West Lexington North Quad PILOT Agreement (SB26-13791)

At a glance

What: Payment in lieu of taxes (PILOT) and profit sharing agreement between the Baltimore Development Corporation and Lexington GP JV LLC for the North Quad building, phase one of the West Lexington Corridor next to the University of Maryland Baltimore (UMB). It abates 95% of tax on new value for 25 years under the state Downtown RISE law.
Where it stands: approved by the Board of Estimates Oct 21, 2026 on a voice vote, after one opponent testified.
Next: UMB to put a written commitment to keep the property on the tax rolls in a legal document; later phases return to the board separately.

404 apartments (730 beds) for UMB graduate students and about 16,000 square feet of ground-floor retail leased by UMB to small local businesses.
About $160 million private investment plus about $36 million UMB public infrastructure; the land stays with UMB on a 99-year lease. Captions give construction start as April 2007, presumably 2027, finishing fall 2029.
Developers named: Wexford, GMH and Graffito.

Site pays nothing today; the agreement brings about $182,000 a year in base tax from day one.
Over 25 years the city forgoes about $80.6 million and receives about $8.8 million, then about $4.5 million a year.
Without the PILOT the project earns about 5.13% on cost against 6.75% needed; MuniCap put the required break at about $38.4 million versus $38.8 million requested; with it, 6.78%.
Community standards: 51% of permanent jobs for city residents, 27% minority-owned and 10% women-owned business participation, 10% affordable units.
Profit share: 18% of profit above a 20% return (developer projects 17.8%); Watson called payment unlikely.

Support: Rolley and Watson (BDC), UMB President Jarrell, Stokes (Downtown Partnership); BDC reported Blanchard supports it.
Opposition: Jacobson for the With Us For Us Coalition (18 labor, community and civic groups): too steep and too long, no labor agreements, no clawback, no public oversight.
Board: Council President Cohen called it the first of a series of PILOTs and urged tight stewardship; Mayor Scott stressed the profit-share protection; Comptroller Henry held comments for UMB and won its commitment to keep the property on the tax rolls.

About 35 minutes across 1 meeting (from transcript timestamps; approximate).

Meeting	Minutes
2026-10-21 - Board of Estimates	35

2026-10-21 - 2026-10-21 - Board of Estimates: presented, one opponent and three supporters heard, approved on a voice vote.