New Annapolis Businesses Offered Perks To Open, Create Jobs

ANNAPOLIS, MD — State, county and city officials offered incentives to new businesses in downtown Annapolis. Leaders hope these perks will help create jobs and fill empty storefronts.

Patch partners with several local organizations to bring you their latest news. This guest contribution comes from the Annapolis Arts District. Here's what Executive Director Erik Evans wrote about the efforts:

"This week[,] Governor Hogan announced new incentives to encourage businesses to open or expand in Maryland. The program is a $25 million fund called Project Restore that will provide financial incentives for businesses that fill vacant retail and commercial space. The goal is to reduce the amount of vacant commercial space and to create jobs.

This new program will be administered by the Maryland Department of Housing and Community Development (DHCD). It will offer rental grants and sales tax relief rebates to help offset startup costs and incentivize commercial investment in vacant spaces. Businesses that begin new or expanded operations in spaces that have not been generating sales tax receipts for the past six months or more will be eligible for the program. Applicants must also have a lease of one year or more.

Businesses will be eligible for sales tax relief rebates equal to the business’ sales tax receipts for the 12 month period, with a maximum of $250,000 per year. Eligibility will be based on the same tiering criteria as the More Jobs for Marylanders program.

Additionally, small business applicants with under 50 employees will be eligible for rental subsidies of $2,500 per month for 12 months—up to $30,000—to help offset start-up costs during the first year.

"This makes areas like the Annapolis Arts District even more attractive for artists to consider opening a gallery, studio or arts education center," says Erik Evans Executive Director of the Annapolis Arts District.

Artists that create and sell within the official boundaries of state arts districts are exempt from Maryland state income taxes. Businesses in the Annapolis Arts District can also apply for zero interest façade improvement loans that can help with signage, awnings, painting and other exterior repairs, workforce training grants and more through the Anne Arundel Economic Development Corp.

Locating in the Annapolis Arts District also gives the arts community a chance to connect with the public through events that take place through the inner West Street corridor including several parades, First Sunday Arts Festivals, summer concert series at MC3 Stage One, Dinner Under the Stars and more.

When you start combining all of these programs plus others that may be available through the Small Business Administration, Anne Arundel Economic Development Corporation and others this is one of the best times to get incentives to launch a new business.

"When preparing to launch a new business don't do it alone. Get in touch with the City economic development office and a commercial real estate broker early in the process. They can make a difference in making sure you understand all the requirements, incentives and the permitting process required for your new business," [says] Erik Evans. "These professionals have experience in the process of opening or expanding a new business and can guide you to some of the different government programs that can assist you in launching a new business."

To see space that is currently available for rent or purchase in the Annapolis Arts District[,] visit Space Opportunities — Annapolis Arts District

To see space currently available for rent or purchase in Downtown Annapolis[,] visit Space Opportunities | downtown Annapolis Maryland (downtownannapolispartnership.org)

Erik Evans
Executive Director

Annapolis Arts District
Downtown Annapolis Partnership
Inner West Street Association"

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