Maryland is offering incentives to companies that revitalize vacant commercial spaces through Project Restore, a new program Gov. Larry Hogan announced Monday.
The $25 million program targets commercial spaces that have been vacant for at least six months. Companies that move in to such spaces will be eligible to get up to $2,500 in rental grants and up to $250,000 for year in refunds on the sales taxes they pay.
Project Restore will offer the incentives for two years in certain areas with economic challenges, including Baltimore City and Baltimore County, Prince George’s County, several Eastern Shore and Western Maryland counties, as well as in the state’s 149 designated Opportunity Zones.
The incentives will be offered for one year in the rest of the state.
Hogan, a Republican, announced Project Restore while visiting the town of Berlin during a multi-day tour of the Eastern Shore. He called Project Restore “a transformative new initiative to help us jump-start the next phase of our recovery from COVID-19.”
“We are committed to coming back stronger and better than ever,” he added.