Those who are either considering building new Montgomery county real estate or purchasing an existing piece of Gaithersburg Maryland real estate, please continue reading this article, as it contains information on changes that may be occurring in the town. In the near future, the town of Gaithersburg will be meeting with its residents about a plan that if passed, would extend the tax breaks for businesses in the area known as Olde Towne. Currently this proposed expansion will be going to hearing on Tuesday for the area known as the Olde Towne Enterprise, which is 300 acres. Businesses that reside in this 300 acre parcel can possibly qualify for income tax credits and waivers from the county, and utility fees generally assesses before the project breaks ground.
As of now, if the city expanded this 300 acre parcel of Gaithersburg Maryland real estate, they would only be able to expand it a maximum of 50% of the original 300 acres. Another interesting fact about this proposal to expand the tax break area is that the enterprise zone can only be expanded in areas where over 80% of the families make less than 70% of the median income in the county. According to 2008 Census Bureau, the median income for Montgomery County residents was $93,895.
The Olde Towne zone has been in place since 2008 and as of now, two projects have been finished, including the four story Slice of Olde Towne Pizza building as well as the office building located at 13 Park Ave. Please check back later for more information on this expansion.
2nd Sep, 2010
