Maryland Code, Economic Development § 5-320

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) To be eligible for financial assistance from the Fund, an applicant shall be:

(1) a local economic development fund that meets the criteria set forth in Part V of this subtitle; or

(2) an individual, private business, nonprofit entity, or local government, or the Corporation that intends to use the requested financial assistance for a project that:

(i) except as provided in subsection (b) of this section, is in an eligible industry sector under § 5-321 of this subtitle; and

(ii) has a strong potential for expanding or retaining employment opportunities in the State.

(b) A project need not be in an eligible industry sector if the applicant:

(1) is located in a Tier I county; or

(2)(i) is a local government or the Corporation; and

(ii) does not intend to use the financial assistance to carry out a project that benefits a particular private sector entity.

(c) In form and content acceptable to the Department, an applicant for financial assistance from the Fund shall submit to the Department an application that contains:

(1) the information that the Department or Authority considers necessary to evaluate the request for financial assistance; and

(2) for a Tier I county project:

(i) a marketing plan designed to market the project to prospective businesses;

(ii) a statement of planned marketing expenditures as a percent of the total financial assistance amount requested; and

(iii) a plan for the project that is consistent with the county's local strategic economic development plan as to the location and type of project.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-320 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-320/

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