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McGuireWoods represents Baltimore City in $25 million bond deal

March 20, 2009

McGuireWoods recently represented Baltimore City in the issuance of approximately $25 million in tax increment financing (TIF) bonds to finance a portion of a $1.8 billion redevelopment project in East Baltimore. (Baltimore City pledged the tax revenues expected to be derived from increases in the taxable value of the property to pay debt service on the TIF bonds.) McGuireWoods helped develop a complicated yet innovative financing structure that leveraged the bond proceeds to create an additional approximately $3.7 million of New Markets Tax Credit equity for the benefit of East Baltimore Development, Inc., a city-created, nonprofit developer.