The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BALTIMORE, United States — Baltimore's city council gave final approval for a $660 million public financing package to help fund a $5.5 billion project for Under Armour Inc chief executive officer Kevin Plank's real estate company, a council spokesman said on Tuesday.
The council voted 12-1 with two abstentions late on Monday to back Plank's Port Covington project, a mixed-use development on industrial waterfront, the spokesman said.
Mayor Stephanie Rawlings-Blake will sign the financing deal next week, said a spokeswoman for her.
The 260-acre (105-hectare) project includes an expanded headquarters for Baltimore-based Under Armour, the No. 2 US sports apparel maker, as well as restaurants, stores, housing and manufacturing space.
ADVERTISEMENT
Plank's company, Sagamore Development, has called Port Covington one of the biggest urban renewal projects in the United States.
The $660 million city subsidy will pay for infrastructure, such as roads, parks and sewers. Sagamore will pay back the bonds through taxes, a practice known as tax increment financing.
Sagamore has said the project would take more than 20 years and provide 26,500 jobs. Baltimore had an unemployment rate of 6.7 percent in July, almost 2 percentage points above the US average, according to Maryland state figures.
By Ian Simpson; editor: Lisa Von Ahn.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.