Frederick to apply for Enterprise Zone

April 9, 2018 by  

Frederick’s Department of Economic Development is considering applying to have the “Golden Mile” on West Patrick Street on the city’s west side designated an Enterprise Zone, according to an article on the city’s website.

The zone program was created by the Maryland General Assembly to encourage investment and development in an area that might be underserved.

Michael O’Connor, the mayor of Frederick, said he feels the area around the Golden Mile was already gaining momentum, since plans are progressing for the Westside Regional Park, and a shopping mall was bringing in new tenants. He suggests the west side is due for a “renaissance” since the corridor faces a number of challenges, including the bankruptcy of several chain stores that anchored the area.

If the city’s application is approved, the local enterprise zone would be the 37th in the state. The only zone currently existing in Frederick County is in Brunswick.

The proposed application would ask that about 570 acres along U.S. Route 40, currently occupied mostly by commercial and industrial concerns, be designed a Maryland Enterprise Zone. Eligible property owners and businesses within such a zone are able to apply for credit against property taxes, as well as claiming income tax credits for salaries paid to new employees who qualify.

Complex issues like this affect many people, so officials might consider working with a flyer printing company to create an informative mailer for residents.