Baltimore County News
New tax benefits are available to businesses investing in industrial and commercial development on 7,000 acres in eastern Baltimore County. Maryland has approved a new Chesapeake Enterprise Zone to spur expansion of existing companies, promote development of vacant and underutilized properties and provide incentives for businesses to hire and add jobs.
Businesses locating, expanding or hiring new workers in the enterprise zone could be eligible for real property and income tax credits, according to the Baltimore County Department of Economic and Workforce Development.
“Now is the time to put enterprise zone incentives to work so we can bring family-supporting jobs back to eastern Baltimore County. We have some exciting opportunity sites and these tax benefits can help offset the costs of redeveloping and upgrading almost 900 older industrial and commercial properties in the new Chesapeake Enterprise Zone. This will go a long way toward attracting business investment to Sparrows Point, Middle River, Essex and Dundalk,” said Baltimore County Executive Kevin Kamenetz.
Major opportunity sites in the new Chesapeake Enterprise Zone include the 3,100 acre Sparrows Point peninsula, slated to become a hub for manufacturing, transportation and port related uses. The one million square foot Middle River Depot, a former World War II aircraft plant on Eastern Boulevard at Maryland Route 43, offers transit-oriented development opportunities with the MARC commuter rail station.
Expands Previous North Point Enterprise Zone
The Chesapeake Enterprise Zone replaces and expands an existing North Point Enterprise Zone and now includes 877 industrial and commercial properties. A map of the Chesapeake Enterprise Zone is on the County's website at http://resources.baltimorecountymd.gov/Documents/EconomicDevel/Enterprise/chesapeakeezmap.pdf.
Baltimore County’s new Chesapeake Enterprise Zone includes all of the area in the North Point Enterprise Zone, plus the portion of the Sparrows Point peninsula not previously included in the zone, the Middle River Depot and portions of the Eastern Avenue business corridor.
“Enterprise Zone status expands an important economic development tool for eastern Baltimore County,” said Baltimore County Council chair Cathy Bevins. “I’m especially pleased that enterprise zone benefits are now available to jumpstart development opportunities at Middle River Depot. This is a unique property with tremendous potential for advanced manufacturing, medical services and a host of job-producing industries.”
“Expanding the Enterprise Zone to include more industrial acreage on the Sparrows Point peninsula as well as parts of the Eastern Avenue corridor is the latest step in our commitment to assist Sparrows Point Terminal and the local business community in bringing new jobs back to the district,” said County Councilman Todd Crandell, who represents the Dundalk area.
Over $300 Million Invested Since 1995
"Over the past twenty years, enterprise zone designation has been a catalyst for more than $300 million in new private investment in eastern Baltimore County," said Baltimore County Executive Kevin Kamenetz. "Since the original North Point Enterprise Zone was established in 1995, vacant industrial buildings have become thriving manufacturing, logistics and supply chain hubs that take advantage of the area’s direct access to interstates, the deepwater Port of Baltimore and commercial rail.”
The Marshfield Business Park was developed on vacant land, with four major buildings and a total investment of almost $30 million. The former Eastern Stainless Steel property was redeveloped as the Baltimore Business Park and the Eastport Industrial Center was built on Quad Avenue. New companies such as Empire Resources, Dejana Truck Bodies, Fascan and H and E Equipment have moved to the zone, with 16 companies adding jobs since 2005.
Enterprise Zone Tax Benefits
The Maryland Enterprise Zone Program gives local governments the authority to offer tax incentives for investments and new job creation in economically distressed areas. Non-retail business located in a Baltimore County enterprise zone could be eligible for real property tax credits on the value of property improvements. Companies adding new employees also may be eligible for a state income tax credit based on the number of net new workers.
More information on Enterprise Zone benefits is available at www.BaltimoreCountyBusiness.com .
Businesses interested in locating or expanding in the Chesapeake Enterprise Zone should contact the Baltimore County Department of Economic and Workforce Development, 410-887-8000.
Jordan Fish, Baltimore County Tourism & Promotion
Even though the holiday season is behind us many local restaurants are offering their own gift to you. The Baltimore County Office of Tourism and Promotion and the Baltimore County Chamber of Commerce are once again joining forces to promote over two weeks of delicious and affordable dining throughout the County.
From January 9th - 24th over 50 participating restaurants across the County will feature special menus at a discounted, fixed price, offering one to three course lunch and dinner specials ranging from $15.15 to $35.15.
Please visit http://www.baltimorecountyrestaurantweek.com/ to view a list of participating restaurants, peruse menus, and make reservations. Try that fancy place you’ve heard such great things about, or frequent your favorite local hotspot. Either way it’s a delicious time to dine in Baltimore County! And, you can find out about great Restaurant Week happenings on our Facebook page, at http://www.facebook.com/BaltimoreCountyRestaurantWeek
Baltimore County Winter Restaurant Week 2015 is sponsored by Baltimore County Office of Tourism and Promotion and the Baltimore County Chamber of Commerce, in partnership with Downtown Diane - What's Hot Around Baltimore?
Will Anderson, Director
Baltimore County Department of Economic & Workforce Development
It’s a reality every small business owner faces. When your business plan says it’s time to take it to the next level, you discover that you need more trained workers, more space, and more capital. As they say in that classic movie “who you gonna call?”
The Baltimore County Department of Economic and Workforce Development can help with free workforce recruitment and training, site searches for a new location, business and marketing plan development, and financing assistance.
OK, we got your attention with financing.
Baltimore County can help you make the most of Enterprise Zone, commercial revitalization and job creation tax credits. But let’s focus on a new Baltimore County loan fund.
The new Baltimore County Boost Fund offers flexible loans for small, women-owned and minority-owned businesses and entrepreneurs. The Boost Fund provides business loans for
· Start-up and gap funding
· Building and leasehold improvements
· Business and equipment acquisition
· Working capital
· Commercial real estate acquisition
The Boost Fund can lend qualified small businesses between $50,000 to $250,000, with a reduced down payment and interest rates set at or below market rates. Payment plans are customized to meet your business cash flow needs.
We have already made an impact with the Boost Fund. Here are a few examples.
Michele's Granola is honored to be the one of the first recipients of Baltimore County's Boost Loan Fund. These funds will allow us to expand to a larger kitchen facility in Baltimore County and double production of our small batch granola products that will be available for wholesale distribution throughout the United States. We are proud to be a woman-owned business contributing to job creation and economic development in Baltimore County.
Michele Tsucalas, President, Michele’s Granola
A women-owned manufacturing company
One of the greatest impediments to growth any business faces is access to capital. With the Boost Loan program, Baltimore County clearly recognizes that expanding small businesses are vital to the local economy. We will use this loan to grow and make further contributions to the local economy.
Barnett A. Carroll Jr., President, Aegis Mechanical Corporation
A service disabled veteran-owned and minority certified business
Baltimore County's new loan program has helped my husband and I renovate an older but full-of-character building. The funds are being used to build a new kitchen, renovate the bar, and revitalize an older dining area so we can bring some great food and service to Arbutus. Without Baltimore County and their loan program, we wouldn't be where we are with the renovations.
Sharon Andrews, co-owner, Oak Creek Café
A new business in the Arbutus Commercial Revitalization District
For more information about additional financing programs, tax credits, recruiting workforce talent and other small business services, visit the Baltimore County Department of Economic and Workforce Development at www.BaltimoreCountyBusiness.com or call 410-887-8000.
This could be the boost your company needs.