Revenue Authority Tentatively Approves Revised Towson Circle III Plan

The Baltimore County Revenue Authority unanimously approved an amended lease agreement that will allow it to build a larger garage for the proposed Towson Circle III project.

The five-member board voted today to add 150 spaces to what had been a planned 712-space garage for the theater and restaurant complex slated to be built on Joppa Road adjacent to the .

A second amendment, also unanimously approved, will allow the authority to seek taxable bonds to finance the project instead of the tax-fee bonds that had been planned. Parking rates and private use requirements for the garage would not meet the requirements necessary to use tax-free bonds for the project, according to documents prepared by the authority.

The additional spaces for the garage will be built underground with the movie theater complex to be built on top, according to Michael Batza, chief executive officer of Heritage Properties, which will build the project along with Cordish Companies.

"We're going down into the earth for the extra 150 spaces," Batza said. "Either we do it now or we don't do it at all."

The extra spaces will cost the Revenue Authority an additional $2.5 million.

The authority and Baltimore County are partnering with Heritage Properties and Cordish Companies to build the project.

The county has pledged $6 million to the project. The additional costs for the new spaces bring the authority's commitment to more than $13 million.

Once the garage is built, the authority will purchase the garage from the developer and manage it.

The authority currently owns and operates four other public garages located in Towson.

The final lease agreement approved by the authority is contingent upon the approval of the Baltimore County Council.