Baltimore's Board of Estimates recently approved the final variable in a formula that will establish the amount South Baltimore developers pay for road improvement. The new formula is fee-based and should make it easier for developers to estimate their project expenses, giving them up-front knowledge. From their end, developers are ready to put it to the test.
Jon M. Laria, a real estate partner in Ballard Spahr’s Baltimore office, deemed the new formula superior to the old. Mr. Laria served as part of an independent group that reviewed the plans for the Baltimore DOT.
The status-quo system of conducting a traffic impact study and negotiating the cost of traffic mitigation remains in place until a fee is finalized for each zone, with South Baltimore the first of five zones to be assigned rates for mitigation.