PORT COVINGTON UPDATE

PORT COVINGTON UPDATE

PORT COVINGTON MILESTONES

2013?2015 2016

LAND ASSEMBLAGE OF THE MAJORITY OF THE SITE

MARCH: MARYLAND TRANSPORTATION AUTHORITY COMMITMENT OF $33 MILLION FOR HIGHWAY IMPROVEMENTS

MAY: TIF APPLICATION SUBMITTED

JUNE: MASTER PLAN APPROVED

2017 2018

2019 2020?2024

2021?2026

JULY: 56 ACRES SOLD TO UNDER ARMOUR FOR THEIR PROPOSED

GLOBAL HEADQUARTERS

SEPTEMBER: $660 MILLION TIF APPROVED

DECEMBER: FINAL ZONING APPROVED

Q3: EQUITY CLOSING

Q3: INITIAL TIF ISSUANCE FOR INFRASTRUCTURE START

VERTICAL CONSTRUCTION START

Q1 2020?Q1 2024: CHAPTER ONE INITIAL DELIVERIES

CHAPTER ONE STABILIZATION

? JUNE 2016 ?

MASTER PLAN APPROVAL FOR 18,000,000 SQUARE FEET Under Armour HQ 3,900,000 square feet and mixed-use 14,000,000+ square feet

? SEPTEMBER 2016 ?

$660 MILLION TIF APPROVED FOR PUBLIC INFRASTRUCTURE $535 Million on-site budget for infrastructure and waterfront improvements

? DECEMBER 2016 ?

MATTER-OF-RIGHT ZONING Approved allowing for unlimited height/density and robust list of allowable uses

? SEPTEMBER 2017 ?

JOINT VENTURE PARTNERSHIP WITH GOLDMAN SACHS Equity of $233 million towards infrastructure and Phase 1 development

CHAPTER 1B: INFRASTRUCTURE

PORT COVINGTON TODAY

CHAPTER 1B - OVERLAY

ATLAS STREET - PLAN

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