April 24, 2008

2007 development activity in Carroll County was brisk with the value of construction reaching $50.5 million. This is a 43% increase over 2006 and a 36% increase over the previous four-year average. Approximately 840,000’ of space was built or renovated.

Consequently, the commercial and industrial assessable base, valued at $145 million, increased 9% over 2006, adding $1.5 million in new tax revenue. Carroll's office vacancy rate of 11.3% and industrial/flex rate of 9% is comparable to our regional counterparts.

Carroll County is continuing to emerge as a prime area for business development. Major business expansions at Evapco and Flowserve in Taneytown are leading the growth of our existing industrial base.

Speculative development is another good indicator of a thriving industrial real estate market. In 2007, over 100,000’ of space was either proposed to be built or under construction in Carroll County, particularly along the MD 97 corridor north of Westminster. The department also engaged in redevelopment projects to adapt existing buildings and sites to meet current marketplace needs.

Eldersburg, a dynamic market that continues to garner attention as a business destination, was named one of the “Top 100 Places to Live” by CNN Money Magazine. Redevelopment work on the former London Fog complex has resulted in two new office tenants. Waganer Digital Video opened a new 5,000’ video recording and editing studio and GSE Systems, Inc. will be relocating their corporate offices to the facility in July.

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Green Development Tax Credit legislation passed

Enabling legislation authorizing Carroll County to develop a Green Building Tax Credit Program was passed during the recent General Assembly session. The legislation allows the county to establish a program to encourage environmentally-friendly commercial development projects using technologies that benefit the developer, tenants and ultimately the community at large.

Known as “green” building, these projects use specific design techniques and materials throughout the development process that focus on sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.

Building green is more costly due to new technologies, techniques and required certifications. Carroll County’s proposed program would help offset the financial impact of these costs while giving Carroll County a competitive edge in promoting green business development. The program is currently under development and will be presented to the Board of Commissioners for final authorization.