcosystem, Inc. 2

ellickson uSa llC 1

funding universe 1

groove Commerce 10

grovehurst Construction management group

3

Company joBSRetaIneD

Khepra energy group, llC 15

Kitchen table financial 1

mDR group 3

nV3 technologies llC 4

oomph marketing 2

pieran llC 1

RC matrice, llC 7

Ridgewood healthcare It 1

Saje pharma llC 2

Soleil Solar llC 1

Superior technology Solutions Corp.

5

urban Design group llC 4

Voiceplex llC 5

type of puBlIC aSSIStanCeBusiness Incubation

type of puBlIC aSSIStanCe Company joBS RetaIneD

pRojeCteD neW joBS

total joBS

total CapItal InVeStment ($)

BmS Design funds hamilton physical therapy 2 2 2,840.00

hamilton Vacuum 4 4 7,575.00

Business assistance 180’s 45 45

aegon 750 1 751

allstate floors & Construction 25 25

american Radiology 20 20

Bambeco 55 55 300,000.00

Barton Cotton 100 100

Barton malow 20 20

Connections academy 206 175 381

Crown Security 200 50 250 600,000.00

fells point meats 50 25 75

King architectural metals 33 33

moodlerooms 30 30 60

naaCp 75 75

Southwest Charter School 60 30 90

travelClick 50 50

Volunteers of america 30 15 45

FTZforeign trade Zone

Jobs Retained

Land DispositionSale of publicly owned property by BDC on behalf of the mayor and City Council of Baltimore.

Leaselease of publicly owned property by BDC on behalf of the mayor and City Council of Baltimore.

LoanDirect financial assistance via a loan of public dollars including funding sources such as local economic development bond funds, State and federal funds provided to the City for economic development investment.

PILOTpayment in lieu of taxes

Projected New Jobs

Retention Keeping existing business in the City of Baltimore

TIFtax Increment financing

Total Projected Capital Investmenttotal capital dollars invested in a project as estimated by the company.

DefInItIonS

Attraction Bringing new business into the City

Business Assistanceany assistance provided by BDC, non-monetary, that assists a company in its decision to stay in Baltimore, expand in Baltimore, or locate in Baltimore. assistance can range from site selection to building permits.

Business IncubationBusiness assistance provided directly to new and emerging companies through the emerging technology Centers’ program.

DowntownDefined as the area bounded by Interstate 83 to the east, pratt Street and the Inner harbor to the south, and martin luther King jr. Boulevard to the west and north.

ETCemerging technology Centers

Expansion expanding existing business in the City of Baltimore

FIGfaçade Improvement grant matching a business owner’s capital with public dollars to facilitate façade improvements benefiting the business and the commercial corridor as a whole.

Financials 110-117



pRojeCteD neW joBS

total joBS


funding agreement Day Spring, Inc. 10 25 35 8,029,000.00

land subsidy Bond Distributing 150 5 155 171,500.00

lease Kona grill / one east pratt Street, llC

60 60 4,000,000.00

lease / lDa South Broadway properties, llC

2 2 103,000.00

loan admirals Cup, llC 60 60 2,231,000.00

loan maisy’s 15 15 160,000.00

loan performance Workshop, Inc. 2 2 4 850,000.00

parking Revenue Bonds mchenry Row holding Company, llC

350 350 119,000,000.00

Recovery Zone facility Bonds Wexford Science and technology, llC

784 784 76,700,000.00

State of mD - Community legacy

ann’s Clothing 1 1

Darker than Blue 3 3 60,841.38

goldstone jewelry 2 2

green’s Carryout 2 2

joyce’s place 2 2

main Street hats 2 2

next level 1 1

penn optical 3 3

people’s Community health Center

3 3

x-top 2 2

State of mD – neighborhood Business Works

Kodi’s 1 1 55,985.50

State of mD – neighborhood Business Works

miss Belle’s Restaurant 3 3 301,434.57

Zoning appeal fraley Corporation 10 10 100,000.00

totals 2074 1873 3947 214,399,904.00


pRojeCteD neW joBS

total joBS


City loans, City, State, and federal historic tax Credits, enterprise Zone tax Credits; $1 yearly lease

the Senator theatre, llC 15 15 1,650,000.00

façade Improvement m&CC / Clear Channel n/a n/a n/a 3,010.00

fIg Baltimore Clayworks Inc 10 10 1,335.00

Casa Di pasta 5 1 6 3,000.00

Chezzie Realty 4 1 5 3,000.00

Community Store 3 3 2,990.00

Corner Carry out 8 8 5,086.11

eastern Retail Shipping & Delivery

5 5 3,000.00

geo g Ruppersberger & Sons Inc

25 2 27 2,275.00

greektown grille 5 5 3,000.00

hopkins Discount & Dollar Store

5 5 800.00

jen liquors, Inc 3 3 3,000.00

jiffy lube 10 1 11 3,000.00

light St nail Salon 3 3 6 3,000.00

lucky’s Deli & market 4 4 3,000.00

mother’s federal hill grille 60 3 63 755.00

oaktree management façade project

36 5 41 24,000.00

ope’s laundromat 3 3 3,000.00

paradiso 6 6 2,882.50

Soft and Cozy Baby 4 4 594.23

Steady Baltmore Inc 3 6 9 3,000.00

the family tree 9 2 11 3,000.00

foreign trade Zone - operator agreement

BmW 2 2

Canton port Services 13 13

S.h. Bell Co 8 8

WWl 2 3 5

Financials 110-117


93 pRojeCtS - 4 DoWntoWn - 89 In neIghBoRhooDSneIghBoRhooDS = 96%; DoWntoWn = 4%

96% 4%

Financials 110-117


Statement of aCtIVItIeS & Change In net aSSetSyeaRS enDeD june 30, 2010 anD 2009

StatementS of fInanCIal poSItIonjune 30, 2010 anD 2009

2010 2009aSSetS

Cash and cash equivalents $ 4,361,183 $ 5,174,061

Contributions receivable 120,000 –

loans receivable, net of allowance for doubtful accounts of $ 143,459 in 2010 and $ 168,320 in 2009

1,859,033 2,230,933

other receivables and investments 539,743 779,711

prepaid expenses and deposits 86,961 63,622

total assets 6,966,920 8,248,327

lIaBIlItIeS anD net aSSetS

accounts payable and accrued expenses 375,414 1,640,316

accrued payroll 1,015,890 1,040,990

other payables 201,680 271,158

total liabilities 1,592,984 2,952,464

net assets -

unrestricted:

available for general activities 2,384,302 2,316,573

loan funds 2,548,964 2,548,964

Investment funds 320,670 430,326

5,253,936 5,295,863

temporarily restricted 120,000 –

total net assets 5,373,936 5,295,863

total liabilities and net assets $ 6,966,920 $ 8,248,327

2010 2009Changes in unrestricted net assets:

Revenues and gains:

Baltimore City funds:

general funds $ 3,414,449 $ 5,083,472

City bond funds 3,304,621 3,931,339

mayor and City Council real property funds 2,382,627 2,121,364

total Baltimore City funds 9,101,697 11,136,175

federal funds 109,149 172,481

State funds 73,174 810,769

Interest and investment (loss) income (30,605) 213,208

other fees 312,170 603,565

private grants 40,216 4,808

504,104 1,804,831

total unrestricted revenues and gains 9,605,801 12,941,006

expenses:

payroll and payroll related, including temporary help fees 4,601,282 4,722,141

occupancy 413,138 425,016

Supplies 98,688 86,322

travel 71,684 76,835

professional fees 69,137 75,803

telephone 46,971 44,448

Repairs and maintenance 46,836 48,901

Software support 44,149 59,122

miscellaneous 27,253 50,108

Staff development 25,987 47,190

Insurance 7,279 7,454

Bad debt (recovery) expense (24,860) 50,453

Capital expenditures 4,220,184 7,319,903

total expenses 9,647,728 13,013,696

Decrease in unrestricted net assets (41,927) (72,690)

Changes in temporarily restricted net assets -

Contributions 120,000 -

Increase in temporarily restricted net assets 120,000 -

Change in net assets 78,073 (72,690)

net assets - beginning 5,295,863 5,368,553

net assets - ending $ 5,373,936 $ 5,295,863

Financials 110-117


Staff DIReCtoRyBoaRD memBeR DIReCtoRy

Leadership

M.J. “Jay” Brodie President

Kimberly A. Clark Executive Vice President

Jeffrey P. Pillas Vice President & Chief Financial Officer

Nancy S. Jordan-HowardChief Operating Officer

Taronda WagstaffExecutive Assistant to M.J. “Jay” Brodie

Plushette A. SullivanExecutive Assistant to Kimberly A. Clark

Administration

Joann T. LoganDirector of Public Relations

Sandra E. BlakeDirector of Government Relations

Tracy F. McIlwainManagement Information Systems Administrator

Lenea N. Armstrong Executive Administrative/Marketing Assistant

Yvonne ButlerReceptionist

Josephine E. MurdockExecutive Administrative Assistant

Business Development

Richard L. EscalanteDirector of Business Development

Christopher P. MoyerDirector of Business Development

Commercial Revitalization

William L. BeckfordManaging Director of Commercial Revitalization

Donna J. Langley Director of Baltimore Main Streets

Nicholas V. RudolphBusiness District Specialist Baltimore Main Streets

Mica J. FetzBusiness District Specialist Baltimore Main Streets

Gaylord M. DuttonBusiness District Specialist Baltimore Main Streets

Kristen E. MitchellSenior Economic Development Officer

Leon F. Pinkett, III Senior Economic Development Officer

David R. GarzaEconomic Development Officer

Mary J. KlipaAdministrative Assistant

Emerging Technology Centers (ETC)

R. Ann LansingerPresident

Neil R. Davis Vice President for Operations

Fulya GurselDirector of Marketing

V. Lynn Slone Property Manager

Valerie E. EllisAdministrative Assistant

Finance & Accounting

David P. AdamskiController

Karen L. Bailey-YoungFull Charge Bookkeeper

Betty J. O’CarrollAccounts Payable Clerk

Kimberly L. TaylorAccounting Clerk

Geographical East

Darrell Doan Director of Economic Development – East

Terrance E. HancockSenior Economic Development Officer

Marianne P. NavarroSenior Economic Development Officer

Kerry M. DeVilbissEconomic Development Officer

Geographical West

Phil E. Croskey Director of Economic Development – West

Jason B. SchwartzbergEconomic Development Officer

Paul T. Clary Economic Development Officer

Michelle L. EdmistenAdministrative Assistant

Industrial Development

Larysa A. SalamachaManaging Director of Industrial Development

Gary E. SuskauerDirector of Brownfields Initiative / Policy Analyst

Elizabeth A. Weiblen Hines Director of Foreign Trade Zone #74 / Enterprise Zone Administrator

Roseann Walsh Senior Economic Development Officer

Elizabeth H. GoetzingerAdministrative Assistant

Maglev Maryland

Phyllis M. WilkinsExecutive Director

Planning & Design

Paul J. M. Dombrowski Director of Planning & Design

Ben J. StoneArchitectural Designer/Planner

Robert A. WilliamsArchitectural Assistant

Diane E. ScottAdministrative Assistant

Small Business Resource Center (SBRC)

Paul E. TaylorDirector of the Small Business Resource Center

Lisa A. EdwardsResource Center Manager

Danielle HectorReceptionist

Special Projects

Irene E. Van Sant Director of Special Projects

Arlisa W. AndersonSenior Project Analyst

Westside Initiative

Kathy A. L. RobertsonDirector of the Westside Initiative

John R. ThompsonEconomic Development Officer

Michelle L. Edmisten Administrative Assistant

Arnold Williams, CPAmanaging Directorabrams, foster, nole & Williams, p.a.BDC Board Chairman

Maria E. Beckettpresidentmaricom Systems, Inc.

Atwood “Woody” Collins IIIpresident & Coom&t Bank, mid-atlantic Division

Armentha Cruisepresident & Ceothe aspen group, Inc.

Clinton R. DalypartnerBrown advisory

Gilberto de Jesus, EsquireSenior attorney federal Communications Commission office of Communications Business opportunities

Deborah Hunt Devan, Esquireattorneyneuberger, Quinn, gielen, Rubin & gibber, p.a.

Edward J. GallagherDirectorBaltimore CIty Department of finance

Francis X. Gallagher, Jr.managing DirectorStifel nicolaus

Paul T. GrazianoCommissioner, Baltimore City Department of housing & Community Development and executive Director, housing authority of Baltimore City

Bert J. Hash, Jr.president & Ceomunicipal employees Credit union of Baltimore

Kenneth V. MorelandVice president & Chief financial officert. Rowe price

Carla A. NelsonDirectormayor’s office of minority and Women-owned Business Development

Kaliope Parthemos, EsquireDeputy mayor economic and neighborhood Development

Brian K. TraceySenior Vice presidentBank of america merrill lynch

Board Member and Staff Directories 118-119BoaRD memBeRS

Credits

Project Managers

Joann logan, Director of Public Relations

Nancy Jordan-Howard, Chief Operating Officer

Writing

Joann logan

staff of the Baltimore Development Corporation

Design

illume communications

Photography

Justin Gladden, JCG Multimedia

Mark Dennis, Office of the Mayor

ArchPlan Inc./Philipsen Architects

Brown/Craig/Turner Architects/Designers

Dariush Watercolors

David H. Gleason Associates, Inc. Architects

energy Answers International

entertainment Cruises

everyman Theatre, Inc.

illume communications

Maryland Port Administration

Peter Fillat Architects

southeast Community Development Corporation

staff of the Baltimore Development Corporation

The Bozzuto Group

The JBG Companies

university of Maryland, Baltimore

36 sOuTH CHARles sTReeT, suITe 1600

BAlTIMORe, MARYlAND 21201-3015

Tel 410 837 9305 FAX 410 837 6363

WWW.BAlTIMOReDeVelOPMeNT.COM

Documents

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