Wearing two hats can be hard, but it is the position that Baltimore Mayor Sheila Dixon finds herself in as she lays out an economic course for the city while working on a campaign strategy as well.

In the first of this three-part series, Dixon — who is proposing a total operating budget of $2.65 billion for Baltimore in 2008, an increase of $257 million from 2007— shares her vision for the former industrial city’s economic future.

“When I came into office, I realized that in order to grow Baltimore I would have to enhance its economic base, identify industry sectors we can provide support to and attract, and increase the number of opportunities for city residents,” Dixon told The Examiner.

Dixon plans to provide financial incentive packages to attract and retain financial giants Morgan Stanley and Legg Mason; expand the hospitality, biotechnology and medical research industries; and launch an aggressive $250,000 marketing campaign geared at families impacted by the base realignment in an effort to grow the city’s tax base.

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To move projects forward, Dixon has placed 12 city agencies under the control of Deputy Mayor for Economic Development Andrew Frank, including Planning, Parks and Recreation, Housing and Community Development, Transportation, Employment and Public Works, to name a few. All critical to economic development.

“We are actively marketing the city as a place for business, a point of destination to live and work and a vibrant and growing economy,” Frank said.

Dixon is said to be close to inking a deal for the expansion of Legg Mason in the city this week. She also plans to put $54 million into increasing affordable housing, developing job training programs for ex-convicts, targeted redevelopment for the city’s poorest neighborhoods, gaining control over more properties for city reuse, attracting more international businesses and growing small businesses. Dixon, a former employee of the Department of Business and Economic office, has also reached out to its new secretary to better leverage city dollars with state resources.

“We will be working with the mayor on strengthening business opportunities through our financial programs, marketing the city at trade shows, and in creating business incubators,” said Dave Edgerley, DBED’s secretary.

Showing panache in international business, Dixon already has lined up a business development trip Israel in October and is rezoning several parcels of deep-water land at the Port as a new maritime district to increase development and usage.

However, Baltimore still faces several hurdles, according to area economists.

“Property taxes are too high and the lack of diversity of housing stock and the reputation of Baltimore City schools will be constraints,” said Anirban Basu of the Sage Policy Group. “The city also needs to focus on its distribution industry, which is an important employer of entry level and lower skilled workers,” he added.

rchappelle@baltimoreexaminer.com