Over the next few years, six communities in South Baltimore will receive a historic $20M in funding through a community benefits agreement. Oversight of the funding will be handled by the SB7 Coalition Inc. a nonprofit whose members include Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mount Winans, Westport communities, and the Baltimore Peninsula developers. The money will be used to fund initiatives broadly for the South Baltimore area as well as priorities specific to each community. This is a significant benefit for the area which saw a significant decline in population and an increase in neglect after the loss of the manufacturing industry.

As reported in The Baltimore Banner:

At the center of the community benefits agreement is a multimillion-dollar commitment to the six neighborhoods from Sagamore Development Co., Plank’s development arm. That includes a direct $10 million disbursement over the first five years and a commitment from Sagamore Ventures to help the coalition raise another $10 million over the following five years, according to the 2016 agreement.

The deal also includes a requirement from Sagamore and the other Baltimore Peninsula developers to contribute funds from a portion of every new lease signed to SB7 — a minimum of 15 cents per net square foot — and a portion of every transfer fee per property sale. Sagamore Ventures has also donated $1 million to Baltimore’s CollegeBound Foundation and $1 million to Partners in Excellence for local students’ scholarships.

While the details of the oversight and allocation of funding are complex, the process has been structured to ensure that the communities remain in control of the vision for the funds while receiving support and resources from the developers.

Manis Canning & Associates is proud to have been involved in this important project from its inception and to represent MAG Partners, the current developer of the Baltimore Peninsula. The firm also represents Under Armour whose new headquarters is located on the site.

For more information:

Communities and a developer are partnering to remake South Baltimore – The Baltimore Banner