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Commissioners approve property tax-credit for Keomac to spur redevelopment in Lexington Park
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Summary
The board approved a county-only property tax-credit incentive for Keomac, Inc., that aims to support restoration of a 1953 bank building in Lexington Park; company representatives said the project would create about 20–25 new local jobs.
St. Mary's County commissioners voted Jan. 6 to approve a property tax-credit incentive for Keomac, Inc., to encourage capital investment in the former Maryland Bank & Trust building on South Shangri La Drive in Lexington Park.
Cindy Griffith of the Department of Economic Development and the county's economic development specialist explained the county program: if a property owner makes qualifying capital improvements above specified percentages of the assessed value, the county may offer a fixed county-only tax rate for seven or 10 years depending on the improvement level, not to exceed a credit equal to 25% of the tax-assessed value of the property. Staff provided a worksheet estimating the county portion of the annual tax could be reduced by roughly $3,000 under the scenario discussed.
The property in question was described as an 8,150-square-foot building constructed in 1953, with a current assessment around $715,000. Keomac representatives said the company expects to invest on the order of $1,000,000 in improvements and to add approximately 20–25 employees locally.
A commissioner moved to approve the tax-credit incentive for Keomac, Inc., at 46930 South Shangri La Drive and authorized the commissioner president to sign related documents. The motion was seconded and approved by voice vote.
Commissioners and staff said the incentive is intended to bring a vacant or underused historic building back into productive use and to stimulate local employment and private investment.
