Anne Arundel County issued the following announcement on Nov. 1.
County Executive Steve Schuh today announced a new initiative designed to target and promote restoration, revitalization and re-development within existing developed neighborhoods in the County.
“Encouraging re-development in existing areas – especially older or challenged communities – is a win-win across the entire planning, zoning, land use and economic development spectrum,” said Schuh. “The focus is intended to promote economic development and community re-investment while preserving existing resource areas by directing development into revitalization areas and away from green field areas.
Lynn Miller will lead this joint initiative of the Anne Arundel Economic Development Corporation and the Office of Planning & Zoning. A twenty-year veteran of the Office of Planning & Zoning, Ms. Miller has served as the Assistant Planning & Zoning Officer for the past three years and has an extensive background in this type of work.
“We are delighted to partner with OPZ on this important venture and are pleased to have someone of Lynn Miller’s stature and experience to lead this program,” says Julie Mussog, AAEDC.
The Anne Arundel County Economic Development Corporation has helped underwrite nearly $170,000 in business loans since 2016. Three businesses in Glen Burnie, one in Annapolis, and another in Severna Park have benefited from Arundel Community Reinvestment (ACR) Fund loans. The program is designed to spur economic activity, investment and improvement in Anne Arundel County’s nine Commercial Revitalization Districts, the area at inner West Street in Annapolis from Church Circle to Chinquapin Round Road and the county’s one state-designated Enterprise Zone is Brooklyn Park.
Anne Arundel County also saw seven business receive more than $50,000 in Anne Arundel County’s Community Revitalization tax credits. The program provides 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.
The ACR 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.
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