City of Salisbury and Salisbury University Partner to Create Tax - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

City of Salisbury and Salisbury University Partner to Create Tax Credit Zone

Posted: Apr 03, 2018 12:21 PM Updated:
People walking in Downtown Salisbury. (Photo: WBOC) People walking in Downtown Salisbury. (Photo: WBOC)

SALISBURY, Md.- The City of Salisbury and Salisbury University are in the process of applying to establish a new tax credit zone by the university, which officials say would help boost business and spur economic development.

It's all part of the RISE Zone Program through the Maryland Department of Commerce.

The program creates partnerships between qualified higher learning institutions and local governments with the aim of using financial incentives to push economic development.

"When you move in a college town, you have a consumer base. This is a city of roughly 30,000 people, but we're a college town of just under 9,000 students," said Salisbury University Director of Government and Community Relations Eli Modlin.

The tax credit zone would stretch from Salisbury University to Downtown Salisbury.

Financial incentives for people looking to open shop or property developers would include things like real property tax credits and income tax credits.

"As a development company, we're interested in anything that's going to bring new jobs to the community. People coming in and buying homes instead of renting homes," said Bill Martin with ERA Martin Associates.

Salisbury University received the qualifying institution designation for the RISE Zone Program last year.

Now, the city has to apply for the zone.

The council discussed a resolution to do just that at a work session on Monday night, which means that resolution can now move to the legislative session.

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