Subsidy Tracker Individual Entry

Company: 
Harbor Point Development Group
Parent Company: 
JPMorgan Chase
Subsidy Source: 
local
Location: 
Maryland
City: 
Baltimore
Project Description: 

mixed-use development

Year: 
2013
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Subsidy Value: 
$107,000,000
Program Name: 
tax increment financing
Awarding Agency: 
Baltimore Board of Finance
Type of Subsidy: 
MEGADEAL
Capital Investment: 
$1,000,000,000
Source of Data: 

The subsidy value and investment projection came from: Luke Broadwater, "Harbor Point to get city financing," Baltimore Sun, May 21, 2013.

Notes: 

Baltimore awarded Harbor Point Development Group, controlled by Michael Beatty, $107 million in TIF funds for infrastructure costs at a massive waterfront development that will include the regional headquarters of Exelon Corp. and other structures. Portions of the project are included in the Baltimore Enterprise Zone listings in the main Subsidy Tracker data but without dollar amounts. In December 2013 a subsidiary of JPMorgan Chase purchased a 90 percent stake in the project.

Source Notes: 
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