The Maryland Department of Commerce has approved a Regional Institution Strategic Enterprise Zone, or RISE Zone, around Morgan State University in Baltimore City; Montgomery College’s Germantown campus; and Salisbury University in Wicomico County.
The designations aim to spur economic development and job creation by allowing commercial and industrial businesses that move into or expand significantly within the zones 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 Morgan State University RISE Zone includes approximately 10 acres within Baltimore City at the Northwood Shopping Center area. 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.
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