Legislative // Penny-A-Foot Program
The Importance of the Penny a Foot Fund
The legislative and regulatory environment in Maryland is one of the most complex and challenging in the country. Maryland is entering a transformational period where the framework for how land development, construction and energy consumption had been regulated will be re-evaluated and revised by state and local governments.
In Annapolis and many county councils the major regulatory initiatives of the 1980s and 1990s that had put Maryland in the forefront of growth management and environmental protection are no longer considered state-of-the-art. Maryland has set numerical targets and deadlines to achieve reductions in electronic consumption and CO2 emissions. The state is moving quickly to establish regulated caps on Chesapeake Bay water pollution and is re-evaluating how Smart Growth will be defined and implemented in the future.
At every level of government political figures are contemplating the new laws necessary to meet these commitments and exploring ways to respond to the fiscal repercussions from the weakening economy. Options are being weighed that will affect how your business and your tenants are taxed, energy is priced and distributed, and how land development and construction of new buildings is regulated.
About the Penny a Foot Fund
Recognizing the long term consequences and the high cost of inaction, NAIOP-Maryland established the Penny per Square Foot Fund to provide NAIOP members with a broad array of services necessary to engage key legislative issues affecting commercial construction, land development and real estate. The Penny a Foot Fund is a financing method proven successful in other sections of the country that assesses participating companies one cent per year for each square foot of office or industrial spece in their Maryland portfolios. There are also methods and opportunities for service providers to contribute.
The Penny a Foot Fund provides NAIOP members with full time staff and contract employees dedicated to legislative advocacy and public relations. The fund also serves as an endowment for NAIOP sponsored legal challenges and academic research related to policy issues vital to the industry. More than a dozen companies have signed onto the Penny a Foot Fund. For more information about how you can support NIAOP and your industry through the Penny a Foot Fund, please contact Tom Ballentine at 410-977-2053 or naiop.md.tom@verizon.net.
What they’re saying
“The Penny Per Square Foot Fund provides NAIOP-Maryland with the necessary funds to represent the commercial real estate industry at the state and local levels of government. Now, more than ever, our industry needs to build a solid reputation among our legislators, provide leadership in policy decisions during these crucial economic times and speak with one unified voice. We have already made tremendous strides and do not want to lose our momentum. Hopefully, every NAIOP member will feel the same urgency and need to participate so that our industry can prosper and continue to support our state's economy.”Rand Griffin
President and CEO
Corporate Office Properties Trust
“St. John Properties is a strong advocate of The Penny Per Square Foot Fund and we urge all commercial real estate firms operating in Maryland to invest in this collaborative effort. The initiative is modeled after programs that have been formed around the country and is a proven way to track and respond to legislative issues that can negatively impact or slow down our development activities. This fund is designed to protect our interests, advance the ability to meet the needs of our tenants and expand our role in helping Maryland achieve a more prosperous future.”Edward St. John
Founder and President
St. John Properties, Inc.
“Merritt Properties believes that The Penny Per Square foot initiative creates a vehicle that will allow the real estate industry to speak with a stronger and more consistent voice in Annapolis and at the local levels. It provides the necessary and on-going resources for NAIOP-Maryland to convey the unified message that commercial real estate development provides opportunity and growth for Maryland in ways that benefit our entire community and environment. Please consider your support for this program to continue with the positive energy and accomplishments that have already been attained.”Robb Merritt
Vice President
Merritt Properties, LLC
“The Penny Per Square Foot Fund is an excellent strategy NAIOP-Maryland has created for developers to unite in an effort to defeat the negative legislation that is too often aimed at the commercial real estate industry today. We must better understand the issues facing Maryland and have a constructive voice in legislation being passed in Annapolis and by local governments. James F. Knott Realty Group strongly supports the Penny Per Square Foot Fund and believes that all developers should seriously consider contributing to this Fund.”James Knott, Jr.
Senior Vice President
James F. Knott Realty Group
“The Penny Per Square Foot Fund benefits all developers whose collective interests are often aligned. With the Maryland commercial real estate industry being targeted for additional fees and processes aimed at slowing development, this Fund represents our best strategy to band together and speak with one unified voice.”David P. Scheffenacker, Jr.
President
Preston Partners, Inc.
Penny Per Square Foot Fund Contributing Companies
Bavar Property Group, LLC
Continental Realty Group
Corporate Office Properties Trust
Emory Properties, LLC
James F. Knott Realty Group
Manekin, LLC
Merritt Properties, LLC
Preston Partners, Inc.
St. John Properties, Inc.
