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  April 12, 2018

Mayor Asks Goldman Sachs to Increase Investment in Baltimore

Mayor Catherine Pugh said she asked investment bank Goldman Sachs to finance a movie theater in Mondawmin Mall, a retail center that just lost one of it's biggest tenants Target
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TAYA GRAHAM: This is Taya Graham reporting for the Real News Network in Baltimore City, Maryland. We have breaking news. Mayor Pugh has announced that she has asked Goldman Sachs to invest money in Mondawmin Mall to build a movie theater. This comes on the heels of the Target closing, which was an anchor to the Mondawmin Mall area.

CATHERINE PUGH: They were in just last week, didn't say anything about the bonds. They did talk about, they came in with Goldman Sachs. Goldman Sachs is investing, as you all know, it's one of the investors in Port Covington. But also one of the investors in. I've also asked Goldman Sachs to take a look at what we're doing at Mondawmin. I asked them to look at the possibility of a movie theater in Mondawmin so that they are taking a look at that.

TAYA GRAHAM: The news about the possible investment in the mall comes after Goldman Sachs has announced a $233 million investment in another Baltimore project, Port Covington. Port Covington is a massive waterfront development project, owned by Under Armour CEO and billionaire, Kevin Plank. Two years ago, the city approved a controversial $600 million TIF, or Tax Increment Finance incentive, for developers to build a veritable city on the water. TIFs allow developers to invest future property taxes in the project, money which is fronted to the developers by floating city-backed bonds. But at the same press conference, the mayor said that developers gave no timeline for the Port Covington project to move forward.

REPORTER: Do you have a timeline on Port Covington, at this point, accessing their first round of bonds?

CATHERINE PUGH: No. They were in just last week. Didn't say anything about the bonds.

TAYA GRAHAM: Mayor Pugh hopes that this will revitalize the mall and the surrounding community. The Real News has reached out to Goldman Sachs, and will update the story as it develops. This is Taya Graham and Stephen Janis, reporting for the Real News Network in Baltimore City, Maryland.


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