Latest News from EDC
Prince George's County Economic Development Corporation returns to the SelectUSA Summit in person on June 26th - 29th, 2022, at the Gaylord National Resort & Convention Center in Oxon Hill, Maryland. Furthering the message that Expansion Starts Here, the Economic Development Corporation's Business Development team will engage with international businesses both at the summit and throughout Prince George's County during the course of the summit.
U.S. Currency Production Facility Makes its Mark in Beltsville
Today, the U.S. Treasury’s Bureau of Engraving and Printing (BEP) announced the official transfer of a 104-acre parcel of the Beltsville Agricultural Research Center from the Department of Agriculture to the Department of the Treasury. This expansion marks the initial phase of the BEP’s Replacement Currency Production Facility’s move from Washington, DC to Beltsville, Maryland.
“This is a major step forward in a critical component of our economic development strategy to have a more equitable distribution of federal jobs across our region,” said Prince George’s County Executive Angela Alsobrooks. “Federal agencies not only bring jobs to a jurisdiction, but the influx of new jobs and workers spurs new development in the area. We are excited about the new opportunities that this will unlock for residents in Beltsville and surrounding communities.”
The Bureau of Engraving & Printing has selected an unused 104-acre parcel of land at the 6,500-acre Beltsville Agricultural Research Center (BARC) as its preferred location for the $1.4 billion Replacement Currency Production Facility that includes up to $400M of new equipment. (This does not include the agency’s administrative functions, which will remain at its Washington DC facility.) The new 1 million square foot one-story facility is projected to employ a workforce of 1,450 employees working three-shifts with an average annual salary of approximately $99,000. Of the current BEP production workforce at the District of Columbia facility, 68% reside in Maryland and 31% in Prince George’s County.
“Bringing the Replacement Currency Production Facility to Prince George’s County brings us one step further in achieving our goal of ‘federal parity’ as it relates to federal jobs in the County,” said David Iannucci, President & CEO of the Prince George’s County Economic Development Corporation. “The Bureau of Engraving and Printing will join the 16 other federal agencies located in the County, including the recently opened U.S. Citizenship and Immigration Services Headquarters in Camp Springs.”
This project also provides an opportunity to infuse federal dollars to improve the aging infrastructure and historic buildings on the BARC campus, as well as improve the traffic flow in Beltsville.
Moving forward, the BEP will begin the demolition of current buildings on the site by early 2023 and complete design of a LEED Silver Facility by end of 2023. Construction of the new facility is scheduled to begin by early 2024 and the first production line will move into the new facility by 2027.
This move further confirms that Prince George’s County is the place for innovative businesses looking to tap into quality resources in the metro region. The Prince George’s County Economic Development Corporation anticipates that more agencies and businesses will follow the lead of BEP and are here to aid in making that happen..
To learn more about the Bureau, visit www.bep.gov. For more information about the services the Economic Development Corporation provides to local companies, visit www.pgcedc.com.
The mission of the Prince George’s County Economic Development Corporation (PGCEDC) is to cultivate and promote a strong local economy that supports the growth and prosperity of entrepreneurs and businesses, dedicated to strengthening communities through business development and job creation.
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PGCEDC Launches Step Forward Program to Increase Capital Reach for Minority Women Business Owners
in Prince George’s County
Women-owned businesses now have a program focused specifically on getting them in the best business shape to pursue business capital. The Prince George’s County Economic Development Corporation (PGCEDC) just launched its Step Forward program for women-owned business this week. Step Forward is designed to assist women-owned businesses in getting the right connections in order to accelerate business growth.
Alicia Moran, Manager of Small Business Services at PGCEDC, says that the Step Forward program “will provide programming, counseling, and peer-to-peer learning opportunities, as well as enhance financial literacy and loan readiness to minority led small businesses. This program is different in that it is specifically designed to help female led county-located companies move forward with enhanced financial management skills. A program like this can incredibly impact small business growth in one of the fastest growing groups of entrepreneurs – women of color.”
A few of the expected program outcomes for Step Forward participants include their ability to identify loan package deficiencies/shortfalls, have a completed loan application package ready to submit for funding and have their loan application pre-viewed/prequalified by lenders.
Funded by a grant from Wells Fargo, Step Forward is a cohort of ten (10) women-owned businesses based in Prince George’s County that are competitively selected on annual basis to join the program. Participants will meet one-on-one with a business and/or banking counselor to work directly on their specific needs as well as strengthen and/or mitigate shortfalls in their loan packages. Once a month, the Step Forward cohort will come together to participate in intense training sessions with industry experts to navigate the financing process from start to finish. A few of the expected program outcomes for Step Forward participants are that they will be able to identify loan package deficiencies/shortfalls, have a completed loan application package ready to submit for funding and have their loan application pre-viewed/prequalified by lenders.
The first session held this week covered proper business structure. Attorney Midgett S. Parker, Esq. led an engaging session on choosing the proper business structure, building a team of experts to support it and the many ways to source business capital. Participants were excited to have an industry expert guide them through the process of making sure that their businesses were structured in the most successful way.
To get to know our 2022 Step Forward cohort, track their progress through the program and celebrate their successes connect with the PGCEDC at www.pgcedc.com/stepforward or follow us @pgcedc on Facebook/Instagram and @ExpandPGC on Twitter. For more on the overall business resources of the PGCEDC visit https://www.pgcedc.com/business-resources.
As the business community continues to feel the impact of COVID-19 on the global economy, today the Prince George’s County Economic Development Corporation (EDC) announced the results of its Personal Services E-Business Grant. The E-Business Grant, which drew more than 250 applications, was focused on assisting local small business community by providing funding for technical support of their businesses. Generously funded by a grant from the Maryland Department of Commerce’s Maryland Economic Development Assistance Authority and Fund, 147 Prince George’s County personal services business owners’ applications were approved, providing more than $660,000 in grant assistance.
“This personal services business grant will help bridge the gap between County businesses and potential customers. Having a robust website with online sales capabilities and the ability to interact with your customer base is key to being competitive in this tough economy,” said Ebony Stocks, Executive Vice President of the Prince George’s County Economic Development Corporation. “The EDC is happy to support Prince George’s County businesses and the personal services industry in particular because as they extend their reach, it also means that they are expanding their growth.”
The Personal Services E-Business Grant program provided grants of $5,000 to Prince George’s County-based personal services businesses to support increased foot traffic to brick-and-mortar establishments, improvements to point of sale technology, and cross-channel functionality. The grant could also be utilized to establish or expand online sales capabilities, obtain real-time insights into customers, for scheduling, and for inventory management. In total, 147 companies received grants of either $2,500 or $5,000 to support their e-business operations.
Over the last 12 months, the EDC has distributed more than $40M in grants to County businesses, supporting job creation and sustainability for thousands of employers. For more information about technical assistance programs, grants or the many other services provided by the Prince George’s County Economic Development Corporation, please visit www.pgcedc.com.
EDC President and CEO David Iannucci participated in a panel discussion hosted by the Central Maryland Chamber of Commerce Economic Forecast at the Jockey Club in Laurel. Joined by Anne Arundel Economic Development President Ben Birge and Howard County Economic Development President Larry Twele, the three talked about their respective jurisdictions’ dramatic pivots when Covid-19 hit in March 2020. Since last Spring, all three Economic Development Organizations (EDOs) have become grant writing organizations, helping businesses, restaurants, childcare facilities, hotels adjust and survive the shutdown. The Prince George’s County Economic Development Corporation alone put out more than $44 million in grants to 1500 businesses and helped save 4,000 jobs.
The panelists also discussed MNCREDA (the Maryland National Capital Regional Economic Development Alliance), whose membership includes the six suburban Maryland counties. The group meets weekly to collaborate on economic development, best practices, shared challenges, and management issues and has recently been praised by local media on the level of economic development cooperation among the six counties.
Mr. Iannucci also talked about the quantum computing potential in College Park at the University of Maryland, and the vision of a quantum ecosystem that is recognized worldwide. He also talked about the success of logistics, warehousing, and last-mile centers in Prince George’s County and the incredible demand for such space because of everyone buying online now.
County priorities that were highlighted included the new Regional Medical Center in Largo, and the vision for downtown Prince George's to be built across from the hospital by RPAI/KITE; the Blue Line Corridor, TOD growth, and efforts put into addressing food deserts.
Larry Twele, from Howard County, also talked about how Maryland is now able to compete for data centers urbanization of downtown Columbia, and Ben Birge from Anne Arundel County commented on the great growth from NSA and huge business community around the County.
Prince George's County is rapidly expanding. According to this year's Inc. 5000 rankings, 19 County firms are among the fastest-growing in the country.
Yesterday's announcement included 2 County firms among the top 500 organizations and 9 repeat recipients, with the total list encompassing areas such as IT management, retail, and government services.
The Windsor Group, LLC holds the title for this year’s top growing company in Prince George’s County. Founded in 2017, Windsor Group, LLC provides professional services and business solutions to federal government agencies. Their major clients include the Department of Treasury, Department of Agriculture, Department of Veterans Affairs, U.S. Army and Air Force, as well as the Center for Disease Control and Prevention.
Repeat awardees include Premier Enterprise Solutions, a woman-owned, certified participant in the U.S. Small Business Administration's (SBA) 8(a) and HUBZone program, and a certified Service Disabled Veteran Owned Small Business (SDVOSB). PES focuses on Cyber Security, Enterprise Operations, Supply Chain and Workforce Productivity, and cloud services.
We are Prince George’s Proud of our County companies who not only continue to call Prince George’s home but continues to expand!
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The Prince George's County Economic Development Corporation in partnership with the Greater Prince George's Business Roundtable invited the community to the Prince George's County "State of the Economy" Virtual Address with County Executive Angela Alsobrooks. This virtual event will covered new plans for economic development throughout the County, engaging the County’s workforce, the impact of COVID-19 on the economy, as well as its recovery and reopening.
The passing of Milt Peterson is truly a sad day for Prince George's County. It is hard to think of anyone who has been more responsible for transforming and uplifting the image and the reputation of Prince George's County than Milt Peterson. He looked at a worn out sand and gravel pit on the Potomac River, and transformed it into an internationally recognized destination. The Gaylord Hotel, Tanger Outlets, and the MGM National Harbor Hotel and Casino are all part of his successful vision for National Harbor.
Milt must be recognized for the giant that he was; for it was his vision, his courage, and his drive that made National Harbor the amazing success that it has become. He stepped in where many others before him had failed, and made National Harbor a reality, a testament to his skill and determination in understanding development potential. Prince George's County is a better place because of Milt Peterson.
The Prince George's County Economic Development Corporation extends its deepest sympathies to the family of Milt Peterson, especially to Jon Peterson, a former member of the EDC Board of Directors.
With the exponential growth of online and cloud computing, exacerbated by the Covid-19 pandemic and dramatic increases in digital data worldwide, there has never been a time when “Data Centers” have been more in demand. Prince George’s County, Maryland has responded to this demand by aggressively positioning itself to compete for data centers with any other place in the U.S.
By definition, a data center is “a facility that centralizes an organization's shared IT operations and equipment for the purposes of storing, processing, and disseminating data and applications.” However, a data center is far more than that. It is the true lifeline for any business that uses data and/or stores information. And individuals, whether they know it or not, rely on data centers for more of their everyday lives as well.
Data centers come in all shapes and sizes, ranging from a portion of a floor in an office building to a massive free-standing structure with hundreds of thousands of square feet for equipment. In addition to data centers being large in size, they can also have a tremendous effect on the local economy. A complete data center may create over 100-150 jobs paying almost $8 million in total annual salaries. Each year, a single data center could add over $30 million into the local economy while generating over $1 million annually in real and personal property tax revenue. And according to the U.S. Chamber of Commerce, when an average data center is being built, it employs over 1,500 local workers providing over $75 million in wages for those employees. The construction alone produces over $200 million in output for the local economy’s supply chain, while generating almost $10 million in revenue for state and local governments. Most importantly, data centers cost virtually nothing in local services, meaning their tax revenue is available to a jurisdiction to support schools, recreation, and public safety needs.
With the potential of this enormous economic impact, the state of Maryland, and more specifically Prince George’s County, has recently passed new legislation that will make it easier and less expensive for data centers to operate in Prince George’s County, Maryland.
In 2020, the Maryland General Assembly passed and the Governor signed legislation to allow data centers to receive a substantial tax reduction while operating in the state of Maryland. The Data Center Maryland Sales and Use Tax Exemption Program (DCMSUTEP)permits data centers that operate or expand in Maryland to be tax exempt from the state’s 6% sales and use tax for up to 20 years.
Going above and beyond the state’s legislation, Prince George’s County is providing additional incentives to encourage data centers to locate here. At the urging of the Prince George’s County Economic Development Corporation (PGCEDC) Prince George’s County enacted local legislation authorizing the County to negotiate a partial or full reduction in the County’s personal property taxes on data centers. Following that, the County Council adopted legislation that accelerates the permitting process for data centers. This new bill creates a “90-Day-by-Right Review and Approval Process”, reducing the approval processing time from what was over a year, to 90 days.
Thanks to the PGCEDC, the Office of the County Executive and the County Council, Prince George’s County, Maryland is now one of the best places to operate a data center in the United States. Prince George’s County has the land, supportive utilities, and now has a very significant tax incentive program and a streamlined permitting process for data centers. Most importantly, we want your business. For more information about locating your data center in Prince George’s County please contact the Prince George’s County Economic Development Corporation or visit www.pgcedc.com/data-center-sites .
The US Army Corps of Engineers, acting on behalf of the Bureau of Engraving and Printing (BEP), is recommending building and operating a new currency production facility at the Beltsville Agricultural Research Center (BARC) in Prince George’s County, MD. This new facility will replace the current production facility located in downtown Washington, DC that was initially constructed in 1914. The original building has undergone multiple renovations, however as currency production has modernized and added more intricate processes and security features, the existing facility is no longer able to sustain an effective manufacturing process.
The BEP has reviewed multiple options to upgrade the existing currency production facility, however these studies concluded that new construction would prove to be a more cost-effective method to accommodate the necessary security enhancements. According to the Maryland Department of Commerce, building this new facility will save over $600 million to the taxpayers versus attempting to upgrade the current facility.
Not only will building a new facility save taxpayers money, but it will significantly impact the Prince George’s County economy. During the National Capital Planning Commission's briefing on BEP moving to Prince George's County last week, President and CEO of the Prince George’s County Economic Development Corporation David Iannucci stated “Building a new engraving and printing facility in the Beltsville Agricultural Research Center will add 1,427 well-paying federal jobs to Prince George's County which are estimated to create over $15 million in total annual earnings.”
In addition, the BEP employees will have a positive impact on the local economy, as there are 2,000 retailers employing over 25,000 employees within a five-mile radius of BARC. Furthermore, building this new facility will create approximately 1,700 construction jobs resulting in estimated total earnings of $1.5 million over the life of the construction project.
Prince George’s County has supported this project since in 2018. More recently, County Executive Angela Alsobrooks penned a letter of support to the facility project manager for the Bureau of Engraving and Printing. In addition, Maryland’s Governor Larry Hogan delivered a message to congressional leaders encouraging them to pass a bill that authorized the land transfer and the construction of the facility on Beltsville Agricultural Research Center campus. Once approved, this new facility will join several existing federal facilities already located in Prince George’s County such as Goddard Space Flight Center, the Census Bureau, the IRS, NOOA, Joint Base Andrews, and most recently the Citizenship Immigration Service which brought 3,800 jobs to the County.
The Prince George’s County economy continues to grow by adding more jobs and more revenue to the county. With the addition of the new Bureau of Engraving and Printing facility in the Beltsville Agricultural Research Center the County will literally “make more money” and put more dollars to work.
