We are currently at 100% leasing capacity with about 30,000 square feet under roof. We can provide land in several locations for new commercial development and business ventures, as well as residential development potential at several sites.
Under Laurel’s Downtown Development District program, we are making our vacant parcels available at a discount of at least 25 percent off the market rate. The state will reimburse of to 20 percent of the qualified real property investment costs of a rehabilitation or new construction project. Because the DDD lies within Laurel’s historic district, state tax credits also are available on a priority basis.
In addition, the Town of Laurel is offering reduced sewer and water impact fees, based on number of Equivalent Dwelling Units (EDUs), as well as an abatement of property taxes on improvements for five years.