TWO FREDERICK CITY/COUNTY TAX CREDIT PROGRAMS HONORED AT 2006 MARYLAND ECONOMIC DEVELOPMENT ASSOCIATION (MEDA) ANNUAL CONFERENCE

Frederick, Md. --- Two Frederick City/County Tax Credit Programs were honored during the 2006 Maryland Economic Development Association (MEDA) Annual Conference, held in Rocky Gap on June 4-6. The 2006 MEDA Economic Development Awards program recognized exemplary contributions that MEDA members make every day to improve the quality of life in Maryland. The Golden Mile Tax Credit Program and the Vacant Commercial Structures Tax Credit Program, an award winner in the Economic Development Redevelopment Project/Program of the Year, were a joint effort by the City of Frederick Department of Economic Development and the Frederick County Office of Economic Development.

The Golden Mile program was developed in 2003 to spur revitalization and reinvestment along the Golden Mile, or West Patrick Street. Existing structures that underwent renovation were exempted from the increase in property taxes resulting directly from the renovation, for a diminishing number of years. During the first year of the program, more than $20 million in private investment was realized along the Golden Mile, and every key vacancy was filled.

Because of the success of that first program, the Vacant Commercial Structure property tax credit program was established in 2004. This program extended the benefits of the Golden Mile program to vacant commercial structures around the City and County that had been vacant for more than 18 months. This was an effort to again encourage reinvestment in some of Frederick’s traditional retail, commercial and strip centers. Some of the businesses that have benefited are Boscov’s, Wolf’s Furniture, Home Depot and Ashley Furniture. Other vacant structures are being targeted by DED and OED and the benefits of both programs are being marketed to the property owners.

Richard Griffin, director of the City of Frederick’s department of economic development states, “We are really proud to have won this honor. It was a joint effort of the city and the county.”

We are pleased with the success of these two programs, and are grateful for the recognition from our peers at MEDA,” added Marie Keegin, executive director for the Frederick County office of economic development.

For more information on these and other programs, visit www.cityoffrederick.com/ded or www.discoverfrederickmd.com.