Baltimore leaders announced what they called a "historic" $100 million deal on the Port Covington development Thursday.
The city has cut a deal with Under Armour CEO Kevin Plank and his company, Sagamore Development, which includes workforce training and affordable housing options.
The deal is unprecedented, Mayor Stephanie Rawlings-Blake said.
In addition to the $25 million in workforce training, $40 million will go to area neighborhoods.
Sagamore Development officials said the agreement keeps city residents "front and center." The deal was also praised strongly by BUILD Baltimore.
"Sagamore knew from the start that this deal would go no where unless it benefited the people of Baltimore," said Bernard C. "Jack" Young, president of the Baltimore City Council.
A council committee vote on the deal will happen Thursday night. If passed, it will go to the full council Monday.
Approximately $20 million agreement is projected to be paid out in the first five years, according to a release from the mayor's office.
“BUILD is proud to stand with Sagamore Development to announce an historic agreement that will change the paradigm of development in Baltimore that over the years has created two Baltimores,” Rev. Glenna Huber, BUILD co-chair, said. “Together, we took historic steps to guarantee local hiring, affordable housing and workforce development that will forever alter the way development deals will be made in Baltimore."
“From the very beginning of this process, we have made clear that we want the Port Covington redevelopment to provide the greatest possible benefit to the city and its residents. It is why we are doing this in Baltimore in the first place; we are committing to Baltimore, doubling-down on Baltimore," said Tom Geddes, CEO of Plank Industries.
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