Md. Code Ann., Econ. Dev. § 13-739

Redline — January 1, 2023 → current.View current text →

Current — January 1, 2026

As of January 1, 2023

(a) A member county or local entity within a member county may submit a proposal for funding under this part.

(b) To qualify for funding, a project shall be:

(1) a capital infrastructure project that:

(i) is linked to economic development in the region, as approved by the Board; and

(ii) receives 20% matching funds from the member county where the project is located, another local entity, a private business, or a combination thereof;

(2) a business development project that:

(i) encourages and promotes downtown neighborhood revitalization, small business tourism, or other areas as approved by the Board; and

(ii) receives 10% matching funds from the member county where the project is located, another local entity, a private business, or a combination thereof; or

(3) any other project that the Board determines is appropriate to promote economic development in the region.

(c) (1) (i) The Board shall develop criteria to review, evaluate, and rate project proposals for funding under this part.

(ii) The criteria in subparagraph (i) of this paragraph shall ensure that the project:

1. creates or retains jobs;

2. creates or retains businesses;

3. increases wages; or

4. creates new State or local tax revenue.

(2) The Board shall distribute grants and loans to projects based on the criteria developed in accordance with paragraph (1) of this subsection.

(d) (1) The Board shall monitor and track the progress of each project that receives funding under this part.

(2) If the Board determines that sufficient progress is not being made toward achieving the requirements of this section, the Board may reclaim the awarded funds.

(e) The funding provided in this section shall be used to supplement and not supplant any funds that would otherwise be provided to the Board or the member counties.

(a) There is a Senator George C. Edwards Fund.

(b) The purpose of the Fund is to provide grant or loan funding to create jobs and significant economic development opportunities in the region.

(d) (1) The Fund consists of:

(i) appropriations as provided in the State budget;

(ii) interest or other income earned on the investment of money in the Fund; and

(iii) any other money accepted for the benefit of the Fund.

(2) In each of fiscal years 2024 through 2026, the Governor shall include in the annual operating or capital budget bill an appropriation of at least $10,000,000 to the Fund.

(e) Money in the Fund may be used only to:

(1) award grants and provide loans in accordance with § 13–740 of this subtitle; and

(2) pay the costs necessary to administer the Fund, including paying the salary of the Executive Director.

(f) (1) The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(3) The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.

(4) Any investment earnings of the Fund shall be credited to the Fund.

Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.