Enterprise Zone To Be Set Up Along Golden Mile

It will provide tax credits for businesses which invest and create jobs in that area..


Frederick, Md (KM). The Golden Mile will become an enterprise zone. The Maryland Department of Commerce recently approved the City of Frederick’s application to so designate the area along West Patrick Street from Route 15 to Old Camp Road.

“It certainly shows that the state has full faith and confidence that this area has the potential to yield a lot of new investment and jobs for the both the community and the state,” says Richard Griffin, Frederick City’s  Director of Economic Development.

As an enterprise zone, Griffin says existing businesses or those that want to set up shop along the Golden Mile are eligible for income and real property tax credits for hiring new employees,  and making investments along that corridor. “Statewide, the enterprise zone program has helped attract millions of dollars in investment. And we hope that the incentives that are part of this program will help developers, businesses and investors want to invest in the Golden Mile,” says Griffin.

In end, he says, the goal is to create more jobs.

The enterprise zone covers about 530-acres along Route 40, which is home to 350 businesses.

The Golden Mile has suffered some setbacks in recent years, including the closures of the Furniture and Rug Gallery, and Toys-R-Us, which shut its doors for good on Friday, June 29th. The biggest concern has been the vacant Frederick Town Mall. But Griffin says the area has potential. “The Golden Mile still has incredibly positive retail demographics, both in terms of vehicle traffic that comes up and down the Golden Mile, and also the neighborhoods around it; obviously, lots of disposable income for folks to shop and buy,” he says.

The City of Brunswick’s application for an enterprise zone designation was approved in 2016. As of December, 2017, there are currently 36 enterprise zones in Maryland.

In addition to Frederick’s designation, the Maryland Department of Commerce also announced it has re-designated and expanded the enterprise zone in the Olde Towne area of Gaithersburg to include the Lakeforest Mall property.


By Kevin McManus