Governor Martin O'Malley announced yesterday the recipients of the latest round of Sustainable Communities Tax Credits, which will help create 500 construction jobs in projects designed to revitalize communities and promote green building practice.
Five projects that scored highest in the application process received a total of $6,992,341 in tax credits to leverage construction projects with a total cost of $31,836,476 (In all, 12 applicants had sought a total of $21,961,619 in tax credits for construction projects having a total estimated cost of $116,624,795).
The Sustainable Communities Tax Credit and its predecessor, the Heritage Structure Rehabilitation Tax Credit, have invested more than $84 million in Maryland revitalization projects during the O'Malley-Brown Administration, helping to create 6,300 construction jobs. Check out quotes from government officials concerning the matter at hand:
- "The Sustainable Communities tax credit program helps fuel community revitalization and job creation in Maryland," said Governor O'Malley.
- "These projects are smart growth. They breathe new life into empty or under-used existing buildings and they are catalysts in revitalizing our communities and strengthen the economy throughout our State," said Richard E. Hall, Secretary of the Maryland Department of Planning.
- "The Sustainable Communities tax credit will provide support to deserving projects in communities that have shown a commitment to sustainable downtown revitalization," said Raymond A. Skinner, Secretary of the Maryland Department of Housing and Community Development.
The five applications selected for the 2013 tax credit were based on an established set of criteria, including those outlined by the U.S. Secretary of the Interior for historic rehabilitation standards. The five selectees are:
- Centre Theatre, East North Avenue, Baltimore City ($3,000,000 in tax credits awarded): Conversion of vacant commercial building to multi-user art center and restaurants.
- Baltimore Traction Co. Car Barn and Power House, E. Pratt Street, Baltimore City ($2,820,722 in tax credits awarded):Conversion of former cable car powerhouse to office space for technology incubator hub.
- Eastern Shore Conservation Center, S. Washington Street, Easton, Talbot County ($875,000 in tax credits awarded): Conversion of former industrial laundry to conservation-oriented office spaces.
- Warfield "G" Cottage, Warfield Avenue, Sykesville, Carroll County ($246,619 in tax credits awarded): Conversion of former institutional dormitory to office space.
- Bakery Lofts, Lafayette Avenue, Annapolis, Anne Arundel County ($50,000 in tax credits awarded): Conversion of former bakery to commercial office and apartment units.