The Baltimore Development Corp. disclosed this morning that the cost of installing pavers at a small park in front of the Exelon Tower at Harbor Point “is approximately $1,170,000.”
Installation of the pavers is proceeding even though the city Board of Finance has not yet authorized a second series of tax increment (TIF) bonds to pay for the work.
The pavers are among the “enhancements” now underway at Central Square – in the middle of the Harbor Point development – that the city is financing through the issuance of TIF bonds.
The Brew has written extensively about the unexpected costs emerging from TIF-financed construction – and the growing probability that taxpayer funds will be needed in the future to complete the work promised to developer Michael Beatty.
Susan Yum, spokeswoman for the BDC, confirmed that the pavers will be paid out of the second series of TIF bonds, whose overall pricetag has rocketed from $14 million to $39 million.
Today the Board of Finance is scheduled to vote on authorizing the TIF bonds.