Nearly $600,000 in Loan Program and Tax Credits Helping Reenergize Brooklyn Park, Glen Burnie, Pasadena, Odenton and Annapolis
Annapolis, MD (March 12, 2018) – Anne Arundel County Executive Steve Schuh announced today that Anne Arundel County has invested more than $580,000 to support revitalization efforts in the region.
“Our administration is working every day to spark economic development and job creation in every corner of our County,” said Schuh. “Our revitalization program is helping reinvigorate and reenergize business through targeted, concentrated tax credits and loans that are changing the face of commercial areas in Anne Arundel County.”
Since 2015, the Anne Arundel County Economic Development Corporation (AAEDC) has approved approximately $455,780 in loans to 12 businesses through its Arundel Community Reinvestment (ACR) Fund. The ACR Fund offers loans up to $100,000 to be repaid over three to seven years at zero percent interest. Loans are limited to 90% of total project costs.
The program is designed to spur economic activity, investment and improvement in Anne Arundel County’s eight Commercial Revitalization Districts which include the area at inner West Street in Annapolis from Church Circle to Chinquapin Round Road and the county’s one state-designated Enterprise Zone in Brooklyn Park.
In addition, over the last three years, nine business received a total of almost $125,000 in tax credits through Anne Arundel County’s Community Revitalization Tax Credit program. Qualified business owners may receive a property tax credit for up to five years equal to the incremental increase in real property tax assessment for improvements of at least $100,000 of assessed value. Property owners have 120 days following the issuance of the notice of assessment by the Maryland State Department of Assessments and Taxation to apply for the credit.
AAEDC staff continually promotes the county’s commercial revitalization resources through meetings and presentations to real estate and developer groups, local chambers of commerce and industry associations. In addition, collateral information is mailed to hundreds of business located in the county revitalization districts. AAEDC plans to highlight business opportunities in revitalization districts during a development tour of Brooklyn Park later this year.