Ch. 311                                    LAWS OF MARYLAND

[12-102.] 5-102.                                                   

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 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] EMPLOYMENT Development through its
Division of [Economic] BUSINESS 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 operate in areas of the State
experiencing significant economic dislocation or distress and
that it exercise its corporate powers to assist State and local
economic development agencies contribute in the expansion,
modernization, and retention of existing Maryland enterprises as
well as the attraction of new business to the State. In
furtherance of the purposes of this subtitle, it is also intended
that the Corporation structure its projects in a manner which
accelerates the transfer of facilities and sites into productive
use in the private sector and cooperate with private industry
councils, representatives of labor, and local governments in
maximizing new economic opportunities for the citizens of this
State.

[12-103.] 5-103.

(a)  The Corporation is [created and established as] a body
politic and corporate and is constituted as a public
instrumentality of the State of Maryland. The exercise by the
Corporation of the powers conferred by this subtitle shall be
deemed to be the performance of an essential public function.

(b)  (1) A Board of Directors shall manage the affairs of
the Corporation and shall exercise all of its corporate powers.

- 1564 -