Campus Village Shoppe – [photo courtesy: wtopnews]

In the budget for the year 2024, the Mayor and Council, with input from the City Manager and Director of Economic Development, created a new fund. This fund is meant to help keep and bring businesses to the City of College Park.

As the City works on bringing new businesses to College Park, it’s also working hard to help businesses affected by the sale and plans to develop Campus Village Shoppes. City staff have been working hard to keep these businesses in College Park.

The acquisition of these properties by new developers happens in private transactions, and the City has very little control over them.

Many new developments will displace the businesses that make College Park unique. Keeping these businesses here will help us maintain what makes College Park unique. The Retention Fund is a way to support these businesses and create a fair and inclusive community.

The City is preparing for more disruptions from future development and is assisting merchants to find new places to set up shop in the city.

In the 2024 budget for Economic Development, $75,000 is set aside to help businesses stay. Developers who displace merchants may be asked to contribute to the Retention and Attraction Fund.

The money for retaining and attracting businesses will be decided in the budget.

Additionally, the City has given $2,200,000 ($2.2 million) in grants to small businesses and nonprofits in College Park as part of the American Rescue Plan Act.

In next week’s meeting, the Council will discuss further the City’s efforts to retain businesses in College Park.