Towson University, located in Baltimore County, Maryland, has been granted the designation of a Regional Institution Strategic Enterprise Zone (RISE Zone) by the Maryland Department of Commerce. This designation is expected to contribute to the economic growth and business development of the region.
Melanie Perreault, the interim president of Towson University, expressed gratitude for the collaboration between Maryland Commerce, Baltimore County, and the university in supporting the community and its commerce. She highlighted the university’s role as an anchor institution with a far-reaching impact beyond its campus.
The RISE Zone program aims to harness the economic development potential of Maryland’s higher education institutions. By granting certain businesses within the designated zones rental assistance and enhanced investment incentive tax credits, the program seeks to stimulate economic growth and job creation.
With the RISE Zone designation, Towson University will have the opportunity to expand and consolidate its entrepreneurship resources. This includes the StarTUp at the Armory business engagement center, which is already situated within the designated zone. Additionally, the designation will establish Towson University as a hub for emerging businesses and drive economic development in the Greater Towson community.
Maryland Department of Commerce Secretary Kevin Anderson recognized the influential role that higher education institutions play in Maryland’s economic landscape. He acknowledged the immense creativity and talent within Towson University and expressed confidence that the RISE Zone designation will translate these qualities into substantial economic growth for Baltimore County and Maryland as a whole.
The RISE Zone spans across 419 acres, extending from the northeast corner of Towson University’s campus to a section of I-695 north of Kenilworth Avenue. This encompasses the core of downtown Towson. The RISE Zone designation has an initial duration of five years, with the possibility of renewal for an additional five years.
Baltimore County Executive Johnny Olszewski praised the RISE Zone designation for Towson University, emphasizing the institution’s ability to attract new and innovative businesses to the area. He highlighted the creation of job opportunities for residents and the overall positive impact on Towson as a vibrant destination.
With this strategic designation, Towson University is poised to continue its significant contributions to Baltimore County, both economically and culturally. The university’s commitment to fostering growth and innovation aligns with its reputation as a world-class institution.
In conclusion, Towson University’s designation as a RISE Zone represents a significant milestone in its ongoing mission to drive economic growth and business development. By leveraging its resources and strengthening its position as an anchor institution, Towson University is set to make substantial contributions not only to the surrounding area but also to the state of Maryland as a whole.
