Governor Martin O'Malley today announced that the State, through the Maryland Department of Business and Economic Development (DBED), has approved the designation and renewal of six Enterprise Zones around Maryland, enabling the jurisdictions to provide businesses located within the zones with income tax and property tax credits to help create and retain jobs. The State approved a new Zone in Glenmont in Montgomery County, and re-designated Zones in Cecil County; City of Cambridge-Dorchester County; Long Branch/Takoma Park-Montgomery County; Town of Princess Anne-Somerset County; and Southwest-Baltimore County.
"I am pleased to designate and renew these six Enterprise Zones which will help sustain existing businesses and attract much-needed new businesses to help us achieve our most important goal of creating and retaining jobs," said Governor O'Malley." Last year, businesses located in the State's 30 Enterprise Zones received more than $27 million in property tax credits, which have contributed to $2 billion in capital investment in Maryland businesses over the past 10 years."
The Cecil County Enterprise Zone was approved for re-designation, as well as expansion, and will add 55 acres for a total of 4,334 acres. The Zone includes the Upper Chesapeake Corporate Center, the Elkton Business Center, Triumph Industrial Park, Broadlands Business Park, North East Commerce Center, Peninsula Industrial Park, Principio Industrial Park and the Perryville Industrial Park. The resignation will help Cecil County increase its employment base, encourage expansion of existing businesses, increase the tax base and decrease its dependence of employment base on surrounding jurisdictions.
"The Enterprise Zone designation is a vital incentive for Cecil County, said Cecil County Office of Economic Development Director Lisa L. Webb. "It has been proven effective in creating job opportunities and encouraging capital investment in our community. We are pleased to have this re-designation that positions Cecil to be more competitive, strengthening our growth corridor as Maryland's Gateway to Innovation."
The City of Cambridge-Dorchester County received approval to re-designate its existing zone which encompasses 1,661 acres including the downtown Cambridge business district, the new Dorchester Regional Technology Park, an underutilized site being considered for a major mixed-use development project, and the corridor along Route 50. Nine major employers are located within the Zone and the majority of companies reported an upswing in business last year. Between the Zone designation period of 2000 and 2007, the number of business establishments expanded by 14 percent.
"The State of Maryland's redesignation of the Cambridge-Dorchester Enterprise Zone will give our community the needed support for new business development and existing business expansion," said City of Cambridge Mayor Victoria Jackson-Stanley. "The Enterprise Zone program incentives fit perfectly with the City Council's effort to revitalize the entire community. This redesignation along with the recent redesignation of our Arts and Entertainment district as well as Cambridge being named one of the best small towns in the U.S. should motivate companies to expand upon their investment in our community and encourage new companies to Choose Cambridge."
"Dorchester County is excited about the potential business attraction and expansion opportunities the Enterprise Zone re-designation represents," said Keasha Haythe, Director of the Dorchester County Economic Development. "The Dorchester Regional Technology Park area will be a catalyst for new commercial development."
The City of Takoma Park and Montgomery County were approved to re-designate the Long Branch/Takoma Park Enterprise Zone which includes 125.35 acres located along Piney Branch Road, University Boulevard and New Hampshire Avenue. Goals for the Zone are to create jobs, preserve existing jobs, encourage new business investment, incentivize the development of vacant or underutilized land, promote public investment, and help support development for the proposed Piney Branch Neighborhood Village and the Long Branch Town Center.
Also in Montgomery County, Glenmont received approval to designate a 235.18-acre Enterprise Zone to include the Glenmont Shopping Center and the surrounding community located along Georgia Avenue and Randolph Road. The Zone will help attract private investments, stimulate sustainable economic activity, create jobs, and support the revitalization of the community through higher density and mixed-use development on several strategic properties within Glenmont.
"The Enterprise Zone designation in Glenmont and re-designation of the Long Branch/Takoma Park Enterprise Zone furthers Montgomery County's goal of creating more transit-oriented development projects to enhance both our business and residential communities," said Montgomery County Executive Isiah Leggett. "Innovative, targeted re-purposing of our older urban cores is essential to Montgomery County's efforts to stay competitive and ensure we remain the economic engine of Maryland."
The Town of Princess Anne and Somerset County were approved to renew the 1,154.90 acre Princess Anne/Somerset County Enterprise Zone, which includes historic downtown Princess Anne, the University of Maryland Eastern Shore, Sysco Eastern Maryland, the Eastern Correctional Institute, and the Princess Anne Industrial Park.
Also approved for re-designation is the 1,304 acre Southwest-Baltimore County Enterprise Zone which includes 180 properties totaling more than 10 million square-feet of industrial, flex and office space. Several major projects in the Zone have utilized the real property tax credits to build or renovate buildings including Bakery Express, Ferguson Enterprises, and Hollins End Corporate Park. In addition, many businesses located in the Zone have taken advantage of the income tax credits for hiring new employees. Private investment in the Southwest Enterprise Zone over the last 10 years has exceeded $200 million and more than 1,200 jobs were created.
"Enterprise Zone designation has been a catalyst for more than $200 million in new private investment in southwest Baltimore County," said Baltimore County Executive Kevin Kamenetz. "Vacant industrial buildings are now thriving manufacturing, logistics and supply chain hubs. The Southwest Enterprise Zone has been an important part of attracting new jobs and new investment to Baltimore County."
DBED approves the State's Enterprise Zones, while local governments are responsible for their administration. Businesses operating within an Enterprise Zone may be eligible for a tax credit towards their state income tax filings based upon the number of new jobs created, and a tax credit on their local real property taxes based upon their overall capital investment into a property.
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. For more information, visitwww.ChooseMaryland.org