The Regional Institution Strategic Enterprise (RISE) Zone for College Park has been approved by Maryland Secretary of Commerce Mike Gill. The City-University Partnership, with its partners the City of College Park and the University of Maryland, as well as Prince George’s County and the Town of Riverdale Park, helped lead this effort to attract businesses and jobs – particularly in the science and technology sectors. The RISE Zone offers tax incentives for such businesses to locate within the Zone, which includes M Square Research Park, the Innovation District, and part of the Baltimore Avenue corridor.
ABOUT THE GREATER COLLEGE PARK RISE ZONE
The Greater College Park RISE Zone is comprised of approximately 470 acres and includes 3 major areas: UMD’s Innovation District, M Square Research Park, and property fronting Baltimore Avenue from Fordham Lane to MD-193. DOWNLOAD MAP.
Businesses locating into these areas of College Park and Riverdale Park, or an existing business doing a significant expansion within the Zone may qualify for real property tax and income tax credits related to capital investment and job creation. The Greater College Park RISE Zone will work in conjunction with existing state, federal, and local economic incentive and development programs.
–Businesses locating anywhere in the Zone, with the exception of retail, grocery and motel and hotel uses, will be eligible for certification and for the minimum real property tax credit (50% for year one, and 10% for years two through five).
–Businesses in key target industries, including engineering, data analytics, earth sciences, virtual reality, cybersecurity, quantum computing, additive manufacturing, ecommerce, robotics, aerospace, biotechnology, and similar industries will be eligible a County-approved 75% real property tax credit for five years.
-Businesses in these key target industries AND located in the M Square Research Park and Innovation District will be eligible for a City of College Park and Town of Riverdale Park approved 75% real property tax credit for five years.
–Existing businesses located in the RISE Zone prior to its designation may be eligible for certification if the business commits to a new investment, expansion or job creation program that warrants corresponding commitment by the County or municipalities. At a minimum, the capital investment must be $5M and create 50 new jobs.
David S. Iannucci, Assistance Deputy CAO for Economic Development and Public Infrastructure
Prince George’s County
14741 Governor Oden Bowie Drive
Upper Marlboro, MD 20772