1384                                   LAWS OF MARYLAND                                 Ch. 496

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 41 — Governor — Executive and Administrative

Departments

266K.

It is declared that a need exists for new and expanded
industrial enterprises to provide enlarged opportunities for
gainful employment by the people of Maryland and thus to
insure the preservation and betterment of the economy of the
State. It is also declared that it is in the interest of
the public welfare and purpose to promote the expansion and
diversification of industry, to avoid the relocation of
industry from the State, to increase employment, and to
provide a larger taxable base for the economy of the State
of Maryland. It is further declared that a need exists to

assist and encourage local nonprofit development

corporations and/or municipalities or counties in their
efforts to stimulate business growth in their communities.
Therefore, the Maryland Industrial Development Financing
Authority is created as part of the Department of Economic
and Community Development to encourage the making of
[mortgage] loans for the purpose of furthering industrial
expansion in the State, and discouraging the relocation of
industry from the State, and, thus, improve the welfare of
the public for the foregoing reasons and, by the stimulation
of a larger flow of private investment funds, from banks,
building and loan associations, credit unions, savings and
loan associations, insurance companies, and other financial

institutions, including pension, retirement and

profit—sharing funds, meet the need of industrial plant
expansion.

266-0.

As used in this subtitle the following words and terms
have the following meanings and unless the context indicates
another or different meaning or intent:

(3) "Industrial project" means (i) construction
of a new industrial or manufacturing plant; or (ii)
acquisition, refinancing, rehabilitation, or improvement of
a former industrial or manufacturing plant; or (iii)
buildings used primarily for storage or transshipment of
manufactured goods; or (iv) buildings to be used for
research and development for the discovery, perfection, or
evaluation of new processes or products; or (v)
construction, acquisition, refinancing, rehabilitation, or
improvement of tourist or convention facilities, which may
include mercantile, retail, and service establishments, if
the Authority determines that the facilities will be used
primarily by or for tourists or conventioneers; or (vi)
mercantile, retail, or service facilities that primarily