BALTIMORE FOOD HUB INC
PO BOX 50160, BALTIMORE, MD 21211 baltimorefoodhub.com

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Organizations Filed Purposes: TO OPERATE A CAMPUS HOUSING SITE THAT CREATES A SYNERGISTIC GROUP OF FOOD-RELATED BUSINESSES, SERVICES, AND PROGRAMS FOR A SOCIAL WORK ENTERPRISE TRAINING FACILITY.

PROJECT AIMED AT CREATING JOBS AND ECONOMIC OPPORTUNITY FOCUSED ON THE FOOD INDUSTRY.

THE BALTIMORE PUMPHOUSE IS A MULTI-PHASED, $27M INITIATIVE TO ESTABLISH A SMALL BUSINESS TOWN CENTER IN THE HEART OF A SEVERELY DISTRESS COMMUNITY THAT WAS ONCE AN EPICENTER OF BUSINESS AND RETAIL. THE BALTIMORE PUMPHOUSE CONSISTS OF 4.1 ACRES AND FIVE HISTORICAL BUILDINGS (THE "PROJECT") LOCATED AT THE CORNER OF N. WOLFE AND N. GAY STREETS, IN BALTIMORE'S BROADWAY EAST COMMUNITY (THE "PROPERTY"). CONTINUED ON SCHEDULE O THE BALTIMORE PUMPHOUSE PROJECT IS GUIDED BY AN AMAZING AND GROWING BOARD OF DIRECTORS THAT INCLUDES COMMUNITY MEMBERS, DEVELOPERS, ARCHITECTS, AND FOOD POLICY MAKERS TO START. THE BOARD WORKS HARD TO ENSURE THAT THE BALTIMORE PUMPHOUSE PROJECT IS INCLUSIVE AND MAKES GOOD BUSINESS SENSE. THE BOARD ALSO ENSURES THAT THE CAMPUS PROVIDES PROGRAMMING AND SPACE THAT ARE ENGAGING TO THE SURROUNDING COMMUNITY. BALTIMORE FOOD HUB, INC.'S SISTER ORGANIZATION, AMERICAN COMMUNITIES TRUST , IS THE MASTER DEVELOPER OF THE PROJECT. ACT IS A BALTIMORE-BASED NONPROFIT THAT HELPS TO CREATE INCLUSIVE ECONOMIC DEVELOPMENT PROJECTS THAT BRING GROWTH AND PROSPERITY TO LOW-INCOME RESIDENTS.KEY OBJECTIVES OF THE PROJECT INCLUDE: ELIMINATING OF FOUR ACRES OF BLIGHT FROM A SEVERELY DISTRESSED COMMUNITY, SUPPORTING MINORITY AND LOCALLY OWNED SMALL BUSINESSES; LOCAL JOB CREATION; INCREASING OPPORTUNITIES FOR COMMERCE AND THE CIRCULATION OF THE DOLLAR WITHIN THE COMMUNITY; RELIEVING PRESSURE ON AND UTILIZATION OF SOCIAL SERVICES; INCREASING DIRECT ACCESS TO HEALTHY FOOD; AND RESTORING HISTORICAL TREASURES.PHASE 1, COMPLETED IN AUGUST 2017, FOCUSED ON ENVIRONMENTAL REMEDIATION, SITE WORK AND REPAIRING ESSENTIAL INFRASTRUCTURE, WHILE BUILDING A NEW 8,000 SF COMMERCIAL PRODUCTION AND TEACHING KITCHENS. THE NEW CONSTRUCTION BUILDING IS NOW FULLY OPERATIONAL AND THE COMMERCIAL KITCHENS ARE 100% LEASED TO CITY SEEDS, A CATERING BUSINESS WITH A MISSION OF WORKFORCE DEVELOPMENT. PHASE 1 COSTED $7.5MM AND WAS FUNDED ENTIRELY THROUGH GRANT DOLLARS. SINCE ITS COMPLETION, MORE THAN 57 FULL TIME POSITIONS HAVE BEEN CREATED, 44 (77%) OF WHICH HAVE GONE TO LOW-INCOME RESIDENTS.PHASE 2, COMPLETED IN OCTOBER 2019, CONSISTED OF REHABILITATING THE HISTORIC STOREHOUSE (BUILDING 3). TODAY, THE ~10,000 SF STOREHOUSE IS AN OFFICE BUILDING. PHASE II WAS FINANCED USING $2.8 M FROM A COMBINATION OF GRANT DOLLARS, STATE AND FEDERAL HISTORIC TAX CREDIT EQUITY, AND NEW MARKETS TAX CREDIT SUBSIDY.PHASE 3, WITH A BUDGET OF $6MM WILL BEGIN IN JANUARY 2021. IT INVOLVES COMPLETING THE 10,000 SF HISTORIC GARAGE (BUILDING 1) AND STABILIZING THE 12,000 SF HISTORIC MACHINE SHOP (BUILDING 2). PITANGO GELATO WILL ANCHOR THE MANUFACTURING FACILITY AND DISTRIBUTE TO RETAILERS OFFSITE WHILE ALSO OPENING THEIR FACILITIES ROUTINELY TO THE COMMUNITY AND TO CHILDREN TO SEE HOW ARTISANAL GELATO IS MADE. GRANNY'S, A BLACK AND WOMAN OWNED RESTAURANT, WHICH HAS BEEN BELOVED IN THE BALTIMORE AREA AS FOR OVER 12 YEARS, WILL OPEN A NEW FAST-CASUAL SERVICE KNOWN AS ANNA MAE'S COUNTRY KITCHEN. PHASE III IS FINANCED WITH $3M IN HARD DEBT AND $1.5M IN FEDERAL HISTORIC TAX CREDIT EQUITY. THIS PROJECT SEEKS $1.5M IN NEW MARKET TAX BENEFIT TO COMPLETE THIS PHASE.PHASE 4, WITH A BUDGET OF $10MM, WILL COMPLETE THE CORE AND SHELL AND TENANT IMPROVEMENT FOR THE RESTAURANT IN THE MACHINE SHOP. IT WILL ALSO COMPLETE THE RENOVATION OF THE HISTORIC STABLES (BUILDINGS 5/6) AND ALL CAMPUS LANDSCAPING. THE STABLES ARE LEASED TO XQUISITE CATERING, A BLACK, WOMAN OWNED BUSINESS THAT WILL HOST WEDDINGS, SMALL CONFERENCES, AND GATHERINGS. PROJECT OWNERS ANTICIPATE THAT PHASE IV WILL BE FINANCED WITH A BLEND OF NEW MARKETS TAX CREDIT EQUITY AND STATE AND FEDERAL HISTORIC TAX CREDIT EQUITY.THE PROJECT HAS BEEN PHASED BECAUSE IT IS EXTRAORDINARILY CHALLENGING TO ATTRACT CAPITAL TO LOW-INCOME BLACK AND BROWN NEIGHBORHOODS. COVID-19 HAS MADE IT EVEN MORE CHALLENGING AND ALSO NECESSITATED THE CREATION OF A PHASE 4 FOR ONE OF OUR TENANTS. ADDITIONALLY, LEASE RATES IN THESE SEVERELY DISTRESSED AREAS ARE SOMETIMES TOO LOW TO SUPPORT THE COST OF DEVELOPMENT. AS A RESULT, PROJECTS SUCH AS THIS ONE CANNOT SUPPORT HIGH LEVELS OF DEBT SERVICE AND REQUIRE MASSIVE AMOUNTS OF SUBSIDY DUE TO LOW PROPERTY VALUATIONS. BUT FOR NEW MARKETS TAX CREDITS, THIS PROJECT COULD NOT BE COMPLETED. WITHOUT NEW MARKETS TAX CREDITS, THE ENVIRONMENTAL POLLUTION AND DEGRADATION OF THESE 4.1 ACRES WOULD CONTINUE TO DEVASTATE THE OUTSTANDING RESIDENTS AROUND IT.BECAUSE OF NEW MARKETS TAX CREDITS, HOWEVER, THE NEIGHBORHOOD IS BRINGING TRADITIONAL BUSINESS AND RETAIL BACK TO ITS COMMUNITY FOR THE FIRST TIME IN MORE THAN 50 YEARS. THE PROJECT IS CREATING REAL VALUE THAT IS PLACING THIS NEIGHBORHOOD ON A SOLID PATH OF LONG-TERM ECONOMIC VIABILITY FOR GENERATIONS TO COME.

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