2484                                    LAWS OF MARYLAND                               Ch. 906

subject to certain conditions and limitations;
[[and]] providing generally for the issue and sale
of bonds evidencing such loan after a certain date ;

providing for the agreement between the State Board

of Public Works and the Mayor and City Council of

Baltimore for determining the annual amounts of

estimated additional tax revenues based on the

creation of the facility; providing for a schedule

of expected revenues; providing that the City of

Baltimore shall report to the Board of Public Works

on a certain basis; and providing that the City

shall be obligated to the State for payment of any
deficiencies in the expected revenues; and providing

that the State of Maryland may not authorize more

than $35,000,000 in bonds for the Baltimore

Convention Center.

Preamble

WHEREAS, There is a national industry composed of
national associations' meetings and trade shows which
rotate geographically among the large cities of the
nation, representing a total market of more than $1
billion; and

WHEREAS, The State of Maryland and its principal
city, Baltimore, are not obtaining a proportionate share
of this convention and trade show business, due to the
lack of adequate exhibit, meeting and hotel facilities;

and

WHEREAS, Professional [[studeis]]studies have
indicated that the State of Maryland could obtain its
rightful and proportionate share of the convention and
trade show business if adequate exhibition, meeting and
hotel facilities could be provided within the central
city of the State, Baltimore; and

WHEREAS, Plans have been prepared at the expense of
the City of Baltimore, and cost estimates based on those
plans indicate that a modern, competitive Convention and
Trade Show Center can be constructed in the City of
Baltimore for $35 million; and

WHEREAS, Economic analysis has established that new
spending by out—of—State visitors to conventions,
meetings and trade shows would generate an increase of
$70 million a year, added to the economy of the State of
Maryland, if adequate convention, meeting and hotel
facilities are constructed; and

WHEREAS, The taxes generated by said spending by
out-of—State visitors would generate sufficient annual
income to the State to more than repay the cost of debt
service on State bonds in the amount of $35 million,
which are required to construct said convention and
meeting facilities; and