Business

A bill that would allow counties on the Eastern Shore to hike their hotel tax rates by 1% faces an uncertain future after a debate in the Maryland Senate on Wednesday. The bill would have amounted to a nearly $5 million tax on Maryland residents who vacation in Ocean City, Montgomery County Sen. Benjamin F. Kramer (D-Montgomery) said, as he questioned the policy on the Senate floor.

Tastee Diner in Silver Spring, where locals have been gathering since it opened in 1946, closed its doors Wednesday afternoon. The diner, located at 8601 Cameron St., closed Wednesday at 2 p.m., an employee confirmed. No reason was provided, and many employees didn’t know it was happening until Wednesday morning. The diner has become a staple of the neighborhood and was declared a historic landmark by the Montgomery County Council in 1994.

A new restaurant and tiki bar highlight improvements to an iconic Boardwalk hotel. On Tuesday, the Ocean City Planning and Zoning Commission voted unanimously to approve a site plan for the existing Lankford Hotel, located between 8th and 9th streets on the Boardwalk. Zoning Administrator Kay Gordy said project calls for a change of use of first-floor tenant spaces and the addition of an outdoor bar associated with restaurant use.

Silver Spring’s Aziyo Biologics Inc. (NASDAQ: AZYO) is laying off a chunk of its workforce, the latest in a string of local biotechs shaving their headcounts to bank more cash. The company initiated a “a significant reduction” in its workforce earlier this week that will affect about 12% of its workforce, Chief Financial Officer Matt Ferguson said on a fourth-quarter earnings call Wednesday.

Rudolph P. “Rudy” Lamone, a professor at the University of Maryland who served as dean of its business school for nearly two decades and helped create a center for entrepreneurship at the school, died Jan. 30 at a hospital in Annapolis. He was 91 and lived in Annapolis. The cause was complications from covid, said his wife, Linda. “When Rudy came to Maryland, it was a mediocre business school that was overwhelmed with students, had limited resources and was far from the business school we wanted it to be,” said William E. “Brit” Kirwin, former president of the University of Maryland.

Lutherville Station LLC released an economic impact study for the proposed Lutherville Station Transit Oriented Development at the current site of the Lutherville light rail station on West Ridgely in Timonium, Maryland. The study, conducted by Richard Clinch, PhD, Executive Director of the Jacob France Institute at the University of Baltimore, notes the significant $325 million impact the project will have on job creation and tax revenue for Baltimore County and the State of Maryland.

Bethesda-based Investably LLC on Wednesday launched a new business valuation service to help women entrepreneurs understand their business worth to help prepare for retirement income and future goals. A wealth advisory firm providing investment management and financial planning services to women, families, and small business owners, specializing in retirement transition and tax planning, Investably founder and CEO Michelle Gordon has partnered up with BizEquity, the largest fintech provider of business valuations, to make business valuations more accessible for its clients.

Frederick County Executive Jessica Fitzwater on Wednesday announced the appointment of a new director for the county Office of Economic Development. Lara Fritts will take over for Acting Director Jodie Bollinger on April 3, according to a county press release. Fritts will serve in the acting capacity until she is confirmed by the Frederick County Council.

Dr. Mohan Suntha, head of the University of Maryland Medical System, will replace energy company executive Calvin G. Butler Jr. as the next chair of the Greater Baltimore Committee. Suntha, who has been president and CEO of the medical system since November 2019, was named GBC board chair after a unanimous recommendation of the board’s nominating committee and a membership vote. He is the first chair elected since GBC merged last year with the Economic Alliance of Greater Baltimore.