At tomorrow’s Council meeting, the Council ill consider approving the disbursement of Economic Development Retention and Attraction Funds to Laser Essentials, LLC in the amount of $23,000 for their relocation from the Campus Village Shoppes located at 8147 Baltimore Avenue to a new location at 9658 Baltimore Avenue, Suite 101.

For Budget year 2024, Mayor and Council at the behest of the City Manager and Director of Economic Development, established a new fund for retention and attraction of businesses for the City of College Park.

While the recruitment and approach of new entities to College Park progresses in a pragmatic manner, the Office of Economic Development has aggressively worked to retain businesses displaced by the sale and proposed development of Campus Village Shoppes. In anticipation of further disruptions by future development, the Office of Economic Development is engaged with merchants searching for commercial space in the City and advising of our retention opportunities. The Office of Economic Development has received several applications, inquiries, and expressions of interest for the Retention and Attraction program. We have structured a program
for assistance based on available commercial space, retention of employees, and costs of build-out and transition into new space. Larger requests will be considered for merchants who can guarantee a financial commitment via terms of an agreement with the City. All recipients will be required to remain in the City of College Park.

Current Retention consideration in the amount of $23,000 is for Campus Village merchant Laser Essentials, LLC (“Laser”). Laser Essentials located in the Campus Village Shoppes since 2014, specializes in Esthetic Care and Medical Spa Services. Laser Essentials will use retention funds to relocate, build-out and equip new office space in College Park located at 9658 Baltimore Avenue, Suite 101.

The FY2024 Budget for Economic Development includes $75,000 for business retention and attraction assistance. With the approval of this item there would be $52,000 remaining in the business retention and attraction fund for FY 2024. The program will get more funding from the change in commercial property tax structure.