News and Events
Kramon & Graham Obtains Substantial Judgment in Historic Tax Credit Case
After a five-day trial in the Circuit Court for Baltimore City, Jeffrey H. Scherr and John A. Bourgeois obtained a judgment for more than $1.14 million in favor of their client, a San Francisco-based institutional investor in historic tax credits, and against a developer in Baltimore’s Station North Arts and Entertainment District. The investor questioned the legitimacy of the alleged expenditures incurred in connection with the rehabilitation of four historic properties (and thus questioned the historic tax credits based on those expenditures) after the developer’s agent provided purported certificates of occupancy that had not yet been issued by the City of Baltimore. Thereafter, the developer stymied the investor’s efforts to audit the actual expenses associated with the historic rehabilitation project.