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UMB BioPark Developer Seeks TIF, Tax Breaks for New Project
November 3, 2015
The real estate firm developing the University of Maryland Baltimore BioPark is seeking $17.5 million in public financing and a special designation that would eliminate property taxes for at least five years to build its next building on the West Baltimore campus.
The subsidy for the roughly $110 million project is designed to help BioPark developer Wexford Science & Technology lure a branch of the Cambridge Innovation Center to Baltimore. The Massachusetts-based firm provides co-working space to start-ups and would lease about 40 percent of the 250,000-square foot building.