The Maryland Department of Commerce has approved a RISE Zone designation for the University of Maryland, Baltimore County Research and Tech Park. The zone designation will stand for five years. RISE Zones were created to help boost economic development and job creation around the state’s higher education institutions.
The Baltimore Sun reports:
The Regional Institution Strategic Enterprise Zone, or RISE Zone, at bwtech@UMBC will help the research park support established companies, offer incubator and accelerator services to emerging companies and help university researchers commercialize their work. Businesses that move to a RISE Zone and existing businesses that expand could qualify for property and income tax credits tied to investments and job creation.
UMBC plans to build 100,000 square feet of space to lease to technology related businesses, creating about 250 high-tech and cybersecurity jobs. The new development, an investment of up to $20 million, will take two to five years to complete.
“This new enterprise zone will help further UMBC’s goal of spurring research, supporting entrepreneurs and start-ups, and helping to grow our region’s high-tech companies,” Gov. Larry Hogan said in an announcement Monday.
Read The Baltimore Sun for more information.