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OFFICE of

economic Development

OVERVIEW

The Office of Economic Development provides a variety of resources to cultivate a thriving business atmosphere by fostering business retention, expansion, visitor attraction and tourism. 

What is Economic Development?

 Economic development is the intentional practice of improving a community’s economic well-being and quality of life. It includes a broad-range of activities to attract, create, and retain jobs, and to foster a resilient, progrowth tax base and an inclusive economy. The practice of economic development comprises of a collaborative effort involving industry, government and myriad community stakeholders.

--International Economic Development Council (IEDC)


INFO

Michael Williams
Director of Economic Development

economicdevelopment@collegeparkmd.gov
240.487.3506

City Hall

Explore College Park businesses, activities, and more at www.collegepark.life. 

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Economic Prosperity Dashboard »»»»

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news & reports »»»»

Business & Economic Development News

  • September 2023 Economic Development Update: Campus Village Shoppes Closing and Other News
  • March 2023 Economic Development Visioning Session (click image to view):Economic Development Visioning Session March 2023 Opens in new window
  • The City of College Park Celebrates Maryland’s Economic Development Week on October 25 - 29, 2021.  Read more about it here.
  • Click Here to watch the presentation on 4/20/21 by the Terrapin Development Company on the general plans for Parcels B & C in the Discovery District (adjacent to The Hotel)

Brief Economic Facts >> College Park, MD

  1. Economic Development updates
  2. Presentations & Reports
  1. Economic Development updates

Business Beat June 2021
Business Beat November 2021
PGC Economic Development Platform June 2021


  1. Presentations & Reports

2021 Annual Economic Development Report

March 2023 Economic Development Visioning Session

business resources »»»»

general information for businesses


  • Maryland Entrepreneur Hub
  • Maryland Business Express - Information for Businesses
  • FAQs for Maryland Businesses
  • U.S. Chamber of Commerce
  • U.S. Department of Labor
  • Maryland SBDC - COVID-19 Small Business Survival Guide
  • SBDC - Resources for Businesses
  • Doing Business with FEMA
  • Doing Business with the Department of Homeland Security
  • Maryland Department of Commerce
  • Prince George's County Economic Development Corporation
  • Prince George's Chamber of Commerce
  • Prince George's County, MD

WORKFORCE DEVELOPMENT
  • U.S. DEPARTMENT OF LABOR
  • MD DEPARTMENT OF LABOR
  • U.S. CENSUS

FUNDING SOURCES

  • SBA Coronavirus Relief Options
  • State of Maryland Financial Assistance Programs
  • State of Maryland 2021 RELIEF Act
  • BGE Energizing Small Business Grants Program
  • Coronavirus: SBA Small Business Guidance & Loan Resources
  • MARBIDCO: Maryland Agricultural & Resource-Based Industry Development Corporation
  • MSAC: Maryland State Arts Council
  • MEDAAF

TOURISM & ATTRACTION

  • Experience Prince George's County
  • Visit Maryland

incentive programs »»»»

  1. Facade Improvement Program
  2. Revitalization Tax Credit Program
  3. HUB Zone
  4. Opportunity Zone
  5. Rise Zone
  1. Facade Improvement Program

Modified Business Assistance & Façade Improvement Program

Total Funding: $150,000

The goal of this program is to assist local businesses and commercial property owners with capital improvements that enhance the physical appearance of the business and the commercial district. This existing program has been modified to eliminate the requirement for providing matching funds.

The City will reimburse the total cost of improvements not to exceed $15,000 for exterior improvements and $5,000 for interior improvements. The total amount of the grant shall not exceed $15,000 for any property. The City will accept applications on a rolling basis until funding is exhausted. Funds are provided after the work has been completed.

  

For more information about the program, please visit www.collegeparkmd.gov/businesses#assistance.

EligibilityRequirements
  • An applicant must own or represent a business or be a commercial property owner.
  • A tenant must have at least two years remaining on the lease.
  • A property must be a legally existing commercial building within the City’s municipal boundaries.
  • A business must have no more than 10 outlets and not be part of a national chain*.

*Locally owned franchises are eligible to apply.

  • The business must be at least 50% locally-owned (in the Baltimore/Washington metro area).
  • Business tenants in multi-tenant buildings that do not have independent storefronts are not eligible to apply.

  • Submit a completed application form including a description of proposed improvements, preliminary cost estimates and a construction schedule.
  • Documentation of eligibility including:
  • Copy of lease for business operating in rented premises.
  • Current County Use and Occupancy Permit.
  • Written consent of property owner if applicant does not own property.

  1. Revitalization Tax Credit Program

REVITALIZATION TAX CREDIT PROGRAM

As part of the City of College Park’s effort to attract high-quality redevelopment, the Revitalization Tax Credit Program provides financial incentives by creating revitalization districts in the City and setting criteria for granting property tax credits against the municipal corporation property tax imposed on city real property.

Qualifying projects are eligible to receive a 5-year tax credit on city real property taxes based on the increased assessment attributed to the taxable improvements upon project completion as determined by the Supervisor of Assessments. The tax credit shall be in an amount equal to 75% of the increased assessment of city tax imposed in the first year; 60% in the second year; 45% in the third year; 30% in the fourth year; and 15% in the fifth year.

Contact the City's Economic Development Manager at 240-487-3506 or email: economicdevelopment@collegeparkmd.gov for guidelines and application for Tax Credit Program.


  1. HUB Zone

HUBZone Program

The HUBZone Program fuels small business growth in historically underutilized business zones with a goal of awarding at least three percent of federal contract dollars to HUBZone certified companies each year.  

HUBZone program qualifications 

To qualify for the HUBZone program, your business must:

  • Be a small business 
  • Be at least 51 percent owned and controlled by U.S. citizens, a Community Development Corporation, an agricultural cooperative, an Alaska Native corporation, a Native Hawaiian organization, or an Indian tribe
  • Have its principal office located in a HUBZone
  • Have at least 35 percent of its employees living in a HUBZone

 
Click on link to view the City of College Park HUBZone Boundaries 

To apply for the HUBZone Program, visit Applying for the HUBZone Program for instructions and online forms. 

  1. Opportunity Zone

Opportunity Zone Program

 The Opportunity Zone program is a nationwide initiative administered by the U.S. Treasury created under the 2017 Tax Cuts and Jobs Act. The program provides federal tax incentives for investment in distressed communities over the next 10 years. Areas designated as Opportunity Zones will be able to reap the benefits of new capital investment to help redevelop underserved communities. 

Developed by the Maryland Department of Housing and Community Development to facilitate Opportunity Zone investment, the Maryland Opportunity Zone Information Exchange is the first interactive resource of its kind in the nation, serving as a virtual meeting place for investors, fund managers, property developers, new or expanding businesses, and local stakeholders. The Information Exchange features a locator for projects and businesses located in Maryland’s Opportunity Zones and information on financial and other incentives available at the state, county and municipal level. 

Click on link to view the City of College Park Opportunity Zone Boundaries

To learn more about the Opportunity Zone Program: https://dhcd.maryland.gov/Pages/OZ/OpportunityZones.aspx

Opportunity Zone Fund Listing: https://dhcd.maryland.gov/Pages/OZ/FundsListing.aspx

  1. Rise Zone

Regional Institution Strategic Enterprise (RISE) Zone Program

 The Maryland General Assembly 2021 Session passed (Senate Bill 778/House Bill 1279 Regional Institution Strategic Enterprise Zone Alterations) -- Expanding the purposes of the Regional Institution Strategic Enterprise Zone Program; establishing the Regional Institution Strategic Enterprise Zone Fund in the Department of Commerce to finance certain rental assistance to business entities located in RISE zones; prohibiting the Secretary of Commerce from approving a RISE zone the geographic area of which exceeds 500 acres; altering eligibility for tax incentives that a business entity that locates in a RISE zone may receive and terminating program tax credits and benefits effective January 1, 2028.   Check the Maryland Department of Commerce for updates to the RISE Zone program.  RISE Zone Information https://commerce.maryland.gov/fund/programs-for-businesses/rise-zone-program

A RISE Zone is a geographic area that has nexus (a strong connection) with a qualified institution and is targeted for increased economic and community development.  Qualified institutions include institutions of higher education, regional higher education centers or non-profits affiliated with a federal agency.  The City of College Park RISE Zone is comprised of 109 acres and the designation ending August 27, 2027.

The RISE Zone program is administered by the Maryland Department of Commerce.  For questions regarding the RISE Zone program and/or application process please contact Abigail McKnight, abigail.mcknight@maryland.gov , Tax Specialist Maryland Department of Commerce, Office of Finance Programs (410) 767-7234.

Map of Maryland Rise Zones: https://commerce.maryland.gov/Documents/BusinessResource/RISE-regional-institution-strategic-enterprise-zone-map.pdf

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