1454

LAWS OF MARYLAND

Ch. 454

PERSON OR OTHER LEGAL ENTITY, SUCH FINANCIAL LOANS TO BE
USED FOR OR IN CONNECTION WITH THE PURCHASE, ACQUISITION,

CONSTRUCTION, RECONSTRUCTION, ERECTION, DEVELOPMENT,

REDEVELOPMENT, REHABILITATION, RENOVATION, MODERNIZATION, OR
IMPROVEMENT OF BUILDINGS OR STRUCTURES, INCLUDING ANY LAND
NECESSARY THEREFOR, WITHIN THE BOUNDARIES OF BALTIMORE CITY,
WHICH BUILDINGS OR STRUCTURES ARE TO BE USED OR OCCUPIED FOR
INDUSTRIAL PURPOSES PURCHASE OR ACQUISITION OF LEASEHOLD OR
FEE SIMPLE INTERESTS IN BUILDINGS OR STRUCTURES, AND FOR
CONSTRUCTION, RECONSTRUCTION, ERECTION, DEVELOPMENT,
REHABILITATION, RENOVATION, REDEVELOPMENT OR IMPROVEMENT OF
BUILDINGS OR STRUCTURES, LOCATED WITHIN THE BOUNDARIES OF
BALTIMORE CITY, WHICH BUILDINGS OR STRUCTURES ARE TO BE USED
OR OCCUPIED FOR INDUSTRIAL PURPOSES. THE TERM "INDUSTRIAL
PURPOSES" SHALL EMBRACE EVERY TYPE OR BRANCH OF BUSINESS,
CONDUCTED FOR A LIVELIHOOD OR FOR PROFIT, OR CONDUCTED ON A
NONPROFIT BASIS, IT BEING PROVIDED THAT THE BUILDING OR
STRUCTURE MAY BE FINANCED BY OBLIGATIONS THE INTEREST ON
WHICH IS EXEMPT FROM FEDERAL INCOME TAXATION UNDER THE
PROVISIONS OF ANY FEDERAL STATUTE, INCLUDING THE PROVISIONS
OF SECTION 103 OF THE INTERNAL REVENUE CODE OF 1954, AS NOW
OR HEREAFTER AMENDED. IT IS HEREBY FOUND AND DETERMINED
THAT CONDITIONS OF UNEMPLOYMENT EXIST IN BALTIMORE CITY AND
THE DEVELOPMENT OF BUSINESS OF ALL TYPES (INCLUDING, WITHOUT
LIMITATION, MANUFACTURING, COMMERCE, RESEARCH, EDUCATION,
REAL ESTATE DEVELOPMENT, AND RECREATION) IS ESSENTIAL TO
RELIEVE THIS UNEMPLOYMENT AND TO ESTABLISH A BALANCED
ECONOMY IN BALTIMORE CITY.

(B) TO MAKE, PURCHASE, CONTRACT TO MAKE, OR OTHERWISE
ACQUIRE FINANCIAL LOANS TO THE OWNERS OF BUILDINGS OR
STRUCTURES LOCATED WITHIN THE BOUNDARIES OF BALTIMORE CITY,
WHICH ARE OR ARE TO BE USED OR OCCUPIED FOR RESIDENTIAL OR
COMMERCIAL PURPOSES, OR ANY COMBINATION THEREOF, FOR OR IN

CONNECTION WITH REHABILITATING, RENOVATING, DEVELOPING,

REDEVELOPING, OR IMPROVING SAID BUILDINGS OR STRUCTURES AND
TO GUARANTEE OR INSURE FINANCIAL LOANS MADE BY THIRD PARTIES
TO THE OWNERS OF BUILDINGS OR STRUCTURES LOCATED WITHIN THE
BOUNDARIES OF BALTIMORE CITY, WHICH ARE OR ARE TO BE USED OR
OCCUPIED FOR RESIDENTIAL OR COMMERCIAL PURPOSES, OR ANY

COMBINATION THEREOF, FOR OR IN CONNECTION WITH

REHABILITATING RENOVATING, DEVELOPING, REDEVELOPING, OR
IMPROVING SAID BUILDINGS OR STRUCTURES.

(C) TO ESTABLISH AN INDUSTRIAL, COMMERCIAL, AND

RESIDENTIAL LOAN AND GUARANTEE PROGRAM OR PROGRAMS IN
BALTIMORE CITY IN ORDER TO SERVE A PUBLIC PURPOSE AND NEED
WHICH IS FOUND AND DETERMINED TO BE THE DEVELOPMENT AND
PERPETUATION OF READILY AVAILABLE SOURCES OF MONEY TO
BUSINESSES OF ALL TYPES AT LOW AND MODERATE COST AND
OTHERWISE TO EFFECTUATE THE PURPOSES OF SUBSECTION (A) AND
(B) OF THIS SECTION. THE PURPOSES OF THE PROGRAM ARE (I) TO
PRESERVE A HEALTHY, VIABLE AND BALANCED ECONOMY WITHIN

BALTIMORE CITY, (II) TO RELIEVE THE CONDITIONS OF

UNEMPLOYMENT WHICH EXIST IN BALTIMORE CITY, (III) TO DEVELOP
NEW BUSINESS AND TO PROVIDE FOR THE IMPROVEMENT OF EXISTING
BUSINESS IN BALTIMORE CITY, (IV) TO ENCOURAGE AND FACILITATE