SBY leaders aim to expand RISE Zone to downtown area
SALISBURY, Md. – The City of Salisbury is looking at expanding opportunity for businesses.
RISE Zone Designation
Specifically, City Council members hope to expand a special designation it got from the state of Maryland five years ago.
The RISE Zone designation is awarded by the Maryland Department of Commerce (MDOC). It allows financial incentives to new and existing businesses. In 2018, the City and Salisbury University designated a 130 acre RISE Zone along Route 13. Back then, the program offered property and state income tax credits, similar to an Enterprise Zone.
Seeking Re-Designation
The MDOC recently made changes to the legislation, creating a Rental Assistance Program. The changes also provided an Enhanced Investor Tax Credit for Qualified Maryland Technology Companies, or Qualified Maryland Biotechnology Companies.
“The state of Maryland has recently changed the rules, expanded it in some areas, and that’s why we’re looking to add the downtown Salisbury area to it,” said Salisbury City Council member Michele Gregory. “Biotech, in particular, is eligible for tax incentives through the state. But, it also allows the participants or businesses to apply for rental assistance.”
The new RISE Zone would encompass the stretch of Route 13 from Salisbury University up to, and including the downtown area. In total, the area would measure in at about 191.52 acres. The hope is to attract new business to the area, while supporting existing ones.
“While it doesn’t automatically offer funding, it will allow other organizations, whether it’s the City of Salisbury, Wicomico County, or other designations allowed in the law, to create those kinds of funds for the businesses to apply for,” said Gregory.
“Would be a boon”
Local business leaders say it would be a big support to those who’ve already set up shop in Salisbury; however, it could be a challenge to attract new investments.
“Commercial loans are very difficult to get,” said Salisbury Area Chamber of Commerce President and CEO, Bill Chambers. “The kind of development that we’re talking about in the RISE zone – which is commercial, non-residential, industrial – that’s some significant capital outlay that a developer would be putting forth.”
And, Chambers adds, big business could mean more residents to support.
“If we were to land a company in the biotech sphere, or a tech company in general, it would be a boon for our local economy, for sure. Now, we just have to figure out where they’re going to live,” said Chambers. “You’ve got to have all the domino pieces in play here. It’s housing, it’s quality public education, it’s health care. And, we have a lot of those. Housing is a challenge.”
Looking Ahead
The RISE Zone would be done in partnership with Salisbury University, as it was with the designation back in 2018. Monday, Salisbury City Council is holding a public hearing on the matter. Gregory says she anticipates a positive response.
“What the outcome will be, will be very beneficial for the business owners,” said Gregory.
