Baltimore’s financial district is among four city neighborhood’s entering a state tax credits program aimed at creating jobs and sparking redevelopment.
The Maryland Department of Economic Development approved Wednesday Baltimore’s request to expand its Enterprise Zone by 329 acres. That includes approval for a 45-acre area downtown from Baltimore to Lombard streets between Paca and President streets.
The area includes the Morris Mechanic Theater and a stalled Sheraton Four Points Hotel on South Calvert Street. City officials hope the new Enterprise Zone designation will jump-start those redevelopment projects and combat rising vacancy rates.
Businesses moving to a Maryland Enterprise Zone may be eligible for credits on their real property taxes and state income taxes. Existing businesses in the areas may receive tax incentives in exchange for creating new jobs and making capital investments.
In total, Baltimore City’s Enterprise Zone will be expanded by 329 acres to 22,000 acres.
New enterprise zones include:
• Pennsylvania Avenue; Martin Luther King Boulevard to Fulton Avenue, which currently has a 30 percent vacancy rate
• South Clifton Park; Sinclair Lane from Washington to Rose streets; and,
• 3200-5200 blocks of Liberty Heights Ave., which hopes to attract a new grocer.
Communities with deeper unemployment problems and smaller median incomes are eligible to become a “focus area” under the program and receive greater incentives.
The city also received approval to renew its 937-acre Carroll Camden focus area and create a new focus area around Howard Street. The area is bounded by 28th Street, the Jones Falls Expressway, Charles Street and North Avenue.
Allegany County also received approval to renew its Route 220 South Enterprise Zone, which is 380 acres and includes the 160-acre Barton Business Park. Prince George’s County renewed its enterprise zone and focus area, which now includes areas along the International Corridor/Gateway Arts District; the Port Towns and Annapolis Road Corridor; the Cabin Branch and Central Avenue area; and the Southern area, which includes Branch Avenue and Marlboro Pike.
In 2008, businesses located in the state’s 28 Enterprise Zones received $26.3 million in property tax credits, spurring nearly $2 billion in capital investment over the past 10 years, according to DBED.
Baltimore Business Journal – by Ryan Sharrow Staff
Wednesday, December 23, 2009,
