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Maryland Code, Economic Development § 5-2303

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) To carry out the purpose of the Program, the Department may award grants in accordance with this subtitle to approved recipients carrying out infrastructure projects intended to support innovation in any of the following eligible technology sectors:

(1) advanced manufacturing;

(2) aerospace;

(3) agriculture;

(4) artificial intelligence;

(5) biotechnology;

(6) blue technology;

(7) cybersecurity;

(8) defense;

(9) energy and sustainability;

(10) life sciences;

(11) quantum; and

(12) sensor and robotics.

(b) Examples of eligible projects include:

(1) sensitive compartmented information facilities;

(2) wet laboratories;

(3) cyber ranges;

(4) prototype manufacturing centers; and

(5) other specialized workforce training, skill certification, or research-related spaces.

(c) Grant awards may be used to defray the cost a grantee incurs to acquire, construct, rehabilitate, install, improve, or equip an eligible innovation infrastructure project.

(d)(1) A single entity may be awarded not more than $2,000,000 in grant funds in a fiscal year.

(2)(i) For a grant award up to $1,000,000, a grantee shall provide matching funds that are at least 200% of the grant amount.

(ii) For a grant award exceeding $1,000,000, and up to $2,000,000, a grantee shall provide matching funds that are at least 400% of the grant amount.

(iii) Funds received by a grantee through other State grant programs are not counted toward the grantee's matching funds requirement.

(3) A grantee must demonstrate an ability to cover the full estimated costs of the project for which the grant is awarded.

(4)(i) Not more than 50% of the appropriation to the Fund in a fiscal year may be awarded to colleges and universities in that fiscal year.

(ii) Grants to colleges and universities from the Fund must be awarded to projects that:

1. are performed in collaboration with private industry; or

2. offer the prospect of significant economic impact and the opportunity to develop entrepreneurship or clusters of technological innovation in the State.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-2303 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-2303/

Read this complete Maryland Code, Economic Development § 5-2303 on Westlaw. Westlaw subscription required.

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