BDC Downtown RISE PILOT Application

Baltimore Development Corporation | Downtown RISE PILOT Application
BALTIMORE DEVELOPMENT CORPORATION

Designated Agency of the City of Baltimore
DOWNTOWN RISE PILOT

Application for Payment in Lieu of Taxes Agreement

	Tier 1: Negotiated	Tier 2: By-Right	Tier 3: By-Right
Investment	Under $100M	$100M $249M	$250M+
PILOT Term	Negotiated	20 Years	25 Years
Payment	Negotiated	Schedule A	Schedule B
Permits	Per Statute	5 Years	10 Years

PILOT Fee Schedule
Project Size	Application Fee (One-Time, Non-Refundable)	Annual Administrative Fee (Recurring)
Tier 1: $500k - $9.9M	$2,500 flat	2.0% of PILOT (Subject to a $1,500 floor)
Tier 2: $10M - $49.9M	$7,500 flat	2.0% of PILOT (Subject to a $3,500 floor)
Tier 3: $50M - $99.9M	0.03% (3 bps) of TDC >Range: $15k to $29,970	2.0% of PILOT
Tier 4: $100M - $249.9M (By-Right/20 Yr)	0.04% (4 bps) of TDC >Range: $40k to $99,960	2.0% of PILOT
Tier 5: $250M + (By-Right/25 Yr)	0.05% (5 bps) of TDC >Range: $125,000 minimum	2.0% of PILOT

The City reserves the right to edit or modify the tiers and fees and the prescribed terms at any time.
Instructions: Complete all sections of this application. Incomplete applications will not be processed. A pre-application conference with BDC is encouraged prior to submission. Applications must be submitted on or before June 30, 2036 to be eligible under Section 7-504.5. A non-refundable application fee is due at submission. Attach all required supporting documents as indicated in each section.
FOR BDC USE ONLY
Application No.:
Date Received:
Tier: 1 / 2 / 3
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 1

Baltimore Development Corporation | Downtown RISE PILOT Application
SECTION 1: APPLICANT INFORMATION

Policy Reference: Section 4.2(h), (I)
Legal Name of Applicant Entity
State of Formation / Incorporation
Entity Type (LLC, Corporation, LP, etc.)
Principal Business Address
City
State
Postal Code
Primary Contact Name

First NameLast Name
Primary Contact Title
Email Address
example@example.com
Phone Number

Area CodePhone Number
Federal Tax ID (EIN)
Disclosure of Principals and Beneficial Owners
List all individuals or entities with 10% or more ownership interest. Attach additional pages if needed.

Principal and Beneficial Owners

Rows	Name	Title / Role	% Ownership	Address
1
2
3
4

Disclosure of Affiliates
List all affiliated entities (parent companies, subsidiaries, joint venture partners) involved in or related to the project.
Affiliated Entities
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 2

Baltimore Development Corporation | Downtown RISE PILOT Application
Pending Matters

Disclose any pending litigation, tax delinquencies, or code violations associated with the applicant, any principal, or the subject property.
Pending Matters
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 3

Baltimore Development Corporation | Downtown RISE PILOT Application
Project Metrics

Project Metrics

Rows	Value
Total Gross SF
Total Net Leasable SF
No. of Stories
No. Parking Spaces
No. Residential Units
No. Hotel Keys
No. Retail SF
No. Office SF

Estimated Construction Start Date

YearMonthDay
4 digit year, 2 digit month, 2 digit dayDate
Estimated Substantial Completion Date

YearMonthDay
4 digit year, 2 digit month, 2 digit dayDate
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 5

Baltimore Development Corporation | Downtown RISE PILOT Application
SECTION 3: QUALIFIED INVESTMENT

Policy Reference: Section 4.2(b); Definitions 2.7
Note: "Qualified Investment" means the total project cost excluding land acquisition costs. BDC will verify the actual Qualified Investment at Substantial Completion. Tier eligibility is determined by the verified amount. See Section 3.5 of the Administrative Policy for investment shortfall provisions.

SECTION 3: QUALIFIED INVESTMENT

Rows	Estimated Amount
Hard Construction Costs
Tenant Improvements (funded by developer)
Building Equipment and Systems
Architecture and Engineering
Permitting and Regulatory
Construction Management
Other Soft Costs (itemize in attachment)
Furniture, Fixtures, and Equipment (FF&E)
Contingency
Land Acquisition Cost (excluded from QI)

Total Qualified Investment
Total Project cost (Including land)
Anticipated Tier (based on estimated Qualified Investment):
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 7

Baltimore Development Corporation | Downtown RISE PILOT Application
SECTION 4: FINANCING PLAN AND FINANCIAL NECESSITY

Policy Reference: Section 4.2(d), (f), (k), (p)
Sources and Uses

Sources

Rows	Amount
Developer Equity
Senior Debt
Mezzanine Debt
Tax Credit Equity (specify)
Public Grants / Subsidies
Other (specify)
Total Sources

Uses

Rows	Amount
Land Acquisition
Hard Costs
Soft Costs
FF&E
Contingency
Financing Costs
Total Uses

Financial Necessity / Gap Analysis
Required: Attach pro forma financial projections for both (1) a with-PILOT scenario and (2) a without-PILOT scenario, including a return-on-cost analysis demonstrating that the project does not meet market-standard investment hurdle rates absent the PILOT incentive. The pro forma should cover the full PILOT term plus 5 additional years.

Financial Necessity / Gap Analysis

Rows	Without PILOT	With PILOT	Market Hurdle
Return on Cost (Stabilized)
Unlevered IRR (10-Year Hold)
Levered IRR (10-Year Hold)
Equity Multiple (10-Year Hold)
Yield on Cost (Stabilized)
Debt Service Coverage Ratio (Yr 1)

Disclosure of All Other Public Incentives

List all federal, state, and local incentives sought or received for this project.

Other Public Incentives

Rows	Incentive Program	Estimated Value	Status
1
2
3
4
5

Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 8

Baltimore Development Corporation | Downtown RISE PILOT Application
SECTION 5: FISCAL IMPACT AND POST-CONSTRUCTION VALUATION

Policy Reference: Section 4.2(I); Economic Analysis 4.3(b)
Estimated Post-Construction Assessed Value
Provide an estimate supported by independent appraisal, broker's opinion of value, or lender's underwriting valuation. Attach supporting documentation.
Basis for Estimate (Appraisal / BOV / Lender UW)
Date of Valuation

YearMonthDay
4 digit year, 2 digit month, 2 digit day
Estimated Annual Property Tax at Full Assessment (Post-Construction)
Estimated Annual PILOT Payment (Year 1)
Base Payment + applicable escalation rate (5%) applied to estimated full tax
SECTION 6: JOB CREATION ESTIMATES

Policy Reference: Section 4.2(m); Economic Analysis 4.3(c)

JOB CREATION ESTIMATES

Rows	Estimate
Construction Jobs (Full-Time Equivalents)
Permanent Operational Positions - Management
Permanent Operational Positions - Maintenance / Building Operations
Permanent Operational Positions - Retail / Hospitality / Service
Permanent Operational Positions - Other (specify)
Estimated Average Annual Wage - Permanent Positions
Estimated Annual Payroll (all permanent positions)

Total Permanent Positions
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 9

Baltimore Development Corporation | Downtown RISE PILOT Application
SECTION 7: MARKET IMPACT STATEMENT

Policy Reference: Section 4.2(n); Economic Analysis 4.3(d)
Describe the project's anticipated catalytic effects on surrounding properties and the Downtown RISE District. Address as many of the following as applicable:
- Impact on surrounding property values and development potential
- Anticipated increase in foot traffic and street-level activation
- Expected complementary or follow-on investment stimulated by the project
- Contribution to residential population growth in the Downtown RISE District
- Impact on retail, restaurant, and service business viability
- Contribution to reversing downtown office vacancy trends
Market Impact Statement
SECTION 8: CEDS ALIGNMENT

Policy Reference: Section 4.2(o); Economic Analysis 4.3(e)
Describe how this project aligns with the City's Comprehensive Economic Development Strategy (CEDS) and the Downtown RISE Master Plan. Address applicable goals:
- Build an Equitable Economy that Eliminates Racial Disparities
- Be World-Class Leaders in Key Industry Sectors
- Build a Thriving Innovation and Small Business Ecosystem
- Grow the City's Population
- Support Equitable Neighborhood Development
- Build Crisis Resilience
CEDS Alignment
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 10

Baltimore Development Corporation | Downtown RISE PILOT Application
SECTION 9: COMMUNITY BENEFIT PLAN

Policy Reference: Section 4.2(e); Policy Section 7
Minimum Standards (per Administrative Policy Section 7): 30% local hiring on construction workforce hours; 51% Baltimore City residents for permanent positions; 30% MWBE participation goal for construction contracts; 10% affordable housing set-aside for projects with 20+ residential units (or payment in lieu); participation in workforce development / pre-apprenticeship programs; LEED Silver target for projects over $100M.
A. Local Hiring Commitments
Construction: % of workforce hours committed to Baltimore City residents
Permanent: % of operational positions committed to Baltimore City Residents
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 11

Baltimore Development Corporation | Downtown RISE PILOT Application
Describe your strategy for achieving local hiring targets:
B. MWBE Participation
Construction MWBE Participation Goal (%)
Describe your MWBE engagement strategy, including outreach to Baltimore City-certified firms:
C. Affordable Housing (if applicable)
Does this project include 20 or more residential units?
Number of affordable units
At what % AMI?
D. Workforce Development
Describe participation in or funding of pre-apprenticeship, apprenticeship, or other workforce development programs:
E. Community Engagement
Describe engagement conducted or planned with Downtown RISE District residents, businesses, and community organizations:
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 12

Baltimore Development Corporation | Downtown RISE PILOT Application
F. Sustainability
Sustainability certification targeted:
Sustainability certification targeted:

Other
Sustainability specification
Other Sustainability Measure
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 13

Baltimore Development Corporation | Downtown RISE PILOT Application
SECTION 11: CERTIFICATIONS AND SIGNATURE
Signature of Authorized Representative
Date

YearMonthDay
4 digit year, 2 digit month, 2 digit dayDate
Printed Name
Title
Entity Name
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 15

Baltimore Development Corporation | Downtown RISE PILOT Application
SUBMIT COMPLETED APPLICATION TO:

Baltimore Development Corporation
Attn: Downtown RISE PILOT Program
36 South Charles Street, Suite 2100
Baltimore, Maryland 21201

Email: downtownrise@baltimoredevelopment.com
Phone: (410) 837-9305

Questions? Schedule a pre-application conference by contacting BDC at the above.
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article
Administrative Policy No. 2026-001 | Section 7-504.5, Tax-Property Article | Page 16
Should be Empty:

BALTIMORE DEVELOPMENT CORPORATION

DOWNTOWN RISE PILOT

SECTION 1: APPLICANT INFORMATION

Pending Matters

SECTION 2: PROPERTY AND PROJECT DESCRIPTION

Property Information

Project Description

Project Metrics

SECTION 3: QUALIFIED INVESTMENT

SECTION 4: FINANCING PLAN AND FINANCIAL NECESSITY

Sources and Uses

Financial Necessity / Gap Analysis

Disclosure of All Other Public Incentives

SECTION 5: FISCAL IMPACT AND POST-CONSTRUCTION VALUATION

SECTION 6: JOB CREATION ESTIMATES

SECTION 7: MARKET IMPACT STATEMENT

SECTION 8: CEDS ALIGNMENT

SECTION 9: COMMUNITY BENEFIT PLAN

A. Local Hiring Commitments

B. MWBE Participation

C. Affordable Housing (if applicable)

D. Workforce Development

E. Community Engagement

F. Sustainability