In a press release issued earlier today, the Maryland Department of Commerce announced the designation of a new Enterprise Zone in the City of Frederick along the Route 40 corridor known as the ‘Golden Mile.’ The new 530-acre zone includes approximately 350 existing businesses and 28 percent of the total commercial area in the City.
The Maryland Enterprise Zone Program is an economic development program established by the Maryland General Assembly that offers real property and state income tax credits in return for job creation and capital investments in targeted areas.
Going forward, eligible new and existing businesses within the defined 'Golden Mile' area are encouraged to apply for:
State income tax credits for wages paid to new, qualifying employees. The general credit allows a one-time $1,000 credit per new worker. For economically disadvantaged employees, the credit increases to a total of $6,000 per worker, distributed over three years.
A 10-year credit against local real property taxes on a portion of property improvements. The credit is calculated during the first five years as 80 percent of the assessed property, and then decreases 10 percent annually to 30 percent in the 10th year.
““The City of Frederick is thrilled to receive an enterprise zone designation for the Golden Mile. It is the largest retail corridor in the city with diverse national and independent establishments. The enterprise zone designation helps take the Golden Mile to the next level –driving new investment, innovation, entertainment and retail opportunities. Between the recent kick-off of the mall re-tenanting project and the advancing plans for Westside Regional Park, Frederick’s west side is positioned for a renaissance and this tool will help create additional incentives for capital investment and job creation in this area of the city.” ”
More information on the program is available here.
For questions regarding eligibility & application, please contact the City's Department of Economic Development at 301-600-6360 or at businessinfrederick@cityoffrederick.com.