MARYLAND COMMERCE DESIGNATES NEW ENTERPRISE ZONE IN GARRETT COUNTY
Existing Harford County Zone Expanded; Allegany Zone Redesignated
BALTIMORE, MD (July 11, 2019) – The Maryland Department of Commerce has designated a new Enterprise Zone in Garrett County to include the Keyser’s Ridge Business Park. In addition, the department has approved an expansion of the existing Harford County Enterprise Zone, and redesignated the Route 220 South Enterprise Zone in Allegany County. A joint effort between state and local governments, the Enterprise Zone program provides real property and state income tax credits for businesses that create jobs and make capital investments.
“Our Enterprise Zone program is one of the best tools Commerce offers to help our local partners bring growth, new jobs, and increased prosperity to their regions,” said Commerce Secretary Kelly M. Schulz. “The requests for new designations, redesignations and expansions of these zones shows how effectively the program supports the revitalization of many local jurisdictions.”
The new Garrett County zone includes about 122 useable acres including the county-owned Keyser’s Ridge Business Park. The zone is located in a Federal Opportunity Zone and includes another 140 acres that are considered unusable due to topography. Garrett County has invested in several infrastructure improvements around the business park area, and the business park designation will be an important, additional tool to attract businesses.
“We are grateful to the Maryland Department of Commerce for designating the Keyser’s Ridge Business Park as an Enterprise Zone,” said Kim Durst, economic development specialist with the county’s Department of Economic Development. “Together with other available incentives and Garrett County’s central location to major markets, the Enterprise Zone designation will be an additional tool in our efforts to recruit, retain, and attract businesses.”
The expanded Edgewood/Joppa Enterprise Zone in Harford County will include a total of 338 acres. The existing zone has drawn $118 million in investment and over 1,500 new jobs since it was first designated in 1993. The newly designated area of the zone is expected to spur growth in the manufacturing and warehouse/distribution sectors.
“Creating new jobs and generating economic activity are what Enterprise Zones are all about,” said Harford County Executive Barry Glassman. “Harford’s newest designation is well-positioned in an area zoned for growth near major transportation routes, including I-95 and Route 40. I would like to thank Secretary Schulz and the Maryland Department of Commerce for its continued partnership on this successful program for Harford County.”
The redesignated zone in Allegany County includes 404 acres south of Bel Air, an area which includes the Barton Business Park. The continued Enterprise Zone incentives will help the county attract more businesses, particularly in light industrial sectors such as advanced manufacturing.
“The Barton Business Park is one of many locations within Allegany County primed for growth and development,” said Allegany County Administrator Brandon S. Butler, Esq.“The re-designation of the Enterprise Zone, and more importantly the county’s fantastic working relationship with the Maryland Department of Commerce, are just two of the many reasons why businesses are finding their home in Allegany.”
Businesses located in the state’s 38 Enterprise Zones will receive $52 million in property tax credits in FY 2020 based on more than $3.7 billion in investments made in FY 2019.
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 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 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 commerce.maryland.gov.
