East Baltimore Development Inc

TO SUCCESSFULLY ATTRACT MARKET-ORIENTED INVESTMENT, DEVELOPMENT, POPULATION & ENTERPRISE TO THE EAST BALTIMORE COMMUNITY WHILE EQUIPPING COMMUNITY RESIDENTS WITH THE SKILLS, INFORMATION & RESOURCES THEY NEED TO BENEFIT FROM NEW HOUSING, EMPLOYMENT, BUSINESS & EDUCATIONAL OPPORTUNITIES.

IN 2022, EBDI CONTINUED TO WORK WITH DEVELOPERS, THE CITY, AND STATE AGENCIES TO COMPLETE PRE-DEVELOPMENT ACTIVITIES NECESSARY TO MAKE WAY FOR FOUR NEW RESIDENTIAL DEVELOPMENT PROJECTS THAT WILL YIELD OVER 500 UNITS OF MARKET-RATE AND AFFORDABLE RENTAL AND FOR-SALE HOMES. IN ADDITION, THE DEVELOPMENT OF THE NEXT COMMERCIAL/LAB BUILDING IS UNDERWAY AND THE SITE FOR A FUTURE GROCERY STORE/MIXED-USE DEVELOPMENT HAS BEEN IDENTIFIED. THESE EFFORTS ARE EXPECTED TO CONTINUE THROUGH CY 2023. EBDI ULTIMATELY PLANS TO BUILD AN ADDITIONAL 500 UNITS OF MIXED-INCOME HOUSING ALONG WITH TWO TO THREE ADDITIONAL COMMERCIAL BUILDINGS AND A PARKING GARAGE OVER THE NEXT 10 YEARS. EBDI CONSIDERS ITS APPROACH TO BE "RESPONSIBLE REDEVELOPMENT" WITH A FOCUS ON ECONOMIC AND COMMUNITY DEVELOPMENT EFFORTS THAT ARE INCLUSIVE AND MITIGATE THE EFFECTS OF GENTRIFICATION.EBDI'S PARTNERS IN THIS REVITALIZATION EFFORT INCLUDE THE CITY OF BALTIMORE, THE STATE OF MARYLAND, JOHNS HOPKINS UNIVERSITY AND MEDICINE, THE ANNIE E. CASEY FOUNDATION, AND THE HARRY AND JEANETTE WEINBERG FOUNDATION, AMONG MANY OTHERS. EBDI'S MISSION IS TO SUCCESSFULLY ATTRACT MARKET-ORIENTED INVESTMENT, DEVELOPMENT, POPULATION, AND ENTERPRISE TO THE EAST BALTIMORE COMMUNITY WHILE EQUIPPING COMMUNITY RESIDENTS WITH THE SKILLS, INFORMATION, AND RESOURCES THEY NEED TO BENEFIT FROM NEW HOUSING, EMPLOYMENT, BUSINESS AND EDUCATIONAL OPPORTUNITIES. EBDI'S EAST BALTIMORE INITIATIVE LEVERAGES THE WORLD-CLASS HEALTH DELIVERY AND RESEARCH FACILITIES AT THE JOHNS HOPKINS MEDICAL CAMPUS THAT ANCHORS AND ECONOMICALLY POWERS THE NEIGHBORHOOD, THE CITY, AND THE REGION. FISCAL YEAR 2022 WAS A CHALLENGING YEAR CONSIDERING THE LINGERING IMPACT THE COVID-19 PANDEMIC HAS HAD ON EBDI'S FUNDERS. FORTUNATELY, EBDI CONTINUED TO SECURE FUNDING FROM JOHNS HOPKINS UNIVERSITY AND THE CITY AT THEIR RECURRING CONTRIBUTION LEVELS. EBDI ANTICIPATES CONTINUING TO RECEIVE FUNDING FROM JOHNS HOPKINS UNIVERSITY AND THE CITY IN 2023. EBDI WAS ABLE TO INCREASE ITS FISCAL YEAR 2023 BUDGET DUE TO ANTICIPATED DEVELOPMENT RIGHTS FEES TO BE EARNED IN FISCAL YEAR 2023.TO ADDRESS THIS POTENTIAL FUNDING GAP IN FISCAL YEAR 2023 AND BEYOND, EBDI HAS FOCUSED ON WORKING TO DISPOSE OF UNDEVELOPED PARCELS OF LAND THAT COULD GENERATE SUBSTANTIAL DEVELOPMENT RIGHTS FEES FOR EBDI. THE DEVELOPMENT RIGHTS FEES, WHICH ARE EQUIVALENT TO THE LAND ACQUISITION PRICE, WILL BE BASED ON THE FAIR MARKET VALUE OF THE LAND AS DETERMINED BY AN APPRAISAL. IN FISCAL YEAR 2022, EBDI RECEIVED $618,845 FROM A DEVELOPER FOR TWO PARTICULAR PARCELS OF LAND. THESE FUNDS PARTIALLY SUPPORTED UNANTICIPATED EXPENSES IN 2022 AND WILL PROVIDE ADDITIONAL FUNDING IN 2023. ADDITIONALLY, EBDI COMPLETED NEGOTIATIONS WITH ITS MASTER DEVELOPER TO TERMINATE ITS MASTER DEVELOPMENT AGREEMENT IN FEBRUARY 2022. DOING SO GAVE EBDI SITE CONTROL OVER THE FIVE REMAINING UNDEVELOPED PARCELS THAT HAVE NOT YET BEEN AWARDED TO A DEVELOPER. EBDI WILL COMMISSION APPRAISALS FOR THE PARCELS AND THUS FAR HAS RECEIVED APPRAISALS ON TWO PARCELS, WHICH YIELDED VALUES OF $7M AND $4.315M, RESPECTIVELY. EBDI BELIEVES THAT THE VALUES FOR THE OTHER PARCELS WILL BE IN A SIMILAR RANGE. AS A RESULT, EBDI IS IN A POSITION TO RECEIVE POTENTIAL DEVELOPMENT RIGHTS FEES FOR THE REMAINING PARCELS IN EXCESS OF $20 MILLION THROUGH THE DURATION OF THE MASTER PLAN BUILD-OUT. IF RECEIVED, THAT ADDITIONAL FUNDING WILL SUPPORT EBDI'S OPERATIONS FOR THE NEXT SEVERAL YEARS. EBDI CONSIDERS THIS REVENUE SOURCE TO BE SPECULATIVE DUE TO MARKET CONDITIONS AND OUTCOMES WITH NEGOTIATIONS UNTIL DEVELOPMENT RIGHTS ARE AWARDED AND DEVELOPMENT CONTRACTS ARE EXECUTED.DEVELOPMENT AND CONSTRUCTION ACTIVITIES ALL INCLUDE A COMMITMENT TO SUBSTANTIVE PARTICIPATION BY LOCAL, MINORITY OWNED AND WOMEN OWNED ENTERPRISES WITH OVER $437 MILLION IN CONSTRUCTION CONTRACTS LET TO SUCH FIRMS TO-DATE, AND THE LOCAL EAST BALTIMORE WORK FORCE IS GIVEN PRIORITY ACCESS TO THE BUSINESS AND JOB OPPORTUNITIES CREATED IN THE PROJECT AREA. THE COMPLETED REVITALIZATION EFFORT IS PROJECTED TO GENERATE $1.8 BILLION OF PUBLIC/PRIVATE INVESTMENT IN THE COMMUNITY OVER 20 YEARS, WITH $1.1 BILLION INVESTED TO-DATE.