Cambridge Looks to Incentivize Vacant Property Development - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Cambridge Looks to Incentivize Vacant Property Development

Posted: Updated:
The inside of Factory F at the old Phillips Packing Plant (Photo:WBOC) The inside of Factory F at the old Phillips Packing Plant (Photo:WBOC)

CAMBRIDGE, Md.- Cambridge has a problem with vacant industrial buildings.  It's a common problem nationwide, after factories were consolidated decades ago.  But now, cities like Cambridge want to put those empty buildings back into use.

"A lot of the businesses that inhabited these larger buildings have left, and that happened generations ago.  What we have now is a dearth of industrial buildings and we need to start attracting people to those buildings," said Brandon Hesson with Cambridge's Economic Development Department.

The Cambridge Economic Development Steering Committee developed the idea of a tax abatement spanning several years to incentivize the large investments needed in these properties.

"If this building cost $100,000 now, and when they are done fixing it up and turning it into a thriving job creating business, let's say it's $500,000 dollars after that, we're going to offer a tax abatement on the $400,000 difference over eight to 10 years," said Hesson.

As proposed, the first three years would have a 100 percent tax abatement, 80 percent in year four, 60 in year five, 40 in year six, 20 in year seven, and then all taxes due in the eighth year.  But Hesson says that's not the end of the line.

"Our economic development strategic plan, there is a phase two to that that involves the county.  We have to work out some of the details on this, but phase two and phase three are going to deal specifically with vacant buildings in the county."

Cambridge itself is already an enterprise zone, offering tax incentives to people starting new businesses.  The hope is that these incentives can stack on top of that, attracting exciting new opportunities to the old factories.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Dead Shark Washes up on OC Beach

    Dead Shark Washes up on OC Beach

    07/25/2017 07:38:00 -04:002017-07-25 11:38:00 GMT
    Tuesday, July 25 2017 7:39 AM EDT2017-07-25 11:39:19 GMT
    This shark washed ashore in Ocean City on Monday. (Photo credit: Lloyd Fox/Baltimore Sun)This shark washed ashore in Ocean City on Monday. (Photo credit: Lloyd Fox/Baltimore Sun)
    Some beach goers in Ocean City got quite a surprise Monday when a large shark washed ashore.More
    Some beach goers in Ocean City, Maryland got quite a surprise Monday when a large shark washed ashore.More
  • Assateague Horse Died After Eating Dog Food

    Assateague Horse Died After Eating Dog Food

    07/24/2017 15:45:00 -04:002017-07-24 19:45:00 GMT
    Monday, July 24 2017 3:57 PM EDT2017-07-24 19:57:23 GMT
    A photo of the mare that died after eating dog food at Assateague Island National Seashore. (Photo credit: L. Davis/Assateague Island National Seashore)A photo of the mare that died after eating dog food at Assateague Island National Seashore. (Photo credit: L. Davis/Assateague Island National Seashore)
    Officials say a wild horse was found dead after eating a large amount of dog food at Assateague Island National Seashore.More
    Officials say a wild horse was found dead after eating a large amount of dog food at Assateague Island National Seashore.More
  • Salisbury Man Sentenced to 25 Years After Third Felony Drug Conviction

    Salisbury Man Sentenced to 25 Years After Third Felony Drug Conviction

    Thursday, July 23 2015 12:15 PM EDT2015-07-23 16:15:04 GMT
    Thursday, July 23 2015 12:48 PM EDT2015-07-23 16:48:44 GMT
    A Salisbury man convicted last month of cocaine possession and “maintaining a common nuisance” has been sentenced to 25 years without parole, the Wicomico County State's Attorney's Office announced Thursday.More
    A Salisbury man convicted last month of cocaine possession and “maintaining a common nuisance” has been sentenced to 25 years without parole, the Wicomico County State's Attorney's Office announced Thursday.More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices