The Waterfront at Westport

W E ST P O RT

tax increment financing (tif) The Waterfront at Westport has received strong local and state support. This includes a commitment to issue approximately $160M in bonds through the use of Tax Increment Financing (TIF). The TIF ordinance assumes $90M in TIF proceeds will fund infrastructure and utility improvements including the construction of a new Main Street, extending fromWaterview Avenue to Clare Street, and the extension of Wenburn, Manokin and Clare Streets on to the site. TIF proceeds will also be used to construct bike paths, two new piers, 800 linear feet of promenade and bulkhead, and the re-creation of 900 linear feet of wetlands across the shoreline south of Wenburn Street. Please see a copy of the TIF ordinances introduced to Baltimore City Council on July 21, 2008 in The Waterfront data room. The legislation anticipates infrastructure improvements will be completed in two phases. Phase I construction of street and waterside infrastructure improvements will extend from Wenburn Street south to Waterview Avenue for Areas I, II and III. Phase II will extend from Wenburn Street north to Clare Street for Areas IV and V. Each parcel developer will then be responsible for site work within individual property lines. The Waterfront at Westport TIF also includes $10M for traffic improvements to the Baltimore-Washington Parkway/MD-295 interchanges at the Waterview Avenue and Wenburn Street exits in Westport. EASEMENTS

Public Pedestrian Access Corridor Easement locations of these easements are shown in the approved PUD drawings, provided in The Waterfront data room. A copy of the Title Reports dated 2008 are in The Waterfront data room. UTILITIES The entire development will benefit from new infrastructure, including water, sewer, storm water management, electric, natural gas, cable and telecommunications. The buyer must extend electrical and telecommunications ducts for Area II approximately 100 feet from the duct in Kent Street. Also in Area II, ducts must be extended through the alley to each residential unit. For a complete description of the utilities serving each parcel, see the STV letter dated April l2, 2008 in The Waterfront data room. ARCHITECTURAL DESIGN GUIDELINES The TIF budget in the approved legislation includes Westport Waterfront’s exterior common areas (streets, open spaces and esplanade), which are anticipated to have high quality design, materials and function, that will enhance the value of each development parcel. It is anticipated that the Architectural Design Review Committee established by the Owner will have final approval over the design, materials and function of the building.

There are several proposed easements:

Forest Conservation Easements totaling approximately 245,000 sf.

Public Pedestrian Waterfront Access Easement allowing the public to use the waterfront esplanade and piers located in Phase II.

18 | THE WATERFRONT AT WESTPORT