Board ends leases on $1.5B Baltimore development project

Posted at 10:26 AM, Dec 22, 2016
ANNAPOLIS, Md. (AP) - A Maryland board has voted to end the leases on a $1.5 billion agreement to redevelop a large state office complex in Baltimore.
The Board of Public Works voted 3-0 Wednesday to back away from the stalled agreement.
Gov. Larry Hogan, one of the board members, says the state remains committed to developing a new plan for the State Center office complex. Hogan says the state will move forward with new plans that will look at potentially building a professional sports arena.
Michael Edney, an attorney representing developer State Center LLC, says the state is contractually bound to the leases the board canceled and the developer will explain that in court.
But Hogan, a Republican, says the current plan simply carried too much debt and was "totally unworkable."

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