| BALTIMORE, MD Tue, Jan 15, 2008 The Maryland Department of Business and Economic Development (DBED) today announced the expansion of two of the State’s Enterprise Zones located in Baltimore City and Cecil County. The expansions will help revitalize and stabilize communities by attracting new businesses, retaining jobs and providing incentives for employers to create new jobs.
“Revitalization of our older communities is critical to the long-term fiscal, economic and social health of Maryland,” said DBED Secretary David Edgerley. “The Enterprise Zone program is an important tool for fostering economic development in our established urban and suburban areas. Expanding these zones will help sustain existing businesses and attract much-needed new businesses.”
Baltimore City’s Enterprise Zone will be expanded by 1,680 acres to include the Lakeland/Morrell Park and Violetsville communities, largely commercial and industrial areas consisting mostly of small businesses in the warehousing and service-related industries. The expanded zone, which is adjacent to the existing Enterprise Zone, will help retain and attract businesses to Southwest Baltimore.
“We are delighted to receive approval of the City’s application for the expansion of the Enterprise Zone,” said Baltimore Development Corporation President M.J. “Jay” Brodie. “As the manager of the Zone on behalf of the City, we know, from experience, the value of this important economic development incentive.”
Cecil County will expand its Enterprise Zone, adding a 7-acre parcel to its Bainbridge/Port Deposit Zone. The expanded area, which corrects a mapping error made in 1997, allows for the inclusion of a parcel that cuts thru the Tome School site and will aide in the redevelopment of the school into a continuous care retirement community.
“We are all very pleased with the expansion approval and are anxious to move forward with the Tome School development,” said Vernon Thompson, Cecil County’s Economic Development Director. “This project will supercharge the economy of Port Deposit and the Western portion of Cecil County.”
The Department of Business and Economic Development approves the State’s Enterprise Zones while local governments are responsible for their administration. There are Enterprise Zones in 14 Maryland counties and Baltimore City. 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.
About DBED:
The Maryland Department of Business and Economic Development’s mission is to stimulate private investment and create 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. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
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