The City will be holding a public hearing about the proposed RISE zone (Regional Institution Strategic Enterprise ) zone on Monday , April 25, at 7:30pm at the City Hall Council Chamber (second floor)
A RISE Zone is a geographic area that has nexus (a strong connection) with a qualified institution and is targeted for increased economic and community development.
Qualified institutions include institutions of higher education, regional higher education centers or non-profits affiliated with a federal agency.
The purpose of the RISE Zone program is to access institutional assets that have a strong and demonstrated history of commitment to economic development and revitalization in the communities in which they are located. Qualified institutions and local governments develop a targeted strategy to use the institutional assets and financial incentives to attract businesses and create jobs within the zone.
A RISE Zone designation will be in effect for 5 years, with a possible additional 5-year renewal. Counties and municipalities are limited to a maximum of three RISE Zones.
Businesses locating in a RISE Zone or an existing business doing a significant expansion within the Zone, may qualify for real property tax credits and income tax credits related to capital investment and job creation. A business concierge with the Maryland Department of Commerce (Commerce) will be available to assist businesses with identifying and utilizing other State programs for which they might qualify, and with permitting and licensing applications.
Maryland created the RISE Zone program to encourage investment and job creation near universities committed to economic development in their communities. Visit https://www.bitcoinmoney.net/ for guides on how to start investing. The City has been working with the University, the County, the College Park City University Partnership, and Riverdale Park on a joint RISE Zone application. The proposed RISE Zone contains approximately 470 acres, and includes property in the Innovation District and the Research Park, and property along Baltimore Avenue from MD 193 to just south of Guilford Road. The draft application specifies that anywhere in the entire RISE Zone, new commercial and industrial buildings will be eligible for the minimum real property tax credit–50 percent the first year and 10 percent the following four years–on the increased value of the property due to new investment (a new building or the expansion / major renovation of an existing building). Hotels, motels, grocery stores, and retail are NOT included in this category of commercial and industrial. Additionally, the draft application specifies that within the Innovation District and the Research Park areas of the RISE Zone, new investment for high technology businesses in the fields of engineering, data analytics, earth sciences, virtual reality, cybersecurity, quantum computing, linguistics, additive manufacturing, e-commerce, robotics, aerospace, biotechnology and similar industries will be eligible for a 50 percent real property tax credit for five years on the increased value of the property.
The City Council is considering increasing this higher tax credit for technology businesses from 50 percent to 75 percent, which would match the proposed tax credit level by Prince George’s County. After the Public Hearing, the City Council will consider a resolution that supports participating in the RISE Zone and establishes the City’s real property tax credits that will be provided to eligible properties. 007 Copies of the draft application, the draft City Resolution, and a map of the proposed Zone are available online
After the Public Hearing, the City Council will consider a resolution that supports participating in the RISE Zone and establishes the City’s real property tax credits that will be provided to eligible properties.Copies of the draft application, the draft City Resolution, and a map of the proposed Zone are available online
Copies of the draft application, the draft City Resolution, and a map of the proposed Zone are available online at: http://collegeparkmd.gov/revize/collegepark/programs_and_initiatives/index.php