BDC Receives Approval for Land Disposition Agreement for 5600 East Lombard Street

Baltimore, MD (March 23, 2005) – The Baltimore Development Corporation (BDC) today received Board of Estimates approval for a Land Disposition Agreement (LDA) between the Mayor and City Council and 5600 LLC (a real estate entity owned by the principals of Picorp, Inc.) for the acquisition of property at 5600 East Lombard Street.

Picorp, a port-related business, has leased the property from the city for more than twenty-five years for a container storage operation. The company, whose lease expires December 31, 2007, approached BDC about purchasing the site and was advised BDC would conduct a Request for Proposals (RFP). The site is an irregular shaped lot of approximately 10.6 acres, zoned heavy industrial, with frontage along East Lombard Street.

“The selection of Picorp allows for the retention of an industrial-based business that has operated in the city for many years,” said BDC President M.J. “Jay” Brodie. “This acquisition will give the company the opportunity to expand its operations at 5600 and 6500 E. Lombard Street by focusing on port-related and intermodal services.”

Picorp is purchasing the property as is for $792,000. The company will pay $300,000 at settlement and the city will hold a mortgage for $492,000 payable over ten years. This project will create in the order of 25 jobs on-site and up to 10 trucking jobs. Currently, Picorp employs 34 city residents at its various operations in the Baltimore area. BDC estimates this project will generate approximately $60,000 a year in incremental personal income and property taxes.