PARRIS N. GLENDENING, Governor                             Ch. 120

trade, service industries, supply, wholesaling, warehousing, or any other industrial,
commercial, or business purposes, including any combination of these activities, whether
for profit or not for profit, and whether or not any facilities are located on a single site.
The term "project" includes land, buildings, structures, machinery, equipment,
furnishings, rail or motor vehicles, barges, boats, and all real or personal properties and
rights therein and appurtenances, rights-of-way, franchises, easements, and other
interests in land, all land and facilities which are functionally related and subordinate to
the project and all patents, licenses, and other rights necessary or useful in the
construction or operation of a project. It also includes any facilities and properties within
the definition of "project" set forth in this section, whether or not such facilities or
properties can be financed by bonds the interest on which is tax exempt under the
Internal Revenue Code.

(i) "Revenues" includes all income, revenues, and other moneys received by the
Corporation from or in connection with any project, including grants, rentals, rates, fees,
charges for the use of the services furnished or available, and all other income inuring to
the Corporation; provided that the Corporation may further define or limit the term
"revenues" as applied to a particular project, financing, or other matter.

[5-102.] 5-202.

(A)     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.

(B)     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 BUSINESS AND Economic [and Employment] Development through
its [Division] OFFICE of Business Development AND RESOURCES 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.

(C)     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.

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