Enterprise Zone Tax Credits



EXECUTIVE OVERVIEW

1220 Curtain Avenue

Baltimore, Maryland 21218

This high-profile property is ideally situated near the center of Baltimore City. It’s close to downtown and a vibrant local shopping district. It contains approximately 101,600 square feet of usable space. It’s four stories high with 14ft ceilings on the main floors, tall light drenching windows and is soundly built with reinforced concrete on all levels. The highest and best uses for this property may be a mixture of commercial warehousing, records storage and residential/commercial Pod mini storage — with different functions assigned to each floor.

Parking is available on-site with ample street parking nearby. There is a drive-in ramp on the lower level that may provide some in-door parking. A significant amount of plumbing, heating and electrical upgrades have been made in the past two years. The fire sprinkler & monitoring systems have been updated and wiring is in place for a future security system. All asbestos related items and flooring have been removed.

Permitted Uses for this Zoning Code (1-MU) include: For a complete “Table of Zoning Uses refer to planning.programs/transform-baltimore. The table of uses for the I-MU zone are on page 446-450 This property is also located in a Maryland Enterprise Zone.

Enterprise Zone Tax Credits

Opportunity Zone Qualified property

Real property tax credits: Ten-year credit against local real property taxes on a portion of real property improvements. Credit is 80 percent the first five years, and decreases 10 percent annually thereafter to 30 percent in the tenth and last year.

Income tax credits: One- or three-year credit for creating new jobs. The general credit is a one-time $1,000 credit per new employee. For economically disadvantaged employees, the credit increases to a total of $6,000 per employee distributed over three years.

Focus Area Tax Credits: Businesses locating in a focus area within the Baltimore City Enterprise Zones may be eligible for the following tax credits:

Real Property Tax Credits: Ten-year, 80 percent credit against local real property taxes on a portion of real property improvements (credit does not decline in a focus area as it does with the standard benefit.)

Personal Property Tax Credits: Ten-year, 80 percent credit against local personal property taxes on new investment in personal property within a focus area.

Income Tax Credits: One- or three-year credit for creating new jobs. The general credit is a one-time $1,500 credit per new employee. For economically disadvantaged employees, the credit increases to a total of $9,000 per employee distributed over three years.

SUMMARY

This property is priced to sell and has the potential for multiple uses. With the many exciting changes taking place in the city of Baltimore, affordable buildings of this size and condition may be difficult to acquire in the future. This is your opportunity to take advantage of the tax incentives and watch your investment grow.

Note: 1) All information deemed reliable but not guaranteed.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download