The Maryland Department of Commerce has approved a Regional Institution Strategic Enterprise Zone, or RISE Zone in the City of Salisbury. The designation aims 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.
The designation was achieved through a partnership between Salisbury University and City of Salisbury officials who applied to the Maryland Department of Commerce. The Salisbury University RISE Zone encompasses more than 129 acres connecting Downtown Salisbury and the campus of Salisbury University. The vision for the zone will blend University assets, the hospital, and Downtown as a priority with concentrated mixed use and higher density redevelopment supported by strong transit, bicycle, and pedestrian infrastructure.
The RISE Zone allows for two credits – a State Income credit and a Real Property Credit. For the income tax credit, companies locating within the RISE Zone are required to hire 2 or more full time employees in a newly created position and would receive a $1,000 credit for each new employee filling a new position created in the zone. For the Real Property Credit in the RISE Zone, a qualifying business must invest $50,000 or more in a renovation, expansion, or capital improvement and would receive an 80% credit on any increase in assessment over 5 years.
“As Salisbury University continues to forge new paths forward in both education and healthcare, I am confident that the impact of Salisbury’s RISE Zone will be felt far beyond the borders of our city,” said City of Salisbury Mayor Jacob Day. “This designation will serve to benefit healthcare recipients across the Eastern Shore as it helps foster public-private partnerships between our academic, medical, and business communities.”
“We are proud to partner with the city of Salisbury on yet another project to encourage growth and renaissance along the stretch of Route 13 connecting the university, downtown, and PRMC,” said Deputy Chief of Staff and Director of Government and Community Relations at Salisbury University Eli Modlin. “The RISE Zone will not only help areas currently being developed but will spur development throughout the city, including some of the most underserved areas. This is a shining example of what we can accomplish when the state, communities and the University System of Maryland work together.”
“The RISE Zone designations will help these outstanding higher education institutions unlock more of their economic development potential,” said Governor Larry Hogan. “Strengthening Maryland’s economy is a one of our administration’s top priorities, and this program plays an important role in attracting new businesses, encouraging businesses to expand, and creating jobs.”
For more information about the RISE Zone Designation, please contact Laura Soper at LSoper@salisbury.md or 410-677-1916.
