To secure an estimated 1,100 jobs, Maryland and the Baltimore County government have ponied up $1.1 million to help Stanley Black & Decker upgrade its Construction and Do-It-Yourself world headquarters in Towson.
The company said it is investing $12 million in a five-year modernization project to renovate the 94-year old campus. The state is providing a $1 million conditional loan through the Maryland Economic Development Assistance Authority and Fund. Baltimore County is providing a conditional loan for up to $100,000.
The company might also be eligible for a property tax credit since the property lies in the Towson Commercial Revitalization District.
“For more than 100 years, Stanley and Black & Decker have changed the way we pursue our hobbies, make home repairs and construct our buildings,” said Gov. Martin O’Malley, in a prepared statement. “It is this entrepreneurial spirit that led Duncan Black and Alonzo Decker to set up shop in Maryland, and it is the same dedication to discovery and innovation that will move us forward into the new economy. With this project, we will not only protect and create jobs for our families, but together, we will continue supporting the skills and talents of generations to come.”
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