Maryland Code, Economic Development § 5-321

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

(a)(1) After consulting with the Department and the Maryland Department of Labor, each year the Maryland Economic Development Commission shall:

(i) evaluate the potential employment and economic growth of Maryland's industry sectors; and

(ii) recommend eligible industry sectors to the Authority.

(2) Each year the Authority shall:

(i) consider the recommendation of the Maryland Economic Development Commission; and

(ii) establish a list of industry sectors that will be eligible for financial assistance from the Fund.

(3) In determining whether an applicant is engaged in an eligible industry sector, the Department shall consider the definitions set forth in the North American Industry Classification System.

(b)(1) For the purpose of providing financial assistance under this subtitle, the following are deemed to be in eligible industry sectors:

(i) aquaculture projects;

(ii) arts and entertainment enterprises;

(iii) arts and entertainment projects;

(iv) redevelopment of qualified brownfields sites;

(v) creation or expansion of child care facilities;

(vi) projects in areas that are declared to be federal disaster areas within 1 year before the Department receives an application for financial assistance under this subtitle; and

(vii) feasibility studies.

(2) The requirements specifically imposed on significant strategic economic development opportunities and local economic development opportunities under this subtitle do not apply to the items listed in paragraph (1) of this subsection.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-321 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-321/

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