Ch. 390

LAWS OF MARYLAND

amounts upon sale of a portion of land securing a loan under
that Act; amending interest only periods and amortization
periods applicable to MILA loans; authorizing the Secretary
of Economic and Employment Development to make loans to
finance the rehabilitation of existing buildings into
incubators; authorizing the Secretary to release the State's
lien on land within an industrial park under certain
circumstances; authorizing the Industrial Land Fund to pay
certain expenses; and generally relating to loans made under
the Maryland Industrial Land Act.

BY repealing and reenacting, with amendments,

Article 41A - Department of Economic and Employment

Development
Section 5-404, 5-405, 5-406, 5-408(f), 5-411, and 5-414
Annotated Code of Maryland
(1986 Replacement Volume and 1987 Supplement)

BY adding to

Article 41A - Department of Economic and Employment

Development
Section 5-406.1
Annotated Code of Maryland
(1986 Replacement Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 41A - Department of Economic and Employment Development

5-404.

(a) Any political subdivision of the State desiring to
acquire land under this section shall make application for each
project to the Secretary. The application shall describe the
project in such manner and detail as the Secretary may, by
regulation, determine, and shall include, without limitation: (i)
a full description of the land and its characteristics; (ii) a
complete statement as to why the land is particularly suited to
industry, and what particular industry or industries it is best
suited to; (iii) a statement of the likelihood of any particular
industry or industrial concern being interested in the land in
the near future; (iv) a description of the zoning, sanitary and
other appropriate laws and regulations applicable to the land,
and whether any changes therein are contemplated by the
applicant; (v) whether the applicant has adopted or developed a
general industrial land acquisition plan, and, if so, a complete
description of the plan and how the project applied for relates
to the plan; (vi) appraisals by two qualified appraisers approved

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