PARRIS N. GLENDENING, Governor                             Ch. 120

(v) [whether] 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] APPRAISALS by two qualified appraisers approved by
the Secretary of the current market value of the land;

(vii) [a] A description of employment and unemployment conditions in
the subdivision and in the particular area in which the land is located, including the rate
of unemployment, if available, and any anticipated developments which may affect the
rate of unemployment in the near future; and

(viii) [whether] WHETHER there is a shortage of industrial land in the
subdivision and in the particular area in which the land is located.

(b)     The Secretary, upon receipt of an application and after such investigation as
he deems advisable, may approve a loan of up to 100% of the current market value of the
land as determined by him but not exceeding $1,250,000 for any one project. In judging
whether or not to approve a loan and the amount of a loan, the Secretary shall consider
and determine:

(i) [whether] WHETHER the project may reasonably be expected to
attract industry and create new employment opportunities;

(ii) [the] THE amount of benefit, in terms of economic development
and employment opportunities which the project may reasonably be expected to generate
in relation to such benefits which other projects applied for may reasonably be expected
to generate, and in relation to the total funds available for lending;

(iii) [whether] WHETHER the project, as planned, will be in
compliance with applicable zoning, sanitary, and other laws or regulations applicable to
the project;

(iv) [whether] WHETHER and to what extent federal or other funds
are available or are likely to become available for the project; and

(v) [such] SUCH other factors as the Secretary deems relevant.

(c)     (1) Upon approval of a loan, the Secretary shall enter into a loan agreement
with the borrowing subdivision.

(2) Each loan agreement shall include:

(i) A provision for payments of interest only for a period not to exceed
5 years from the date of the loan;

(ii) A provision for payments of principal and interest, in accordance
with an amortization schedule that the Secretary approves, for not more than a 40-year
period from the end of the interest only payment period;

(iii) A provision for an interest rate that equals:

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