H&S Properties paying $1.5M to exit city...

http://baltimorecheckbook.tumblr.com/post/157243029902/hs-properties-paying-15m-to-exit-city#_=_

H&S Properties Development Corp. plans to pay the city $1.5 million to exit a profit-sharing agreement tied to a tax incentive surrounding the construction of the Legg Mason tower in Harbor East. The city in 2009 granted H&S, owned by the Paterakis family, a payment in lieu of taxes (PILOT) to help finance the 24-story tower and its underground garage. Under the deal, H&S agreed to pay the city 25 percent of its excess revenue from the building and garage once revenue margins had hit 15 percent.…