New Enterprise Zone In Maryland
The Maryland Department of Commerce today announced the designation of a new enterprise zone in northern Caroline County, which includes the towns of Ridgely, Greensboro, and Goldsboro and the Mid Shore Regional Technology and Business Park. In addition, the state has redesignated Garrett County's enterprise zone, and expanded the existing zones in Cecil and Talbot counties. The enterprise zone program, established in 1982, provides local property and state income tax credits to businesses that create jobs and make capital investments. “This program is an important tool to help our local jurisdictions attract new businesses, grow existing businesses, and revitalize communities across the state,” said Governor Larry Hogan. “Over the last four years, businesses located in enterprise zones have made more than $12 billion in capital investments, adding more jobs and contributing to Maryland’s robust economy.” Maryland currently has 38 enterprise zones. Businesses located in the state enterprise zones have received roughly $60 million in property tax credits in FY 2019 based on more than $3.3 billion in capital investments made in FY 2018. "Our county partners use the enterprise zone program as a key selling point when working to attract new businesses, and help other businesses expand and add jobs." said Maryland Commerce Secretary Mike Gill. "We are pleased to make these designations, which help strengthen our economy, and give our businesses another advantage of doing business in Maryland." In addition to including the Mid Shore Regional Technology and Business Park, the new 710-acre North County Enterprise Zone in Caroline County also includes a number of industrial and key commercial properties. With this new zone, Caroline County aims to fully develop the Mid Shore Regional Technology and Business Park and develop an industrial area west of the town of Greensboro. They also hope the zone will help increase employment opportunities and strengthen the partnerships between the county's business community and public agencies and institutions. “The enterprise zone designation means that Caroline County and the towns of Ridgely, Greensboro, and Goldsboro will further strengthen their partnerships to bring sustained business growth, job opportunities, and prosperity to North County,” said Debbie Bowden, director of economic development for Caroline County. In Western Maryland, the Northern Garrett Enterprise Zone is redesignated, which includes the Northern Garrett Industrial Park. This 110-acre zone will allow for the industrial park, which is currently home to six businesses, to continue to develop and provide companies with high-speed internet service, sufficient water for fire suppression, public water and sewer, and three-phase power. “We are very thankful for the approval of the enterprise zone designation here in Garrett County,” said Michael Hough, director of Garrett County Economic Development. “Along with other incentives and our outstanding amenities of living in Garrett County, it provides another great tool in recruiting and retaining businesses that can ultimately expand economic development in our county.” The Cecil County Enterprise Zone has been approved for expansion to include the towns of Perryville and North East. This 215-acre area will include Chesapeake Overlook in Perryville and North East Commons in North East, which is the former Nazarene Camp property that closed in 2007. The county is looking to stimulate reinvestment in these areas, including further developing Chesapeake Overlook, which is home to Hollywood Casino, into a commercial entertainment destination that attracts residents and visitors alike. “We are excited that these enterprise zone expansions have been granted,” said Cecil County Executive Alan McCarthy. “This will spur further job growth and investment in Perryville and North East in the near future.” The Town of Easton and Talbot County jointly applied to expand the Easton Talbot County Enterprise Zone to add 220-acres including Easton Point, the Talbot Commerce Park, and Mistletoe Hall Farm. These locations boast waterfront properties, utilities and road improvements, and industrial zoning approvals. Both the Town of Easton and Talbot County believe this designation will encourage business retention and expansion. “Easton is busily working towards more job opportunities for its citizens,” said Mayor Robert C. Willey. “We not only seek new jobs, but also higher paying careers that include benefits. Having the expanded enterprise zone designation is another tool we can use as an incentive to ensure that businesses select Easton as their location.” Commerce 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 full-time jobs created, and a tax credit on their local real property taxes based upon their overall capital investment into a property. About Maryland Commerce: The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing 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. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.