Md. Code Regs. 24.05.21.08

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.21.08 - Application Requirements for Designation of a RISE Zone

The RISE Zone application shall include the following:

A. A detailed description of the boundaries of the proposed RISE Zone, including:

(1) Both a hard copy and digital map of the proposed RISE Zone;

(2) The acreage of the proposed RISE Zone;

(3) A map showing any overlap of the proposed RISE Zone with an existing enterprise zone or focus area; and

(4) A statement from the planning departments of each political subdivision joining in the application that the boundaries of the proposed RISE Zone do not overlap a development district established under Economic Development Article, Title 12, Subtitle 2, Annotated Code of Maryland, or a special taxing district established under Local Government, Article, Title 21, Annotated Code of Maryland or The Charter of Baltimore City, § 62A.

B. A description of the nexus of the proposed RISE Zone with the qualified institution. If the proposed RISE Zone is not in immediate proximity to the qualified institution, an explanation of the connection between the qualified institution, its proposed activities, and the proposed RISE Zone.

C. If the proposed RISE Zone is in a rural area of the State, a description of the nexus between the qualified institution, its proposed activities, and the area of the proposed RISE Zone.

D. Evidence and certification that each political subdivision, before submission of the application, held a public hearing on the application with adequate notice.

E. Copies of resolutions from the political subdivisions approving the real property tax credit and specifying the credit percentage each year for the 5-year period.

F. A plan that contains a target strategy and anticipated economic impacts of the RISE Zone, which plan shall include:

(1) A description of existing demographic and socioeconomic character of the proposed RISE Zone;

(2) A description of how the area is of strategic importance to the economic development interests of the applicants, including a list of other revitalization programs applicable to the area, such as enterprise zones, sustainable communities, Priority Funding Areas (PFA), and Maryland Department of Transportation designated Transit Oriented Development (TOD) areas;

(3) A statement of the goals and objectives of the proposed RISE Zone;

(4) A description of proposed projects to be developed in the proposed RISE Zone;

(5) A timeline of development and activity in the proposed RISE Zone;

(6) The expected economic impact of the designation on the area, including anticipated capital investment resulting from the designation, projected number, type, and salary ranges of jobs to be created, and projected number of new establishments to locate in the proposed RISE Zone;

(7) The industry sectors that will be certified for RISE Zone incentives;

(8) The requirements for existing businesses that are located in a RISE Zone prior to the RISE Zone designation to be certified for RISE Zone incentives, including a discussion of the significance of these requirements to the area, which requirements must include:

(a) Minimum capital investment; or

(b) Minimum increase in labor force;

(9) A description of workforce training programs that may be available in the proposed RISE Zone area;

(10) The point of contact for the RISE Zone and entity responsible for certifying to the Department if the business is eligible for RISE Zone incentives and for submitting an annual report to the Department; and

(11) A description of the local process for certifying businesses as eligible for the RISE Zone incentives.

G. Any other information the Secretary requires.

Md. Code Regs. 24.05.21.08

Regulation .08 adopted effective 42:6 Md. R. 514, eff.3/30/2015