Financing For Employers

If you’ve read our post entitled “Vacants-To-Jobs,” you know that Baltimore Rising is introducing legislation that gives employers who are willing to locate in the city’s disadvantaged neighborhoods free property and no property taxes for 5 years. The simple, but nonetheless profound idea is that we’re going to make employers offers they can’t refuse to get them to do what too many businesses have avoided. We’re going to give them a compelling reason to set up shop in a neighborhood some of them don’t even want to drive through, much less park there, get out and spend the day. Heaven forbid, maybe go out to some local place for lunch.’

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Vacants-To-Jobs

As you may already know, there’s a Baltimore city government program called “Vacants-To-Value.” It’s primary purpose is to encourage people to refurbish and move into vacant property around the city – properties, mostly residential, that the government has taken over. The objective is to turn the huge number of abandoned properties around the city into homes that are attractive and well-maintained by resident-owners, many of whom will be new to the neighborhood.

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Eminent Domain

As you may have noticed, we have already posted a map of the 16,885 documented vacant structures in Baltimore. These structures – in addition to the thousands of vacant lots – are a potent tool for attracting desperately needed employers and new residents to the city.

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Technical Problem

A few days ago, we posted an article that talked about the urgent need to study, right now, the economics of the 150,000+ complaints that are filed with “Rent Court” every year – and that result in 7000 evictions annually. It’s a really important study that addresses a very, very significant problem in our city, the resolution of which is essential to the accomplishment of the economic recovery which is our mission. (Not so subtle note to contributors… It’s a study Baltimore Rising would gladly do for the city if you’d like to fund it.)

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Priming The Pump

Almost everybody is in agreement that Baltimore needs to lower its property tax rate which, at 2.248%, is almost twice that of the next highest county rate in the state. The rate is so high that it’s discouraging people and employers from moving here – and encouraging people and businesses to leave. We have a consensus. The question isn’t whether or not we lower the rate, but by what means and how quickly.

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