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Statutes Text

Article - Economic Development




§5–1404.

    (a)    On or after July 1, 2015, a qualified institution shall apply jointly with a county, a municipal corporation, or the economic development agency of a county or municipal corporation to the Secretary to designate an area as a Regional Institution Strategic Enterprise zone.

    (b)    The application shall:

        (1)    be in the form and contain the information that the Secretary requires by regulation;

        (2)    state the boundaries of the area of the proposed RISE zone;

        (3)    describe the nexus of the RISE zone with the qualified institution; and

        (4)    contain a plan that identifies the target strategy and anticipated economic impacts of the RISE zone.

    (c)    The Secretary may establish, by regulation, any other requirements necessary and appropriate for an area to be designated as a RISE zone.

    (d)    (1)    Unless a county in which a municipal corporation is located agrees to designation of a RISE zone in the municipal corporation, qualified property in the municipal corporation may not receive a tax credit against county property tax.

        (2)    Unless a municipal corporation located within a county agrees to designation of a RISE zone within its boundaries, qualified property in the county may not receive a tax credit against the municipal property tax.

    (e)    (1)    Within 120 days after submission of an application under this section, the Secretary shall:

            (i)    approve or reject an application for designation of a RISE zone, including approval or modification of the proposed boundaries of the RISE zone; and

            (ii)    define the boundaries of the approved RISE zone.

        (2)    At least 45 days before approval or rejection of an application under this section, the Secretary shall notify the Legislative Policy Committee.

        (3)    The Legislative Policy Committee may provide advice to the Secretary regarding:

            (i)    the approval or rejection of the RISE zone; or

            (ii)    the boundaries of the RISE zone proposed by the Secretary.

    (f)    (1)    (i)    Subject to subparagraph (ii) of this paragraph, the designation of an area as a RISE zone is effective for 5 years.

            (ii)    Upon a joint application of a qualified institution, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation, the Secretary may renew a RISE zone for an additional 5 years.

        (2)    The Secretary may not approve more than three RISE zones in a single county or municipal corporation.

    (g)    (1)    A RISE zone may not be required to be in the immediate geographic proximity of a qualified institution if an appropriate nexus for the increased economic and community development is established with the qualified organization.

        (2)    If the proposed RISE zone is in a rural part of the State, a qualified institution may not be required to be in the immediate area of the RISE zone.

    (h)    The Secretary may not designate a RISE zone in:

        (1)    a development district established under Title 12, Subtitle 2 of this article; or

        (2)    a special taxing district established under Title 21 of the Local Government Article or Section 62A of the Baltimore City Charter.

    (i)    The designation of an area as a RISE zone may not be construed to limit or supersede a provision of a comprehensive plan, zoning ordinance, or other land use policy adopted by a county, municipal corporation, or bicounty agency with land use authority over the area designated as a RISE zone.