Jun 02 2007
Harbor East Project Gets Tax Break
Today officials announced H&S Properties - the land developer that owns much of the Harbor East property to be developed - would receive $33 million in tax breaks.? The deal is intended to help the Harbor East development keep the Legg Mason headquarters in Baltimore City.? Legg Mason recently announced it would be moving from its current location downtown at 100 light street.
Tax breaks seem to make sense when trying to spur economic development in under-served or “unpopular” areas.? However this hardly seems to be the case for Harbor East.? The project is already a success, with a number of new restaurants, office space, and hotels - including the to be developed Four Seasons.? Not to mention Legg Mason already announced they would be moving to the new tower in Harbor East.? Was the Legg Mason move contingent on these tax breaks?? In any case it makes you wonder, rich getting richer?? Maybe H&S can kick in some of that tax break money to pay my annual ground rent…
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