Mon February 13, 2012
Enterprise Zone Businesses Adds to the Local Economy
Wicomico County has become a big hit for businesses settling in the local enterprise zones.
The program rewards employers with property tax breaks in exchange for investment and job growth.
Program manager Mark Vulcan told the Salisbury Daily Times that the city has seen $25.3 million in new investment with 704 additional jobs.
The 3,861 acre Salisbury enterprise zone is scattered throughout north and south Salisbury, encompassing Peninsula Regional Medical Center, the Northwood Industrial Park, and large chunk of the Route 13 business corridor.
He also said Fruitland has seen $800,000 in investment adding six new jobs.
Businesses can apply to either the Fruitland or Salisbury city council for the tax benefit, provided that they invest a minimum of $50,000 in capital investments or add a minimum of two new jobs.
The benefits last for 10 years, with the city being reimbursed by the state for half of the amount granted to each business.