The research and technology park at University of Maryland, Baltimore County has been awarded a five-year enterprise zone designation by the state Department of Commerce.
The Regional Institution Strategic Enterprise Zone, or RISE Zone, at bwtech@UMBC will help the research park support established companies, offer incubator and accelerator services to emerging companies and help university researchers commercialize their work. Businesses that move to a RISE Zone and existing businesses that expand could qualify for property and income tax credits tied to investments and job creation.
UMBC plans to build 100,000 square feet of space to lease to technology related businesses, creating about 250 high-tech and cybersecurity jobs. The new development, an investment of up to $20 million, will take two to five years to complete.
"This new enterprise zone will help further UMBC's goal of spurring research, supporting entrepreneurs and start-ups, and helping to grow our region's high-tech companies," Gov. Larry Hogan said in an announcement Monday.
bwtech@UMBC has become the university's primary means of encouraging business development and commercializing university technology as the university has grown into a major research university, Freeman Hrabowski, president of UMBC, said in the announcement.
The UMBC Rise Zone covers 71 acres and includes the two parcels that make up the research park.
bwtech@UMBC leases 525,000 square feet to 125 businesses, mostly in the technology sector, that employ about 1,450 people.