Wednesday, September 16, 2015

This Week on Carroll Creek - September 14, 2015


Work and improvements continue on both ends of Carroll Creek Park, with the Grand Opening of the East West Fountain (Spring House) across from LaPaz scheduled for 4:30 p.m. on Thursday, September 17, 2015. Join City officials at the Creek's edge and see a collage of construction progress photos. 

Attendees will receive a free entry ticket to the Random Act of Country on the Creek special event featuring Brothers Osborne with Wesley Spangler as the opening act. The concert kicks off at 5 p.m. at the Carroll Creek Amphitheater. 



On the east end of the park, work continues on the Mill Pond Fountain. As seen in the photo below, water fills the new shape and boundaries of this water feature. The fountain is actually three-in-one, and it has special lighting effects that will enhance its presence along the Creek. The Mill Pond Fountain will use water from Carroll Creek and not from the public utility lines. 




Made in Frederick: Monocacy Brewing Company Offers Creative Takes on Craft Beer


The Monocacy Brewing Company opened in 2012 as an expansion to Brewer's Alley in Downtown Frederick, and has been brewing a variety of local craft beers for three years in its current location. The company was created when Brewer's Alley reached capacity and needed to brew more beer.

Jim Bauckman, the sales marketing director for Monocacy Brewing Company, said that the goal of the company is to create a great local beer made for a diverse group of people.
           
“We strive to represent really creative takes on the growing varieties of craft beer,” said Bauckman.

The brewery is located just outside of Downtown Frederick, and customers can buy and sample beer in their tasting room and tour the facility. Thanks to a recent change in the laws, customers can also buy beer by the pint on site.

Bauckman says that Monocacy's beer is made from locally grown and malted grain. “We are uncompromising when it comes to the quality of our products, from the tap to your refrigerator,” he added.
           

According to Bauckman, Frederick is a great location for Monocacy because of how many people in the surrounding area know about the city.
           
“Everyone knows where Frederick is and the city is becoming a great attraction,” said Bauckman. “Frederick has a lot to offer any business.”      

Monocacy Brewing plans to expand its market base while still having a positive impact on the local community.  Bauckman said that Monocacy has hosted events for Frederick nonprofit organizations.         

“We do our best to give back to the community,” said Bauckman. 

If You Go
Monocacy Brewing Company's tasting room is open to the public for sampling, full pours of draft beer, and growler fills. Tours are offered on weekends as well. For more information and hours, visit Monocacy Brewing Company's website


Jim Bauckman, Sales & Marketing Director, and Tom Flores, Brewmaster. 


This post was written by Hood College intern, Nick Masucci. 

Tuesday, September 15, 2015

5 Benefits of Frederick's New Manufacturing Tax Credit

A Program Overview

The Mayor and Board of Aldermen established a new tax credit program targeted at Frederick manufacturers looking to make a substantial investment in their facility and workforce.  The ordinance was approved on August 20, 2015 and created a 10-year tax credit against the increased assessed taxable value of a manufacturing facility.  Frederick County approved a similar program on September 1, 2015.

"The tax credit will increase Frederick's competitiveness and is intended to attract new capital investment and job creation," said Richard Griffin, The City of Frederick's Director of Economic Development. Specifically, the credit assists the City in its ability to attract and retain advanced technology and manufacturing businesses, a targeted industry for the City of Frederick.

Manufacturing is especially important to Frederick's economic vitality.  Unlike many professional services businesses where workers can be located almost anywhere, manufacturers make significant capital investments in their site and rely on the local workforce to operate the facility. In addition to hiring from the community, manufacturers often create indirect jobs through related supply chain opportunities and partnerships.

In order to qualify for the credit, a manufacturer must 
  1. Increase the value of their facility by at least $100,000 (as a result of the expansion project), and 
  2. Add at least 3 net new jobs at the facility.  
Depending on the value of the new investment and the number of new jobs created with the project, the 10-year tax credit increases on a sliding scale from 20% to 100% (outlined below).  

While businesses will receive tax relief on the portion of their tax bill related to the expansion project, businesses will continue to pay property taxes on the the portion of the site not related to the expansion.

How it Works
  • A manufacturer plans to either acquire a new site or expand its current site with a new building or an addition to a current building.
  • The business constructs the updated facility and hires new employees.
  • Following completion of the project, the State Tax Assessor reassess the property and determines the dollar figure of the new assessment that can be attributed directly to the expansion project.
  • The business will now apply for the tax credit and will receive the credit on the number that was determined by the State. The business continues to pay its normal property taxes on the value of the property not related to the expansion.

5 Benefits of the Manufacturing Tax Credit
  1. It increases jobs. The tax credit encourages job creation as the program requires a business to not only make a capital investment in their facility, but to add net new jobs at a minimum of 150% of the federal minimum wage.  Manufacturing jobs provide family supporting wages and are vital to Frederick's economy.
  2. It encourages investment and reinvestment. Businesses will not be penalized with a higher property tax bill for investing in their facility and hiring new workers.  The tax credit gradually phases the increased taxable value of the building over a 10-year period.
  3. It gives Frederick a regional competitive advantage. In conjunction with a 100% tax credit for manufacturers acquiring new personal property, the tax credit program is another tool the City can utilize to market its business cost advantage to manufacturers considering a location in the region.
  4. It attracts new business. When a businesses is looking to open or relocate a business, every expense matters. This can tilt the scale between Frederick and another jurisdiction. 
  5. It helps small businesses. 95% of all businesses in Frederick are small businesses. The tax credit program doesn't just assist large corporations. It also assists small and locally owned manufacturers looking to expand or locate within the City of Frederick.
To find out more about the Manufacturing Tax Credit, contact The City of Frederick's Department of Economic Development