Business News From The City of Frederick, Maryland
August 2018
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Hello
It is no secret that Frederick is a highly competitive and exciting community for business development as evidenced by stable growth in tech, service, health, manufacturing and retail industries over the past several decades. Attracting private capital in today’s highly competitive environment is no small task and businesses are shifting to locations where creative, educated and skilled workers wants to live and work. Thus, Frederick has invested heavily in attractive placemaking in Downtown Frederick and across the City through parks, trails, and public art, coupled with infrastructure such as roads, water and sewer capacity upgrades, municipal airport expansion, and flexible zoning for business, housing, and mixed-use development. Recently I joined with two other planner economic developers to
write an article in the International Economic Development Council (IEDC) Economic Development Journal about how planning and economic development are teaming up to deliver jobs and livable communities. Frederick is a great example.
Frederick’s unique market cache has been carefully groomed over the years, and today the City offers a triple play of business location options including (1) renovation and adaptive reuse of existing buildings, (2) infill development on left over parcels, and (3) new state of the art business parks, retail shopping centers, and mixed-use neighborhoods. In some cases attracting private investment is difficult due to cost, regulations and codes, aging infrastructure, and so the city, county, state, and federal government provide incentives to help level the playing field and induce investment which “but for” the incentive would likely not occur. Take a look at our news below about various incentives, from Enterprise and Opportunity Zones to Property Tax Credits for historic renovation.
Best,
Best regards,
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Richard G. Griffin, AICP, CEcD
Director, Economic Development
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Looking for
additional resources to start or expand your business in the City of Frederick?
Explore the Department of Economic Development's recently updated website for local, state, and federal programs intended to encourage and strategic assist your business' growth.
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This summer, the
Maryland Department of Commerce announce the designation of the City of Frederick's first
Enterprise Zone. New and existing businesses within a 530-acre area along Route 40 now potentially qualify for substantial new real property and state income tax credits.
Here we breakdown the who/what/when/where/and how of the incentive program so that your business can take advantage of the benefits.
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The
Opportunity Zone program is a nationwide initiative administered by the U.S. Treasury and created under the 2017 Tax Cuts and Jobs Act. The newly-established program will allow investors to receive federal tax incentives by investing their capital gains into select communities (Opportunity Zones) via special investment vehicles called Opportunity Funds.
The areas of the City of Frederick eligible for the new investor tax incentives
are here.
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On July 26, the 2018 Frederick County
Best Places to Work event celebrated the positive impact local businesses make in the lives of their employees. As part of the competitive award program, nominations were scored based on the employers' work-life balance, median salary, turnover rate, benefits, diversity, and professional growth opportunities.
This year, two City businesses - Immersion Active and FoodPRO - received top honors in their respective categories.
Learn more about the winners.
*Photo courtesy of Frederick Magazine
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As the Selection Committee read through the nominations for the 2018
Frederick County Best Places to Work
Awards - a theme emerged regarding local businesses' commitment to family. Whether by allowing flexible scheduling options, providing support in times of need, or offering kid-friendly company outings, - time and again - Frederick businesses were commended for recognizing "Family matters."
Watch the video which reflects upon this year's theme and showcases five local companies that stood out in particular.
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On July 19, 2018, the Mayor and Board of Aldermen amended the
signage regulations within the City of Frederick's Land Management Code. The bulk of these revisions were drafted in response to a recent Supreme Court decision which prohibits governments from creating regulation based upon the content of signs.
During the review of the regulations, an opportunity was taken by the City to also add a new provision to enable property owners to enhance vacant storefront windows.
Read on for a full summary of these new guidelines.
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More than $4-million in
federal funding has been awarded to Frederick Municipal Airport's (FDK) runway extension project. FDK's runway is planned to be extended by 600' to 5820'.
This extension will increase the safety margins for all aircraft and allow the larger corporate jets that operate out of Frederick to take on a greater fuel and passenger load -- making FDK a more capable & attractive airport overall and further solidifying its role as a regional economic driver.
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This month, our Partner Spotlight highlights the Department of Housing and Community Development (
DHCD) and how they assist communities and businesses throughout Maryland.
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Did you know? If you have good news to share about your Frederick business, we can help share that news locally and regionally.
Find out how!
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If you have a business that has opened, relocated or expanded in the last 3 months,
please tell us!
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Available Commercial Space
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Flex/IBiotech/Manufacturing Office Space -550 Highland Street
Great opportunity for Biotech/Manufacturing/Office/Flex opportunities; from 2,000 to 100,000 SF available. Class A office; on-site management; easy access to I-70, I-270, Downtown Frederick. Less than 1 mile from FDK airport; abundant parking; additional acreage for expansion.
This property falls within the newly established "
Opportunity Zone" and presents an opportunity for potential, eligible investors to capitalize on the new federal tax incentives offered by the program.
For
more information about this space, contact Seamus Fitzgerald with Fitzgerald Realty Group at 301-787-4050.
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City of Frederick | Economic Development | 301-600-6360 | www.businessinfrederick.com
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