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Metro Centre at Owings Mills

Baltimore County, Maryland

Baltimore County fostered the redevelopment of the surface parking at the Owings Mills Metro Station to create a mixed-use, transit-oriented, urban city center anchored with a library and community college and a vibrant mix of private development. Owings Mills Metro Center consists of 1,700 apartments, 516,000 sf of Class A office space, 245,000 sf of retail space, a 229 key hotels, and structured parking. MEDCO acted as a conduit issuer on behalf of Baltimore County and issued $32,345,000 in bonds to fund the construction of structured parking. The bonds are secured by real property tax increment revenues and a backup special tax to ensure sufficient revenues to repay the bonds. The county will have no liability for the repayment of the bonds other than the pledge of incremental real property taxes.