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File #: 15-0561    Version: 0 Name: Approving the Submission of an Application to the State of Maryland for the Designation of a Regional Institution Strategic Enterprise Zone
Type: Mayor and City Council Res. Status: Enacted
File created: 9/21/2015 In control: City Council
On agenda: Final action: 11/19/2015
Enactment #: 15-24
Title: Approving the Submission of an Application to the State of Maryland for the Designation of a Regional Institution Strategic Enterprise Zone FOR the purpose of approving the designation of the University of Maryland at Baltimore as a "qualified institution" under the State's Regional Institution Strategic Enterprise Zone ("RISE Zone") Program; approving and joining in the application for designation of a RISE Zone at 873 West Baltimore Street, Baltimore, Maryland; and granting a real property tax credit for qualified properties in this RISE Zone.
Sponsors: City Council President (Administration)
Indexes: Enterprise Zone, Regional Institution, State of Maryland
Attachments: 1. 15-0561~1st Reader, 2. BDC 15-0561, 3. 15-0561~3rd Reader
* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*

CITY OF BALTIMORE
COUNCIL BILL

Introduced by: The Council President
At the request of: The Administration (Baltimore Development Corporation)

A RESOLUTION ENTITLED

A RESOLUTION OF THE MAYOR AND CITY COUNCIL concerning
title
Approving the Submission of an Application to the State of Maryland for the Designation of a Regional Institution Strategic Enterprise Zone
FOR the purpose of approving the designation of the University of Maryland at Baltimore as a "qualified institution" under the State's Regional Institution Strategic Enterprise Zone ("RISE Zone") Program; approving and joining in the application for designation of a RISE Zone at 873 West Baltimore Street, Baltimore, Maryland; and granting a real property tax credit for qualified properties in this RISE Zone.
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Recitals

The Maryland General Assembly has established a Regional Institution Strategic Enterprise Zone (?RISE Zone?) Program to (i) access institutional assets that have a strong and demonstrated history of commitment to economic development and revitalization in the communities in which they are located and (ii) provide certain benefits to eligible projects developed in those areas.

State Tax-Property Article, ? 9-103.1 mandates that local governments grant a real property tax credit to qualified properties within a RISE Zone and that, if a qualified property is also within a ?focus area? designated under State Economic Development Article ? 5-706, the tax credit must be equal to 100% of the amount of property tax imposed on the eligible assessment of the qualified property for each of the 5 taxable years following the calendar year i...

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