Ch. 311

LAWS OF MARYLAND

(6)  The degree to which local governmental sources of
funding are committed to the project;

(7)  The degree to which private financial resources
are committed to the project;

(8)  The degree to which the community directly
impacted has demonstrated their commitment to the project; [and]

(9)  The likelihood of recoupment of project costs
through sale or lease of redeveloped property or increased
assessable base, although this factor does not preclude the use
of write-downs or favorable property tax treatment for the
purpose of stimulating economic and commercial activity; and

(10)  The degree of assurance that the project will be
completed on time and within its budget.

(b) In determining whether the expenditure of State funds
shall be in the form of a loan or grant and in determining the
terms of a loan, the Secretary shall consider, as additional
factors:

(1)  The fiscal situation of the applying political
subdivision;

(2)  The funds available in the industrial and
Commercial Redevelopment Fund; and

(3)  The degree of State assistance needed for the
project, with the objective of conserving the State's limited
financial resources.

[12-506.] 5-506.

If an application for a grant or loan meets the general
criterion and supporting factors and is justified in relation to
competing applications and the amount of funds available, the
Secretary shall make a preliminary finding of feasibility and
communicate to the political subdivision any recommended changes
in the project plan and any conditions to the loan or grant, not
inconsistent with this subtitle or other law. The project plan,
including the terms of the loan or grant, as revised by the
process of consultation between the political subdivision and
the Department, shall be submitted to the local governing body
in its final form. On approval of the final plan, by ordinance
or resolution, the Secretary shall recommend to the Board of
Public Works approval of the loan or grant. The Board of Public
Works may approve the loan or grant conditional oh modifying its
terms.

[12-507. ] 5-507.

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