RISE Zones are designed to spur economic development and job creation
BALTIMORE, MD (January 5, 2017) – The Maryland Department of Commerce has approved a Regional Institution Strategic Enterprise Zone, or RISE Zone, in and around the campus of the University of Maryland, College Park. The designation aims to spur economic development and job creation by allowing commercial and industrial business that move into or expand significantly within the zone to benefit from real property and income tax credits. Businesses in targeted industries, including engineering, cybersecurity, additive manufacturing, aerospace, and biotechnology, among others, will be eligible to receive increased incentives.
“The University of Maryland, College Park is a world-renowned research institution and a major economic driver for the state,” said Governor Larry Hogan. “The RISE Zone designation will support the university’s spirit of innovation and entrepreneurship and help companies grow and thrive in and around the campus.”
“The creation of this RISE Zone will help bring economic opportunity and investment to Prince George’s County,” said Prince George’s County Executive Rushern L. Baker, III. “With more than 37,000 students and 14,000 employees, the University of Maryland is the state’s flagship higher-education institution and one of the county’s largest employers. The proximity of the University of Maryland, College Park to Washington, D.C and Baltimore, as well as being centered along the I-95 corridor, make it an excellent place to stimulate innovation and economic growth for Prince George’s County and the state of Maryland.”
The Greater College Park RISE Zone covers approximately 470 acres, including portions of the university’s campus, the City of College Park, and the adjacent Town of Riverdale Park. Major projects in the RISE Zone include The Hotel at UMD, a 300-room luxury hotel and conference center expected to open in July 2017; a 75,000-square-foot office building; two multifamily residential projects near the College Park Metro Station; and 111,000-square-feet of flex space. The Hotel at UMD will also include facilities for academic research and incubation space for start-up companies.
“The Maryland Department of Commerce was pleased to approve this RISE Zone, which will further amplify the tremendous economic development potential of the University of Maryland, College Park and the surrounding areas,” said Secretary Mike Gill. “I want to thank Prince George’s County and our municipal partners for working with us to create this zone which will offer the county another key tool to attract businesses, help them grow, and create jobs.”
“RISE demonstrates the power of partnership to elevate economic development,” said University of Maryland President Wallace D. Loh. “In Greater College Park and Prince George’s County, it is another important tool we are using to attract investment and develop our community, with clear benefits for the whole state.”
Existing businesses in the RISE Zone that invest a minimum of $5 million and create at least 50 jobs are eligible for the benefits, which include income tax credits. Companies in target industries are eligible for county and municipal real property tax credits as high as 75 percent for five years.
The RISE Zone program was established to leverage the economic development potential of Maryland’s higher education institutions. A business concierge at Commerce is available to help businesses in the zones identify other Maryland incentives and programs from which they could benefit, and to assist with permit and license applications. The RISE Zone designation lasts for five years.
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov