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Council May Give Tax Breaks for High Tech Development in College Park

Back in 2016, the City decided to participate in the Greater College Park Regional Institution Strategic Enterprise (RISE) Zone for five-year periods to encourage investment and job creation near universities committed to economic development in their communities.

The RISE Zone was created by the State in 2014 to encourage investment and job creation near universities committed to economic development in their communities. It
offers incentives to qualifying businesses, including local tax credits for new investment.

Currently, the City is working with the UMD, County and Riverdale Park on a renewal application.

The total area of the proposed RISE Zone is four hundred seventy (470) acres which creates the largest RISE Zone in the state of Maryland. The parcel of the RISE Zone for College Park is comprised of approximately one hundred ten (110) acres (please see map) and includes four major locations at (1) UMD’s Technology Advancement Building, (2) UMD’s Innovation District (3) UMD’s Research Park and other nearby development sites and (4) the Property fronting Baltimore Avenue from Fordham Lane to Maryland Route 193.

The Council will discuss whether to renew the application to set the minimum real property tax credit level for certain commercial and industrial development and establish a five-year 75% credit for certain high technology businesses in the Innovation District and the Research Park.

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