4 Vision, Mission, & Value Statement

4 Vision, Mission, & Value Statement5 Board Member Directory6 Letter from the Mayor7 Letter from the Chairman & President

9 MISSION No. 1 : Retaining & Expanding Existing Businesses

9 Business Retention and Outreach10 Enterprise Zones10 Foreign Trade Zone

12 MISSION No. 2 : AttractingNew Businesses

12 Business Incubation12 Real Estate Tours12 Retail Attraction14 Life Science Attraction16 BRAC

19 MISSION No. 3 : Promoting Thriving Retail Districts

19 Mondawmin Mall19 Pennsylvania Ave. Façade Project - Phase 120 Baltimore Main Streets20 Miracle on Main Streets

22 Mission # 4 : Increasing Employment Opportunities

22 Minority Business Inclusion23 Small Business Resource Center

24 Mission #5 Expanding the Tax Base by Creating New Real Estate Development Opportunities

24 Urban Renewal Plans and Amendments24 Requests for Proposals26 Gateway South28 Westside Initiative30 Hilton Baltimore Convention Center Hotel

32 Mission #6 SupportingCultural Resources

32 West Shore Park32 Pratt Street RFQ34 BDC Results Report38 Project Map40 Financial Statement42 Staff Directory

3

Sewell A. “Skip” BrownPresident & CEOBelt’s Corporation

Michael L. FalconePresident & COOMuniMae

Paul T. GrazianoCommissionerBaltimore City Dept. of Housing & Community DevelopmentExecutive DirectorHousing Authority of Baltimore City

William R. RobertsPresidentVerizon

Clarence T. BishopChief of StaffMayor’s Office(Served through 2006)

Deborah Hunt DevanPrincipalNeuberger, Quinn, Gielen, Rubin & Gibber

Francis X. Gallagher, JrManaging DirectorStifel Nicolaus

Samuel J. LloydDirectorMayor’s Office of Minority Business Development(Served through 2006)

Arnold L. WilliamsManaging DirectorAbrams, Foster, Nole & WilliamsBDC Board Chairman

Atwood “Woody” CollinsPresident & COOM&T Bank

Edward J. GallagherDirectorBaltimore City Department of Finance

Bert J. Hash, Jr.President & CEOMunicipal Employees Credit Unionof Baltimore

Brian K. TraceySenior Vice PresidentBank of America

VisionTo lead Baltimore to the forefront of cities in which to live and do business by becoming the preeminent economic development entity in the United States.

BDC Vision, Mission and Value Statements

MissionTo act as a catalyst in the creation of a robust, sustainable economy for Baltimore.

Values

We hold the highest standards of honesty, integrity, respect, and professionalism.

We understand that responsiveness is the key to meeting our customers’ needs.

We believe that success depends on exchanging ideas, sharing responsibilities and making decisions at all levels.

We respect tradition and value change.

We believe BDC’s strength lies in the creativity and diversity of its staff.

We share a vision for an ever-stronger Baltimore.

Our goal is to:

Retain and expand existing businesses.

Attract new businesses.

Promote thriving retail districts.

Increase employment opportunities for Baltimore City residents.

Expand the tax base by creating new mixed-use industrial, commercial and residential real estate development opportunities.

Support cultural resources.

We will accomplish this by:

Providing outstanding customer service.

Offering innovative ideas and solutions.

Engaging others in a collaborative effort.

Utilizing all possible resources.

Capitalizing on our regional strengths.

Board Member Directory

4 5

Letter from the Mayor Letter from the Chairman and President

Last year, the Baltimore City Council adopted the first comprehensive master plan since 1971. Although economic development strategies have changed over those 30 years, the mission of the Baltimore Development Corporation (BDC) has remained focused - to serve as a catalyst for continued economic growth, job creation and revitalization of Baltimore City’s commercial corridors, industrial areas, and mixed-use neighborhoods.

As Baltimore’s 48th Mayor, I am committed fully to implementing the new comprehensive plan, which sets out an ambitious agenda for making our city more competitive regionally, nationally and internationally. The important work of BDC is an integral part of this public and private sector effort.

Under a new Deputy Mayor for Neighborhood and Economic Development, I have aligned several agencies, including BDC, Housing and Community Development, Transportation, Public Works, Recreation and Parks, Office of Employment Development and Baltimore Area Convention and Visitors Association to coordinate their activities more efficiently and pursue new synergies. By creating a cleaner, greener, healthier and safer city, BDC’s job creation efforts are enhanced. More jobs means greater opportunities for City residents, expanded

retail offerings, and more people looking to live in Baltimore, which builds our tax base and strengthens neighborhoods.

BDC’s 2006 results are impressive. Our city is on the move. More than $10 billion of private investment is fueling job growth in key industry sectors such as bioscience, health care, finance, port, hospitality and tourism, and niche manufacturing. Baltimore City is poised to capture a significant share of the growth resulting from the 2005 Base Realignment and Closure (BRAC) process.

We appreciate your investment in Baltimore and look forward to another year of growth, opportunity and partnership.

Sincerely,

Mayor Sheila Dixon

The Baltimore Development Corporation (BDC) has achieved significant measurable results over the last decade. We are pleased to report that, since 1996, BDC has assisted 820 companies or organizations and worked on 888 projects. As a result of these endeavors, close to 30,000 city jobs were retained and over 25,000 new jobs have been projected from rehabilitation and/or new construction. These projects leverage $445 million in public investment and nearly $3 billion in capital investment. Our focus continuously has been on the many special neighborhoods of Baltimore; regularly more than 75% of our projects have been located outside of downtown.

While these numbers represent success, there is an even more basic purpose behind our work. Everything we do works to achieve an ultimate goal, driven by our

general mission to position Baltimore as a location of choice for business. That is why our mission statement appears on the back of our business cards, on our website, and is the organizational structure that we use to present our year-end results.

The 2006 BDC Annual Report demonstrates clearly how this year’s projects meet the six points of our mission. It illustrates how outreach and relationship building efforts with the existing business community results in retaining hundreds of jobs each year. It shows that by promoting Baltimore’s assets in collaboration with our partner organizations, new business and new investors are choosing our city in growing numbers. And, it describes how often small economic development contributions can spur significant projects that positively change the face of Baltimore.

One of this year’s highlights is the renovation and expansion of Mondawmin Mall in northwest Baltimore. This $70 million project represents a major investment by both the site’s owner, General Growth Properties, and the city. Understanding the long term impact this redevelopment effort would have, BDC sought and received approval to support the project through Tax Increment Financing (TIF). The result will be

a newly attractive shopping center that will also provide job opportunity and renewed stability for the surrounding communities.

Our Board and staff continue to address challenges in innovative ways, increasing optimism about our city and the region as a whole. For example, by working with Governor Martin O’Malley and State of Maryland Department of Transportation Secretary John Porcari, leaders in both the public and private sectors are now focused on the importance of developing a regional mass transit system, not only to serve current needs, but to realize the full potential of the Base Realignment and Closure (BRAC) decision.

We invite you to contact us to learn more about the services BDC can provide to help your business grow.

Sincerely,

Arnold WilliamsBoard Chairman

M.J. “Jay” BrodiePresident

6 7

MISSION No.1 : Retaining & Expanding Existing Businesses

Business Retentionand Outreach

Each year BDC meets with over 150 decision makers whose companies are located within the city. Through these meetings we are able to understand the needs of these firms, many of whom are looking to expand into larger facilities. In 2006, BDC assisted many businesses to recommit to locations in Baltimore, retaining hundreds of jobs.

Chubb Insurance CorporationThe Chubb Insurance Corporation, opened a location at Montgomery Park, retaining 25 jobs and adding 250.

CareFirst Blue Cross Blue ShieldCareFirst Blue Cross Blue Shield, relocated their offices to a 90,000 square foot location at Canton Crossing, retaining 350 employees.

Thomson PrometricThomson Prometric, relocated and expanded to a 85,000 square foot location at Canton Crossing, retaining 380 employees.

9

MISSION No.1 : Retaining & Expanding Existing Businesses

Enterprise Zones

One program BDC utilizes to retain and expand existing businesses is the State of Maryland Enterprise Zone (EZ). Businesses operating within an EZ may be eligible for real property and employment tax credits. In 2006, 29 businesses were certified to take advantage of these tax credits, representing approximately 288 new jobs. In December 2006, the Maryland Department of Business and Economic Development approved BDC’s application to expand the Fairfield EZ to include an additional 3,400 acres in the Brooklyn, Curtis Bay and Hawkins Point Area.

Foreign Trade Zone

BDC administers Foreign Trade Zone #74, a federally designated area located within the United States, yet considered “outside” of U.S. Custom’s territory for the purposes of assessing and collecting import duties and taxes.

Baltimore’s Foreign Trade Zone consists of over 2,000,000 square feet of non-contiguous industrial and warehouse space. During the reporting period October 1, 2005 – September 30, 2006 the zone served 85 businesses. Of these, 22 used the zone on a continuous basis, employing up to 216 people. Businesses in the zone handled 25 different products from 16 countries of origin.

10

MISSION No.2 :Attracting New Businesses

Business Incubation

In addition to assisting existing business communities to thrive, BDC works closely with new companies to provide feasible options to establish business in Baltimore City. Some of these companies locate in one of the two Emerging Technology Centers, subsidiaries of BDC. In 2006, these two business incubator facilities inducted 28 companies and “graduated” 10 companies.

Real Estate Tours

We work collaboratively with our partners at the State of Maryland Department of Business and Economic Development, the Downtown Partnership and the Economic Alliance of Greater Baltimore to research business leads and showcase the city’s assets to investors and developers. In March 2006, BDC, with the Downtown Partnership, hosted the Baltimore City Real Estate Tour; this daylong bus tour, which was attended by over 225 commercial investors, developers and brokers, featured over 50 commercial development opportunities across the city.

Retail Attraction

BDC recognizes the importance of quality retail as it relates to neighborhood and city-wide economic health and vitality. In 2006, BDC again led the city’s participation at the International Conference of Shopping Centers (ICSC) Spring Convention in Las Vegas, Nevada. Partnering with public and private entities, we meet with dozens of decision makers to bring new retail investment to Baltimore. One result of the 2006 convention was that Ace Hardware signed a lease to open a store in Federal Hill and has been expressing interest in other city locations.

12

Life Science Attraction

Baltimore is home to one of the strongest life science communities in the United States. In 2006, BDC and the Baltimore County Department of Economic Development joined forces for the second year in a row as “BaltimoreBio” to market the region for life science business development and attraction. By attending the international BIO (Biotechnology Industry Organization) conference, BaltimoreBio was able to promote the region and all of its life science assets to over 20,000 attendees.

In 2006, University of Maryland, Baltimore (UMB) Biopark Building One was complete, UMB Biopark Building Two was well under construction, and construction began on the Science + Technology Park at Johns Hopkins. Throughout the year, BDC worked closely with our university partners and the East Baltimore Development, Inc. (EDBI), which is charged with leading and managing the revitalization of an 80-acre portion of East Baltimore, to promote these exceptional biopark opportunities.


[top left] University of Maryland, Baltimore BioPark[bottom left] Johns Hopkins Medical Center Expansion[right] Rendering of the Science + Technology Park at Johns Hopkins

14


BRAC

BDC, representing the City of Baltimore, is a member of two regional alliances that have formed to respond to the growth projected to occur in the areas surrounding both Aberdeen Proving Ground and Fort Meade as part of the extensive Base Realignment and Closure (BRAC) activity. Throughout 2006, BDC participated in open houses in New Jersey and Virginia to reach out to those affected by the closures, attended a convention and receptions for defense contractors who, along with base personnel, may be relocating to the region and contributed material to assist in the development of two regional websites.

Mayor Dixon recently joined County Executives from Cecil, Baltimore, and Harford County in creating the Chesapeake Science and Security Corridor and promoting a regional approach to BRAC-related growth.

16

MISSION No.3 :Promoting Thriving Retail Districts

Mondawmin Mall

BDC, on behalf of the City of Baltimore and working closely with General Growth Properties (GGP), is participating in the revitalization of Mondawmin Mall. GGP, who owns the 41 acre site, plans to add a “big box” retailer, a full service grocer, two pad sites for restaurants or banks, and a junior retail anchor, in addition to renovating the existing mall with new entrances, lighting, flooring, restrooms and landscaping. Construction began in July 2006 on this $70 million project. To assist in the costs associated with demolition, site preparation, and utilities, BDC obtained city approval to designate the mall project as a Tax Increment Financing (TIF) District.

Pennsylvania Avenue Façade Project – Phase 1

In a collaborative effort between the Commercial Revitalization division of BDC, Baltimore Main Streets, and Pennsylvania Avenue Redevelopment Collaborative, BDC is financing and managing an extensive façade improvement project to the storefronts along the commercial section of Pennsylvania Avenue. Phase 1 of the project began in October 2006 and is focused on the 1700-1800 blocks.

19

MISSION No.3 :Promoting Thriving Retail Districts

Baltimore Main Streets

During 2006, Baltimore Main Streets neighborhoods leveraged hundreds of thousands of dollars in donations to support façade improvements, trash cleanup, marketing efforts and more. In addition, these neighborhoods received help from over 2,000 volunteers who contributed over 13,000 hours of service. 19 new businesses opened in these areas, resulting in 124 new full-time jobs.

Miracle on Main Streets

Miracle on Main Streets 2006 was the second annual holiday promotion held to encourage patronage along Baltimore’s Main Street neighborhoods: Belair-Edison, East Monument Street, Federal Hill, Fell’s Point, Govanstowne, Highlandtown, Pennsylvania Avenue, Pigtown and Waverly. The month-long event included parades, concerts, tree-lightings, sales, and prizes donated by neighborhood businesses. These incentives, as well as free parking on the weekends, encouraged tens of thousands of people to visit these districts.

20

MISSION No.4 :Increasing Employment Opportunities

Minority Business Inclusion

As an important part of its mission, BDC works to assure and increase the inclusion of minority and women owned business enterprises (MBE/WBE) in every aspect of development. In 2006, BDC assisted six projects in which there was minority and/or women equity involvement:

» Hendler Building

» Howard Park Grocery Store

» Pigtown 1

» Pigtown 2

» Oldtown

» St. James Place

Small Business Resource Center

The Small Business Resource Center (SBRC), a subsidiary of BDC, provides assistance to new and small business owners. In 2006, over 4,300 clients visited the center located at Johns Hopkins Eastern and over 1,500 attended over 50 various seminars held there. These seminars included business planning, strategic marketing, accounting, and a “Smart Start” series. Through the Community Express Loan program, the SBRC provided over 69 loans ranging from $5,000 - $50,000 to startup businesses.

[from the top] Oldtown, St.James Place, Howard Park Grocery Store.

22 23

MISSION No.5 :Expanding the Tax Base by Creating New Real Estate Development Opportunities

Urban Renewal Plans and Amendments

Across the City, BDC works to assemble and prepare sites for redevelopment. Though urban renewal planning and implementation, we open up new opportunities for real estate investment. In 2006, the Baltimore City Council approved requests for amendments to these urban renewal planning areas:

» Central Business District Area

» Howard Park Business Area

» Inner Harbor West

» Washington Village Business Area As an example, in the Howard Park Business Area, BDC, in coordination with community and local elected officials, crafted the amendments that allows for a full service grocery store to be developed. BDC recommended a developer for the grocery store in August 2006.

Requests for Proposals

By advertising property that is already publicly owned or whose acquisition has been approved by City Council, BDC assists projects to move ahead. In 2006, BDC issued 13 Requests For Proposals (RFP) including:

» 950 S. Caroline Street

» 1107 E. Fayette Street

» Central Avenue near Lombard Street

» Gateway South

» Pigtown Sites

» Westside Scattered Sites

BDC also issues RFPs for activities other than redevelopment. For example, in December, BDC sought proposals for the fabrication and installation of new signage for the Seton and Park Circle Business Parks.

24

Gateway South

Gateway South is an 11 acre waterfront site on the Middle Branch of the Patapsco River at a key gateway into Baltimore City. By the end of 2006, the city, at BDC’s recommendation, selected Cormony Development to redevelop this area, which lies south of M&T Bank Stadium, north of Interstates 295 and 95 and east of Carroll Camden Industrial Park. Cormony’s plans for the project include 600,000 square feet of office space, a new state-of-the-art recreational facility including sports fields, public recreation space and a new Intercity Bus Terminal (to include Greyhound, MTA local bus service and connection to the Central Light Rail line). Additionally, Ray Lewis, a partner in the development team, will create a “Ray of Hope Center” for mentoring, classroom assistance and recreation activities for Baltimore youth.


26


Westside Initiative

The Westside Initiative Area is bounded by Chase Street to the north; Charles Street to the east; Pratt and Camden Streets to the south; and Martin Luther King Jr. Boulevard to the west. More than $600 million already has been invested in the Westside by both public and private developers.

2006 highlights in the Westside included:

Bromo Seltzer Arts Tower, LLCBromo Seltzer Arts Tower, LLC acquired the Emerson Bromo Seltzer Tower located at 21 S. Eutaw Street for the development of non-residential artist studios. Total development costs are estimated at $1.4 million.

Westside Scattered Sites RFPIn April, BDC issued a Request For Proposals for seven sites throughout the Westside. Pioneer Contracting Company, Inc. (B.B. Patel) was selected as the developer for 200 W. Saratoga Street. Redniwa, Inc. (Ann Winder), the owner of “The Place” Lounge, a bar/lounge, located on the first level of 315 W. Franklin Street, proposes to acquire the property at 313 W. Franklin Street for the expansion of its business. Okoro Development Company (Chukuemeka Okoro) proposes to create a mixed-use commercial office/residential project at 324 Park Avenue.602 N. Howard Street, LLC/Landex Corporation (Judith and Peter Siegel), proposes to include 612 N. Howard Street in a larger redevelopment plan for the entire west side of the 600 block of N. Howard Street.

St. James PlaceRenaissance Place, LLC acquired five city-owned properties for the development of a mixed-use project comprising 25 market rate apartments, 1st floor retail space and a 44-space surface parking lot. Construction began in late 2006 on this $7.5 million project.

The ZenithConstruction progressed on the 21-story apartment building which will feature 191 units, 6,000 square feet of retail space and a 223 space parking garage.

[below] 200 W. Saratoga Street

28


Hilton Baltimore Convention Center Hotel

In October 2005, the Baltimore Hotel Corporation (BHC) was incorporated to oversee the design and construction of the 757-room Hilton Baltimore Convention Center Hotel. Officers include: M. J. “Jay” Brodie, Chairman; the Honorable Stephanie Rawlings-Blake, Vice Chairman; Joan N. Davidson, Secretary and the Honorable Joan M. Pratt, Treasurer. Other Board members include Andrew B. Frank, Deputy Mayor, City of Baltimore; Edward J. Gallagher, Director of Finance, City of Baltimore; J. Kirby Fowler, Director of Downtown Partnership of Baltimore; and Herman Williams, Jr., Retired Fire Chief, City of Baltimore. Excavation and site work began in February 2006 and construction continues on the site located at 401 W. Pratt Street across from Oriole Park at Camden Yards. Hilton Hotels Corporation opened its Baltimore sales office in August 2006, with four sales professionals currently marketing the hotel, joined in their efforts by the sales staff of the Baltimore Area of Visitors and Conventions Associations (BAVCA) and 97 sales professionals in Hilton’s corporate sales offices throughout the United States.

30

MISSION No.6 :Supporting Cultural Resources

West Shore Park

In 2006 West Shore Park’s official completion and opening were celebrated with a ribbon cutting ceremony. The park, which is located between the Visitor Center and the Maryland Science Center along the Inner Harbor promenade, features a large lawn and public garden. BDC was instrumental in developing the design for the park.

Pratt Street RFQ

In October, BDC, in partnership with the Downtown Partnership and the city’s Departments of Planning and Transportation, issued a Request For Qualifications for concept plan designs for the public spaces along Pratt Street between President Street and Martin Luther King, Jr. Boulevard. The selected consultant, Ayers Saint Gross/Olin Partnership, will work under the direction of BDC and its partner agencies to implement an improved design for this important downtown thoroughfare.

32

BDC Results Report

Company / Project Type of Public Assistance

Jobs Retained

Projected New Jobs

TotalJobs

Retention / Expansion / Attraction

Total Capital Investment

3 Finity Partners, Inc. Business Assistance 225 - 225 Retention -A Better Laser Business Assistance 10 - 10 Retention -Aegon Business Assistance 350 - 350 Retention -BalTerm Business Assistance 180 40 220 Retention 1,300,000Bedrock Management Business Assistance - 20 20 Attraction -Block Vision Business Assistance 110 - 110 Retention -Bottom Drawer Business Assistance 2 - 2 Attraction -Chambers Business Assistance 35 - 35 Retention 1,750,000Chubb Insurance Business Assistance 25 250 275 Retention / Expansion 4,500,000Dave’s Seafood & Poultry Business Assistance - 20 20 Attraction 300,000Design Collective Business Assistance 86 - 86 Retention -First Place Clothing Business Assistance 3 - 3 Retention 500Glue Machinery Business Assistance - 10 10 Attraction 645,000Holiday Inn Express Business Assistance 25 - 25 Retention 8,000,000Holly Poultry Business Assistance 120 - 120 Retention -Hyde Interiors Business Assistance 8 5 13 Retention 80,000Last Connect Business Assistance 2 - 2 Retention 500Locust Industries Limited Business Assistance - 4 4 Attraction -Maish’s Auto Shop Business Assistance 6 - 6 Retention 559,618Metro Networks Corporation Business Assistance 18 - 18 Retention -My Nurses Now Business Assistance 10 - 10 Retention 50,000Pier Six Concert Pavilion Partners, LLC Business Assistance - - - Retention 350,000Plano Coudon Business Assistance 22 - 22 Retention -Pride of Baltimore, Inc. Business Assistance - - - Retention -Semmes, Bowen & Semmes Business Assistance 130 - 130 Retention -SunTrust Business Assistance - - - Retention -Thomson Prometric Business Assistance 381 - 381 Retention -Tobacco Outlet Business Assistance 4 - 4 Retention 2,000Tydings and Rosenberg Business Assistance 130 - 130 Retention -United States Gypsum Business Assistance 300 50 350 Retention / Expansion 3,000,000United Way of Central Maryland Business Assistance 90 - 90 Retention -Alten Industries Business Incubation - 3 3 Attraction -Applied Methods, Inc. Business Incubation - 1 1 Attraction -Bay-Tek Consulting Business Incubation - 3 3 Attraction -Beeond, Inc. Business Incubation - 6 6 Attraction -CDXperts, Inc. Business Incubation - 6 6 Attraction -Coker Innovation Company, LLC Business Incubation - 3 3 Attraction -


Jobs Retained

Projected New Jobs

TotalJobs



DSQ Solutions Business Incubation - 2 2 Attraction -EZCertify, LLC Business Incubation - 5 5 Attraction -Gainer Industries, Inc. Business Incubation - 1 1 Attraction -Hammond Group, Inc. Business Incubation - 1 1 Attraction -HMG, LLC (Home Track) Business Incubation - 1 1 Attraction -Intertwine Systems, Inc. Business Incubation - 2 2 Attraction -Liftecast-Balticore Business Incubation - 4 4 Attraction -Millennial Media Business Incubation - 12 12 Attraction 7,600,000Muni-Pay Technologies, Inc. Business Incubation - 3 3 Attraction 1,500,000MyAdBox Business Incubation - 4 4 Attraction 100,000NFTE Business Incubation - 4 4 Attraction 660,000Pieran, LLC Business Incubation - 3 3 Attraction -Smart Logic Solutions, LLC Business Incubation - 3 3 Attraction -Socratiq Intelligence Systems Business Incubation - 1 1 Attraction 60,000Soteria Network Technologies Business Incubation - 4 4 Attraction -Stoller & Company, Inc. Business Incubation - 2 2 Attraction 500,000Strategic Results Business Incubation - 1 1 Attraction -Surgi-Vision Business Incubation - 2 2 Attraction 1,500,000TerraLogos Green Home Services Business Incubation - 3 3 Attraction -The Sharps Solution (TSSI) Business Incubation - 2 2 Attraction -Theratzxis, LLC Business Incubation - 3 3 Attraction 200,000WellDoc Communications, Inc. Business Incubation - 3 3 Attraction 5,250,000Evelyn’s Café Community Legacy 5 - 5 Attraction 40,000Trinidad Gourmet Community Legacy 2 - 2 Retention 3,200Yabba Pot Community Legacy 8 - 8 Retention -1121 Marshall Street, LLC Façade Improv. Grant - - - Retention 247,690Ahead of the Game Façade Improv. Grant - - - Retention 4,878Andy and Julie’s Façade Improv. Grant - - - Retention 6,800Anthony Patti Insurance Façade Improvement - - - Retention 2,792Atta Kairash Façade Improvement - - - Retention 16,000Baltimore Office Promotion Arts Façade Improv. Grant - - - Retention 6,000Barenburg Eye Associates Façade Improv. Grant - - - Retention 131,505Carlos O’Charlies Façade Improv. Grant 14 - 14 Attraction 3,000Charm City Cakes Façade Improv. Grant 11 3 14 Retention 4,006Chopper’s Bar & Grill Façade Improv. Grant - - - Retention 24,400Crazy Mart Façade Improv. Grant - - - Retention 6,000Daily Grind Coffee House Façade Improv. Grant - - - Retention 3,500

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

34 35

BDC Results Report


Jobs Retained

Projected New Jobs

TotalJobs



Deep Flow Façade Improv. Grant - - - Retention 1,700Desert Café Façade Improv. Grant - - - Retention 10,854Diliberto Gallery Façade Improv. Grant - - - Retention 3,677Double Dutch Boutique Façade Improv. Grant - - - Retention 3,412Erdman Animal Hospital Façade Improv. Grant - - - Retention 3,000Green Door Properties Façade Improv. Grant - - - Retention 47,155Hair Extraordinaire Façade Improv. Grant - - - Retention 10,248Hamilton Business District (Signs for Success) Façade Improv. Grant - - - Retention 35,000Hamilton Tire & Car Care Center Façade Improv. Grant - - - Retention 6,321Harford Trading Company Façade Improv. Grant - - - Retention 14,575Ivy Parsons Façade Improv. Grant - - - Retention 6,000James Bona - Commercial Space Façade Improv. Grant - - - Retention 9,100John’s Place Coffee & Tea Shop Façade Improv. Grant 4 - 4 Retention 4,485Kim’s Auto Service Façade Improv. Grant - - - Retention 2,354Lady’s Touch Salon Façade Improv. Grant - - - Retention 1,570M Vanity and M Salon Façade Improv. Grant 8 - 8 Retention 100,000Matsuri’s Japanese Cuisine Façade Improv. Grant - - - Retention 3,625Mercado Latino Los Compadres Façade Improv. Grant 2 - 2 Retention 497Neighborhood Rentals, Inc. Façade Improv. Grant - - - Retention 4,026Nelson Adlin Façade Improv. Grant - - - Retention 5,420New Issue Façade Improv. Grant - - - Retention 3,876River Front LLC Façade Improv. Grant - - - Retention 108,370York Road Animal Hospital Façade Improv. Grant - - - Retention 15,160Zen West Façade Improv. Grant - - - Retention 12,471Pimlico Road Arts and Community Center Grant - - - Retention -Monument Street HUD - - - Retention 625,000900 Block of Washington Boulevard Land Disposition - - - Retention -Allied Contractors Land Disposition - - - Retention -Bromo Seltzer Arts Tower, LLC Land Disposition - 2 2 Attraction 1,900,000Center for Aquatic Life and Conservation Land Disposition - - - Retention 8,000,000Focus Development, LLC Land Disposition - - - Retention 1,500,000Hampton Inn / Camden Square, LLC Land Disposition - 45 45 Attraction 20,000,000Hendler Building Land Disposition - - - Retention -Howard Park Business Area Lot #1 Land Disposition - - - Attraction -Tulkoffs Land Disposition 65 - 65 Retention 490,400Allied Industrial Maintenance Lease - - - Retention -Catholic Relief Services Lease - - - Retention -


Jobs Retained

Projected New Jobs

TotalJobs



Church/Community Health Awareness & Monitoring Program (CHAMP) Lease - - - Retention -

Gina’s Café Lease - - - Retention -M&T Management, LLC Lease - - - Retention -Marine Associates, LLC Lease - - - Retention 3,150,000MCI Metro Access Transmission Services, LLC Lease - - - Retention -Municipal Employees’ Credit Union (MECU) Lease - - - Retention -Nelson Prefab, LLC Lease - - - Retention -Pin Counseling Services, Inc. Lease - - - Retention -RBJ Contracting Company Lease - - - Retention -Shoats Electric Corporation Lease - - - Retention -T.I.M.E. Organization, Inc. Lease 30 - 30 Retention -Downtown Sailing Center, Inc. License Agreement - - - Retention -Burger Biz, LLC Loan - 40 40 Attraction 950,000Carefirst Loan 360 48 408 Retention -Dietz & Watson Loan 148 15 163 Expansion 7,560,000Federal Hill Main Streets Loan 2 1 3 Retention 250,000FTI Consulting Loan - 25 25 Attraction 1,250,000Hippodrome Hatters Loan 2 - 2 Retention 70,000Life of Reilly Restaurant Loan - 16 16 Attraction 785,000Linda Frangion / Grandma’s Candles Loan 3 1 4 Retention 710,000Morgan Stanley Loan 189 111 300 Retention / Expansion 5,000,000Renaissance Place, LLC Loan - 5 5 Attraction 7,284,867The Loading Dock Loan 15 12 27 Retention -The Markets at Highlandtown NBDP Grant 45 - 45 Retention 571,892800 Aliceanna Street PILOT - - - Retention -Marriott Residence Inn PILOT - - - Retention -Charles Village TIF - - - Retention 110,000,000Mondawmin Mall Redevelopment TIF - - - Retention -

Totals 3,185 811 3,996 $208,917,444

RETENTION/EXPANSION: Keeping existing business in the City of Baltimore.ATTRACTION: Bringing new business into the City.TOTAL PROJECTED CAPITAL INVESTMENT: Total capital dollars invested in a project as estimated by the company. BUSINESS ASSISTANCE: Any assistance provided by BDC, non-monetary, that assists a company in its decision to stay in Baltimore, expand in Baltimore, or locate in Baltimore. Assistance can range from site selection to building permits.BUSINESS INCUBATION: Business assistance provided

directly to new and emerging companies through our Emerging Technology Centers program.FACADE IMPROVEMENT GRANT: Grant matching a business owner’s capital with public dollars to facilitate façade improvements benefiting the business and the commercial corridor as a whole.LAND DISPOSITION: Sale of publicly owned property by BDC on behalf of the Mayor and City Council of Baltimore.LEASE: Lease of publicly owned property by BDC on behalf of the Mayor and City Council of Baltimore.

LOAN: Direct financial assistance via a loan of public dollars including funding sources such as local economic development bond funds, State and Federal funds provided to the City for economic development investment.PILOT: Payment in Lieu of Taxes.TIF: Tax Increment Financing.DOWNTOWN: Defined as the area bounded by Interstate 83 to the east, Pratt Street and the Inner Harbor to the south, and Martin Luther King Jr. Boulevard to the west and north.

DEFInITIOnS

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$

$$$$$$$$$$$$$$$$$$$$$$$$$$$

36 37

2006 Geographic Distribution of Projects

Downtown Projects = 17%

Neighborhood Projets = 83%

132

30 102

10975

105

4

12513

16

134

10085

123

2

1418

15

231 8

10

67

108

139

7372

124

64 99

76

78

98

71

89

79

84

8283

938166

97

2895

17

87

88

12

13861

32,33,38-40,46,48-51,53-59

112,114,119-122

126

34-37,41-45,47,5268,111,116,117

70 92 135

118 110

130

96

74

7794

8627136

128

107

127

22

115

9190

780

24

104137

21,63

11,29

31

25 65

1295

6

6010162

106103

69

19133

3131 20

9 26

113

Project Map & Key

3 Finity Partners, Inc.A Better LaserAegonBalTermBedrock ManagementBlock VisionBottom DrawerChambersChubb InsuranceDave's Seafood & PoultryDesign CollectiveFirst Place ClothingGlue MachineryHoliday Inn ExpressHolly PoultryHyde InteriorsLast ConnectLocust Industries LimitedMaish's Auto ShopMetro Networks CorporationMy Nurses NowPier Six Concert Pavilion Partners, LLCPlano CoudonPride of Baltimore, Inc.Semmes, Bowen & SemmesSunTrustThomson PrometricTobacco OutletTydings and RosenbergUnited States GypsumUnited Way of Central MarylandAlten IndustriesApplied Methods, Inc.Bay-Tek ConsultingBeeond, Inc.CDXperts, Inc.Coker Innovation Company, LLCDSQ SolutionsEZCertify, LLCGainer Industries, Inc.Hammond Group, Inc.HMG, LLC (Home Track)Intertwine Systems, Inc.Liftecast-BalticoreMillennial MediaMuni-Pay Technologies, Inc.MyAdBoxNFTEPieran, LLCSmart Logic Solutions, LLCSocratiq Intelligence SystemsSoteria Network TechnologiesStoller & Company, Inc.Strategic ResultsSurgi-VisionTerraLogos Green Home ServicesThe Sharps Solution (TSSI)Theratzxis, LLCWellDoc Communications, Inc.Evelyn's Café

Trinidad GourmetYabba Pot1121 Marshall Street, LLCAhead of the GameAndy and Julie’sAnthony Patti InsuranceAtta KairashBaltimore Office Promotion ArtsBarenburg Eye AssociatesCarlos O’CharliesCharm City CakesChopper’s Bar & GrillCrazy MartDaily Grind Coffee HouseDeep FlowDesert CaféDiliberto GalleryDouble Dutch BoutiqueErdman Animal HospitalGreen Door PropertiesHair ExtraordinaireHamilton Business District (Signs for Success)Hamilton Tire & Car Care CenterHarford Trading CompanyIvy ParsonsJames Bona - Commercial SpaceJohn’s Place Coffee & Tea ShopKim’s Auto ServiceLady’s Touch SalonM Vanity and M SalonMatsuri’s Japanese CuisineMercado Latino Los CompadresNeighborhood Rentals, Inc.Nelson Adlin New IssueRiver Front LLCYork Road Animal HospitalZen WestPimlico Road Arts and Community CenterMonument Street

900 Block of Washington BoulevardAllied ContractorsBromo Seltzer Arts Tower, LLCCenter for Aquatic Life and ConservationFocus Development, LLCHampton Inn / Camden Square, LLCHendler BuildingHoward Park Business Area Lot #1TulkoffsAllied Industrial MaintenanceCatholic Relief ServicesCHAMPGina's CaféM&T Management, LLCMarine Associates, LLCMCI Metro Access Transmission Services, LLCMunicipal Employees' Credit Union (MECU)Nelson Prefab, LLCPin Counseling Services, Inc.RBJ Contracting CompanyShoats Electric CorporationT.I.M.E. Organization, Inc.Downtown Sailing Center, Inc.Burger Biz, LLCCarefirstDietz & WatsonFederal Hill Main StreetsFTI ConsultingHippodrome HattersLife of Reilly RestaurantLinda Frangion / Grandma's CandlesMorgan StanleyRenaissance Place, LLCThe Loading DockThe Markets at Highlandtown800 Aliceanna StreetMarriott Residence InnCharles VillageMondawmin Mall Redevelopment

123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960

616263646566676869707172737475767778798081828384858687888990919293949596979899100

101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139

Statement of Financial Position

Statement of Activities and Change in Net Assets

Baltimore City Funds General funds General funds - new market growth City bond funds Mayor & City Council real property funds

Federal fundsState fundsInterest incomeOther feesPrivate grants

Released from restriction

Total revenues, gains and other support

Payroll and payroll relatedProfessional feesSoftware supportOccupancySuppliesInterestInsuranceTravelTelephoneStaff developmentRepairs and maintenanceBad debtsCapital expendituresMiscellaneous

Total expenses

Change in Net Assets

Net Assets - Beginning

Net Assets - Ending

TotalUnrestricted Restricted

3,430,449- -

3,664,9003,278,198

10,373,547

481,048492,344333,513533,721

56,1191,896,745

- -

12,270,292

4,288,37731,79535,779

413,574104,733

2,28313,37370,96457,01453,61843,204

102,1247,039,967

26,469

12,283,274

(5,103,595)

10,860,314

5,756,719

- -- -- -- -- -

- -- -- -- -- -- -

- -

- -

- -- -- -- -- -- -- -- -- -- -- -- -- -- -

- -

- -

- -

- -

$

$

$

$

$

$

$

$

$

$

$

3,430,449- -

3,664,9003,278,198

10,373,547

481,048492,344333,513533,721

56,1191,896,745

- -

12,270,292

4,288,37731,79535,779

413,574104,733

2,28313,37370,96457,01453,61843,204

102,1247,039,967

26,469

12,283,274

(5,103,595)

10,860,314

5,756,719

AssetsCash and cash equivalentsLoans receivable; net of allowance for loan doubtful accounts of $135,450 and $341,503 for the years ended June 30, 2006 and 2005, respectively Other receivables and investmentsPrepaid expenses and depositsCash restricted for investments

Total Assets

Liabilities and Net AssetsAccounts payable and accrued expensesOther payablesLoans payable

Total Liabilities

Net Assets Temporarily restricted Unrestricted Capital additions - loan funds Capital additions - investment funds Available for general activities

Total Net Assets

Total Liabilities and Net Assets

5,467,345

1,799,544260,331124,076200,000

7,851,296

1,328,18316,394

750,000

2,094,577

- -

3,154,387420,991

2,181,341

5,756,719

7,851,296

2006 2005

$

$

$

$

$

$

$

$

7,782,880

4,537,113650,443113,797200,000

13,284,233

1,450,423223,496750,000

2,423,919

- -

8,245,000450,317

2,164,997

10,860,314

13,284,233

40 41

Staff Directory

AdministrativeYvonne Butler : ReceptionistTracy F. McIlwain : MIS AdministratorSandra Gladden : Urban Renewal AdministratorJosephine Murdock : Executive Administrative Assistant

Business Development, Marketing, & Public RelationsM. Celeste Amato : Managing DirectorJoann T. Logan : Director of Public RelationsRichard Escalante : Senior Economic Development OfficerChris Moyer : Senior Economic Development OfficerKristin F. LeFeber : Marketing CoordinatorSarah A. Carey : PR & Marketing Administration

TechnologyAnn Lansinger : PresidentNeil Davis : Vice President for OperationsLynn Slone : Property ManagerValerie Ellis : Administrative AssistantFulya Gursel : Program Coordinator

Commercial RevitalizationWill L. Beckford : Managing DirectorDonna J. Langley : Director of Main Streets ProgramLinda M. Pompa : Business District Specialist - Baltimore Main StreetsNick Rudolph : Business District Specialist - Baltimore Main StreetsDavid R. Garza : Economic Development OfficerLeon F. Pinkett, III : Senior Economic Development OfficerKristen E. Forsyth : Senior Economic Development OfficerHarvey Jones : Code Enforcement OfficerMary J. Klipa : Administrative Assistant

Finance & AccountingPaul J. Coleianne : ControllerRob M. Resop : Fiscal TechnicianPam L. Stewart : Full Charge BookkeeperBetty J. O’Carroll : Accounts Payable ClerkKimberly L. Taylor : Accounting Clerk

Geographical EastKimberly A. Clark : Director of Economic Development - EastColin Tarbert : Senior Economic Deverlopment OfficerTerrance E. Hancock : Economic Development OfficerMarianne P. Navarro : Economic Development OfficerJulie McCormick : Assistant Economic Development Officer

Geographical WestPhil E. Croskey : Director of Economic Development - WestThomas F. Buser : Senior Economic Development OfficerMichael Pokorny : Senior Economic Development OfficerMolly Buckheit : Assistant Economic Development OfficerPlushette Sullivan : Administrative Assistant

Industrial DevelopmentLarisa A. Salamacha : Managing Director of Industrial DevelopmentGary Suskauer : Director of Brownfields Initiative / Policy AnalystRoseann Walsh : Senior Economic Development OfficerChristina Renn : Director of Foreign Trade Zone #74 and Enterprise ZoneElizabeth H. Goetzinger : Administrative Assistant

LeadershipM.J. “Jay” Brodie : PresidentKimberly A. Clark : Executive Vice PresidentJeffrey Pillas : Chief Financial OfficerNancy Jordan-Howard : Chief Operating OfficerClaudia Fields : Executive Assistant to M.J. BrodieTaronda Cross : Executive Administrative Assistant

MAGLEV MarylandPhyllis Wilkins : Executive Director

Planning & DesignPaul J.M. Dombrowski : Director of Planning and DesignShubroto Bose : Chief Architect and Urban DesignerErnest L. Caldwell : Urban DesignerRobert A. Williams : Architectural AssistantDiane E. Scott : Administrative Assistant

Small Business Resource CenterPaul Taylor : Director of the Small Business Resource Center

Special ProjectsIrene E. Van Sant : Project Analyst DirectorArlisa W. Anderson : Senior Project Analyst

Westside InitiativeKathy Robertson : Director of the Westside Initiative ProjectThomas R. Hart : Senior Economic Development OfficerSimeon Sebastian Oliva : Assistant Development OfficerPlushette Sullivan : Administrative Assistant

42 43

36 South Charles Street, Suite 1600Baltimore, Maryland 21201-3015tel 410 837 9305 fax 410 837 6363www.baltimoredevelopment.com

Writing: Baltimore Development Corporation

Design: High Rock Studios www.highrockstudios.com

Photography: Baltimore Development Corporation Justin Gladden Rich Riggins Photography

44

Documents

4 Vision, Mission, & Value Statement