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HARRY HUGHES, Governor 1529
Administrative Departments
Section 440(b) through (g), 441(a)(9) and (c) through
(g), 44lA(a)(4) and (c) through (e), 44lB(b),
and 443
Annotated Code of Maryland
(1978 Replacement Volume and 1978 Supplement)
BY adding to
Article 41 — Governor - Executive and
Administrative Departments
Section 441 (a) (10) and (11)
Annotated Code of Maryland
(1978 Replacement Volume and 1978 Supplement)
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be repealed, amended, or enacted to read as follows: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
440.
(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] $750,000
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 reasonably be
expected to attract industry and create new employment
opportunities; (ii) the amount of benefit, in terms of
economic development 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; (iii) whether the
project, as planned, will be in compliance with applicable
zoning, sanitary, and other laws or regulations applicable
to the project; (iv) whether and to what extent federal or
other funds are available or are likely to become available
for the project; and (v) such other factors as the Secretary
deems relevant.
(c) (1) Upon approval of a loan, the Secretary
shall enter into a loan agreement with the borrowing
subdivision [providing for payment of interest only, at a
rate determined by the Secretary in accordance with this
section, commencing upon the date of the loan and continuing
until the land is sold or leased by the subdivision in
accordance with this section or for five years from the date
of the loan, whichever is sooner. Upon any such sale of the
land or part thereof, so much of the sale price as equals
the amount of the loan times the proportion of the land sold
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