HARRY HUGHES, Governor                                     2631

RIGHTS NECESSARY OR USEFUL IN THE CONSTRUCTION OR OPERATION OF
A THE A PROJECT. IT ALSO INCLUDES ANY FACILITIES AND
PROPERTIES WITHIN THE DEFINITION OF "PROJECT" SET FORTH IN THIS
SECTION, WHETHER OR NOT SUCH FACILITIES OR PROPERTIES CAN BE
FINANCED BY BONDS THE INTEREST ON WHICH IS TAX EXEMPT UNDER THE
INTERNAL REVENUE CODE OF 1954.

(I) "REVENUES" INCLUDES ALL INCOME, REVENUES, AND OTHER
MONEYS RECEIVED BY THE CORPORATION FROM OR IN CONNECTION WITH ANY
THE ANY PROJECT, INCLUDING GRANTS, RENTALS, RATES, FEES, CHARGES
FOR THE USE OF THE SERVICES FURNISHED OR AVAILABLE, AND ALL OTHER
INCOME INURING TO THE CORPORATION; PROVIDED THAT THE CORPORATION
MAY FURTHER DEFINE OR LIMIT THE TERM "REVENUES" AS APPLIED TO A
PARTICULAR PROJECT, FINANCING, OR OTHER MATTER.

552.

THE GENERAL ASSEMBLY DECLARES AND FINDS THAT MARYLAND'S
ECONOMY CONTINUES TO EXPERIENCE TECHNOLOGICAL CHANGE AND
RESTRUCTURING. THE GENERAL ASSEMBLY RECOGNIZES THAT, WHILE
TECHNOLOGICAL CHANGE SOMETIMES RESULTS IN ECONOMIC CONTRACTION
AND DISLOCATION, IT ALSO AFFORDS OPPORTUNITIES TO EXPAND
PRODUCTIVE EMPLOYMENT AND EXPAND THE STATE'S ECONOMY AND TAX
BASE.

THE GENERAL ASSEMBLY FURTHER DECLARES AND FINDS THAT THE
ESTABLISHMENT OF A STATE PUBLIC CORPORATION TO DEVELOP VACANT OR
UNDERUTILIZED INDUSTRIAL SITES AND FACILITIES AS WELL AS OTHER
ECONOMIC RESOURCES ECONOMIC ACTIVITY ON CERTAIN REAL PROPERTY
KNOWN AS "FAIRCHILD INDUSTRIES" CERTAIN VACANT OR UNDERUTILIZED
INDUSTRIAL SITES AND FACILITIES AS WELL AS OTHER ECONOMIC
RESOURCES IN WHICH THE PRIVATE SECTOR HAS NOT DEMONSTRATED
SERIOUS AND SIGNIFICANT INTEREST OR DEVELOPMENT CAPABILITY WOULD
SERVE THE PUBLIC INTEREST. IT WOULD COMPLEMENT EXISTING STATE
MARKETING PROGRAMS ADMINISTERED BY THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT THROUGH ITS DIVISION OF ECONOMIC
DEVELOPMENT AND THROUGH FINANCIAL ASSISTANCE PROGRAMS SUCH AS
THOSE OF THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY
AND THOSE UNDER THE MARYLAND INDUSTRIAL LAND ACT AND THE MARYLAND
INDUSTRIAL AND COMMERCIAL REDEVELOPMENT FUND ACT. THE GENERAL
ASSEMBLY FINDS THAT THE STATE LACKS AND NEEDS DIRECT PROPERTY
DEVELOPMENT CAPABILITY FOR ECONOMIC DEVELOPMENT PURPOSES AND
WOULD COMPLEMENT EXISTING STATE MARKETING PROGRAMS ADMINISTERED
BY THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT THROUGH
ITS DIVISION OF ECONOMIC DEVELOPMENT AND THROUGH FINANCIAL
ASSISTANCE PROGRAMS SUCH AS THOSE OF THE MARYLAND INDUSTRIAL
DEVELOPMENT FINANCING AUTHORITY AND THOSE UNDER THE MARYLAND
INDUSTRIAL LAND ACT AND THE MARYLAND INDUSTRIAL AND COMMERCIAL

REDEVELOPMENT FUND ACT. THE GENERAL ASSEMBLY FINDS THAT THE

STATE LACKS AND NEEDS DIRECT PROPERTY DEVELOPMENT CAPABILITY FOR
ECONOMIC DEVELOPMENT PURPOSES.

THE GENERAL ASSEMBLY INTENDS THAT THE MARYLAND ECONOMIC
DEVELOPMENT CORPORATION CONCENTRATE ITS EFFORTS OPERATE IN AREAS
OF THE STATE EXPERIENCING SIGNIFICANT ECONOMIC DISLOCATION OR