County Exec, HCEDA Rally Bankers for Routes 1 and 40

By Reed Hellman, STAFF WRITER

The mood was amiable as County Executive Ken Ulman and Dick Story, CEO of the Howard County Economic Development Authority (HCEDA) greeted more than two dozen executives from nine regional banks at a recent meeting to discuss the county's Route 1 and Route 40 corridor development plans.
The bankers and representatives from various other Howard County offices, including the Department of Planning and Zoning (DPZ), the budget office, finance department and law office were also on hand for the event, which was called by the county to encourage the banks to get involved in redevelopment programs currently underway along the arterial corridors.
Trying to get incentives and buy-in from the banks, Ulman began the session by stating that, "The county is open minded on any suggestions you may have to jump start redevelopment. Look at the Corridors and envision what they can become."
The revitalization loan program offers at- or below-market financing rates through participating banks using their own financing criteria. The HCEDA established the program to encourage businesses to improve building and site conditions initially along Route 1.

Making Sense
Ulman stressed the importance of a good relationship between the county and the private sector while also explaining how the revitalization projects counter the notion that Howard County is reaching build-out. "We will never be at build-out," he said. "Now, we are at the stage where we have to deal with redevelopment."
Story emphasized the strength of the partnership between the county and regional banks. Five institutions (BB&T, Howard Bank, M&T Bank, PNC Bank and The Columbia Bank) provided below prime money to Route 1 businesses. "The banks make the loans," Story said. Then, DPZ looks at the project. When they feel that it meets the plan guidelines, they pass it to the incentives committee for review and approval."
Story recognized that the banks are the prime spot for redevelopment loans and wants more banks to join in "... if it makes sense for you."
He stressed that the county is also open to other programs that the banks may develop. "There are deals to be done in these corridors," he continued. "If the banks have a good deal, they should do it."
Although Route 40, from Normandy west to the merge with I-70, was on the agenda, the majority of the attention centered around the stretch of Route 1 that spans from I-95 south through Jessup, Savage and Laurel, then on to the county line.
Since 2002, two dozen projects, totaling more than $25 million, gained approval. In the past year, two projects cleared the process.
Mina Hilsenrath, chief of Howard County's Division of Environmental and Community Planning, presented the program's history. She noted that Corridor businesses were "initially leery, but the loan program enabled them to join the redevelopment efforts."
Establishing design guidelines and rezoning led to increased commercial interest in the Corridor. To date, seven Corridor Activity Centers have benefited from the program, including the first transit-oriented, mixed-use center at the Savage MARC station.

Knowing the Rules
There have already been success stories to tell. "The deals have been easy," said Richard Ohnmacht, an executive vice president with PNC Bank, who stressed that most of his work has been with owner-occupied businesses and small businesses.
According to the DPZ, revitalization efforts may include such projects as landscaping a building or street frontage, planting trees in parking lots, replacing signs, fencing or screening storage areas, expanding or repaving parking lots, or redesigning a building.
The revitalization loan program guidelines for Route 1 and Route 40 are essentially the same, focusing on meeting location, land use and redevelopment criteria, and the nature of the proposed building and site improvements.
Norm Greth, a senior underwriter for the Maryland Department of Housing and Community Development's (DHCD) Division of Neighborhood Revitalization, attended the meeting and said that the Route 1 Corridor is within the DHCD-approved revitalization area. In addition, the state of Maryland can add up to $500,000 for approved projects.

Seeking Renewal
While the bankers, HCEDA employees and other county officials all applauded the existing partnerships and cooperative progress, Ulman pointed out that much can still be done to improve the corridors.
"I would like to see every bank that has participated in the past renew its commitment, and I personally invite all banks to join the program and offer incentives to businesses that improve these corridors. The envisioning is exciting," he said, "The rezoning is exciting. Now the hard work begins."