Ch. 14

LAWS OF MARYLAND

negotiated, contain the following
items: (1) approval by the Board
of Public Works of the developers
commitments for the Primary Debt
and the Equity Investment; (2)
approval by the Board of Public
Works of the Management Agreement;
(3) receipt of payment bonds and
performance bonds satisfactory to
the Board of Public Works; (4) the
right of first refusal by the
Board of Public Works at the time
of a sale of the tenant's interest
in the ground lease.

Further, it is the intent of the

legislature that commencing on the
date the MICRF loan is paid in
full, any revenues collected from
the surcharges and participation
rent shall be deposited into the

General Fund. Should the tenant

sell the ground lease, any State
revenues generated from the sale

shall be deposited into the

General Fund. Further, that if any
portion of the MICRF loan remains
outstanding at the time the tenant
sells the ground lease, the entire

loan shall be paid in full

immediately following the purchase
of the ground lease.

Further provided, pursuant to the
preceding statements, that prior
to approval by the Board of Public
Works of the Ground Lease, the

Management Agreement, the

financial commitments for the

Primary Debt and Equity

Investment, the loan agreement
with the Maryland Industrial
Commercial Redevelopment Fund and
the agreement relating to payment
in lieu of taxes, and prior to
authorization to construct the
golf course, the Board of Public
Works must be satisfied that the
hotel/conference center will be
built and the Legislative Policy
Committee shall be provided copies
of the documents herein listed for

its review and comment. The

Legislative Policy Committee shall
have not more than 45 days from

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