Ch. 390

LAWS OF MARYLAND

(e) [The] WHERE PERMITTED BY LAW APPLICABLE TO THE

BORROWING POLITICAL SUBDIVISION, THE loan agreement shall be
recorded among the land records of the political subdivision in
which the project is located and shall constitute a lien on the
land and the improvements.

5-406.1.

(A)  (1) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)  "INCUBATOR" MEANS ANY BUILDING OF FLEXIBLE
DESIGN, OWNED OR CONTROLLED BY A POLITICAL SUBDIVISION, FOR
EVENTUAL LEASE TO MULTIPLE NEW BUSINESSES WHICH SHARE SUPPORT
SERVICES AND FACILITIES.

(3)  "NEW BUSINESSES" ARE BUSINESSES WHICH HAVE BEEN
IN EXISTENCE FOR NO LONGER THAN 3 YEARS.

(4) "PROJECT COSTS" MAY INCLUDE PLANNING AND
ENGINEERING STUDIES, DESIGN AND ENGINEERING SERVICES, AND
BUILDING ACQUISITION AND BUILDING REHABILITATION.

(5)  "STATE-FINANCED RESEARCH" MEANS RESEARCH FINANCED
IN WHOLE OR IN PART WITH THE ASSISTANCE OF THE STATE.

(B)  ANY POLITICAL SUBDIVISION MAY APPLY TO THE SECRETARY
FOR A LOAN TO FINANCE PROJECT COSTS OF REHABILITATION OF EXISTING
BUILDINGS FOR INCUBATORS.

(C)  THE APPLICATION SHALL DESCRIBE THE PROJECT IN SUCH
MANNER AND DETAIL AS THE SECRETARY MAY, BY REGULATION, DETERMINE
AND SHALL INCLUDE THE INFORMATION SET FORTH IN § 5-404(A) OF THIS
SUBTITLE AS IT RELATES TO THE INCUBATOR PROJECT, AND A COMPLETE
BREAKDOWN OF THE ANTICIPATED COSTS OF THE PROJECT.

(D)  IN DETERMINING WHETHER OR NOT TO APPROVE A LOAN AND THE
AMOUNT OF THE LOAN, THE SECRETARY SHALL CONSIDER THOSE FACTORS
SET FORTH IN § 5-404{B) OF THIS SUBTITLE AS THEY RELATE TO THE
INCUBATOR PROJECT.

(E)  AFTER THE INVESTIGATION THE SECRETARY CONSIDERS
NECESSARY, THE SECRETARY MAY APPROVE A LOAN OF ALL OR ANY PART OF
THE PROJECT COSTS, NOT TO EXCEED $1,500,000 FOR ANY 1 INCUBATOR,
EXCEPT THAT IN THE CASE OF AN INCUBATOR FOR WHICH THE POLITICAL
SUBDIVISION HAS AN EXECUTED LEASE AGREEMENT ACCEPTABLE TO THE
SECRETARY WITH AT LEAST 1 NEW BUSINESS WHICH WILL BE CONDUCTING
STATE-FINANCED RESEARCH AS A TENANT OF THE INCUBATOR, THERE IS NO
MAXIMUM LOAN AMOUNT IMPOSED BY THIS SUBTITLE THE LOAN AMOUNT
UNDER THIS SUBSECTION SHALL NOT EXCEED $2,500,000.-----------------

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