The Maryland Department of Commerce has approved areas of Morgan State University, Montgomery College’s Germantown campus, and Salisbury University as Regional Institution Strategic Enterprise Zone (RISE Zones).
Commerce reports on the scale of each zone and the benefits to their surrounding communities:
Morgan State University (10 acres):
The RISE Zone benefits will enable the university and its private partners to make improvements to the Northwood Shopping Center and transform it into Northwood Commons, which is slated to be a mixed-use site with retail and office space with the potential to create hundreds of jobs.
Montgomery College’s Germantown Campus (28 acres):
The RISE Zone designation will help the college develop its academic, business, and research campus, also known as the Pinkney Innovation Complex for Science and Technology (PIC MC), more fully into an innovation district; and integrate resources between academic, businesses, and community organizations.
Salisbury University (129 acres between campus and downtown):
Recognizing that this was a key corridor for growth opportunity, the city will work to attract and spur economic development in the RISE Zone. The city hopes to utilize the incentive to strengthen collaborative efforts between the university, municipality, and hospital.
RISE Zones tap into the economic development potential surrounding higher education institutions and certain nonprofits. Businesses that relocate to or expand in the zones are eligible for certain benefits such as property tax credits. The zones are created in partnership with local governments to help ensure that the proper businesses are targeted and that the appropriate incentives are granted to reflect the needs of the community.
For more information:
Three new RISE Zones approved in Maryland (Department of Commerce)
UMBC Tech Park Awarded RISE Zone Designation (Conduit Street)
Maryland Commerce Approves Greater College Park RISE Zone (Conduit Street)
State Launches RISE Zone Program to Help Spur Economic Development (Conduit Street)