Pugh: City to lease garages to raise millions for neighborhoods

May 4, 2018

Mayor Pugh is looking to raise money to attract development to troubled Baltimore neighborhoods. Pugh hopes the plan will encourage private donations. She wants to raise $55 million by leasing—not selling, several city-owned parking garages. 

The neighborhood impact investment fund would help severely distressed areas in east and west Baltimore.  Pugh hopes the plan will encourage private donations. In a released statement the mayor’s office said Baltimore's neighborhoods are its greatest assets and reflecting Mayor Catherine Pugh's priority to drive a new era of neighborhood investment, the Mayor launched the Neighborhood Impact Investment Fund. This fund will specifically focus on neighborhoods where there is a significant opportunity for growth and transformation and the prospect for revitalization is evident.

"Creating a new era of neighborhood investment and revitalization is the surest approach for putting economic empowerment within the grasp of all Baltimore citizens," said Mayor Catherine Pugh. "We believe this Neighborhood Impact Investment Fund will be a compelling impetus for partner investment by financial institutions, foundations, corporations, and individuals, eager to join us in moving Baltimore forward and unleashing the true potential that our neighborhoods represent."

NIIF will be a public-private targeted investment fund to spur development and business growth in underinvested communities. This initiative will be funded in part with an approximately $55 Million investment from Baltimore City. The fund is expected to use the City's investment to leverage additional private investment. NIIF's investments are expected to produce returns that enable the fund to be independent and self-sufficient over the long-term.

NIIF will be managed outside of City government as a separate 501(c)(3) organization. The non-profit organization will be governed by a Board composed of business and civic leaders, in addition to representation from the City to ensure mission alignment and to leverage existing government programs and investments.