Balltimore Mayor Stephanie Rawlings-Blake signed legislation Wednesday morning authorizing $660 million in public financing for Under Armour CEO Kevin Plank‘s proposed Port Covington development.
The City Council approved the bills last week. The mayor had said she would sign them.
The deal with Plank’s real estate firm, Sagamore Development, begins the “next chapter of Baltimore’s future,” Rawlings-Blake said.
Under the tax-increment-financing deal, the city will float bonds to pay for infrastructure on the South Baltimore peninsula that Plank wants to turn into a mixed-use development that includes a new Under Armour headquarters.