1198                            Laws of Maryland                      [Ch. 360

(a)   There has been increasing evidence of a shortage of indus-
trial sites throughout the State of proper size, characteristics, and
location necessary for the development and growth of industry in
the State and the resulting provision of enlarged opportunities for
gainful employment by the people of Maryland.

(b)   To ensure that appropriate industrial sites will be available
to meet the needs of industry, it is necessary to acquire potential
sites now and to preserve them for industrial use.

(c)  Such acquisition and preservation can be effected best by a
cooperative program between the State and its political subdivisions
as set forth in this subtitle.

432. Industrial Land Bank.

(a)  Any political subdivision of the State (defined for purposes
of this section as a county or the City of Baltimore) desiring to ac-
quire land under this section shall make application for each project
to the Secretary of Economic and Community Development (here-
inafter called "the Secretary"). The application shall describe the
project in such manner and detail as the Secretary may, by regula-
tion, determine, and shall include, without limitation: (i) a full
description of the land and its characteristics; (ii) a complete state-
ment as to why the land is particularly suited to industry, and what
particular industry or industries it is best suited to; (iii) a state-
ment of the likelihood of any particular industry or industrial con-
cern being interested in the land in the near future; (iv) a de-
scription of the zoning, sanitary and other appropriate laws and
regulations applicable to the land, and whether any changes therein
are contemplated by the applicant; (v) whether the applicant or a
municipality in which the land is located has adopted or developed
a general industrial land acquisition plan, and, if so, a complete
description of the plan and how the project applied for relates to
the plan; (vi) appraisals by two qualified appraisers approved by
the Secretary of the current market value of the land; (vii) a de-
scription of employment and unemployment conditions in the sub-
division and in the particular area or municipality in which the land
is located, including the rate of unemployment, if available, as de-
termined by the Maryland Employment Security Administration,
and any anticipated developments which may affect the rate of unem-
ployment in the near future; and (viii) whether there is a shortage
of industrial land in the subdivision and in the particular area or
municipality in which the land is located.

(b)   The Secretary, upon receipt of an application and after such
investigation as he deems advisable, may approve a loan of up to
100% of the current market value of the land as determined by him
but not exceeding $500,000 for any one project. In judging whether
or not to approve a loan and the amount of a loan, the Secretary
shall consider and determine: (i) whether the project may reason-
ably be expected to attract industry and create new employment
opportunities; (ii) the amount of benefit, in terms of economic de-
velopment and employment opportunities which the project may
reasonably be expected to generate in relation to such benefits which
other projects applied for may reasonably be expected to generate,
and in relation to the total funds available for lending; (in) whether
the project, as planned, will be in compliance with applicable zoning,