Towson University Area Earns RISE Zone Designation To Spur Economic Growth


On Monday, the University announced that the RISE campaign had collected $102,044,248.55. Pictured: Towson University's historic Stephens Hall. (Image Credit: Google/ Google Maps)

TOWSON - Towson University has been designated as a Regional Institution Strategic Enterprise (RISE) Zone by the Maryland Department of Commerce.

The new designation, spanning 419 acres from the northeast corner of the university's campus to a stretch of I-695 north of Kenilworth Avenue, aims to boost local economic growth and job creation by providing certain businesses with rental aid and enhanced tax credits.

"Maryland's higher education institutions are among the most powerful and innovative economic drivers we have," said Maryland Department of Commerce Secretary Kevin Anderson. "The RISE Zone designation will help Towson University leverage its people's immense creativity and talent into meaningful economic growth for Baltimore County and for Maryland."

Towson University is poised to consolidate and expand its entrepreneurial resources with the new RISE Zone. The university's "StarTUp at the Armory" business engagement center already falls within the designated zone.

Under the RISE Zone program, eligible businesses within the zone can apply for rental assistance from Baltimore County. Additionally, investors in these businesses may qualify for enhanced tax credits under the Biotechnology Investment Incentive Tax Credit Program and the Innovation Investment Incentive Tax Credit Program, both offered by the Maryland Department of Commerce. Restaurants and retail stores are not eligible for these benefits.

Baltimore County Executive Johnny Olszewski praised the move, expressing his hopes that it will enhance Towson's appeal as a destination location.

"Towson University's RISE Zone designation strengthens its ability to attract new, diverse, and forward-thinking businesses to the area, creating new and innovative jobs for residents and furthering Towson's status as a vibrant destination location," Baltimore County Executive Johnny Olszewski said. "We value the economic, educational, and cultural impact TU has in Baltimore County and beyond and look forward to continued growth and innovation at this world-class institution."

The RISE Zone program designation lasts for five years, with the possibility of a five-year renewal. For more information about the program, visit the Maryland Department of Commerce's website.

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