PARRIS N. GLENDENING, Governor

S.B. 810

[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.

[5-103] 5-203.

(a)     The Corporation is a body politic and corporate and is constituted as a public
instrumentality of the State of Maryland. The exercise by the Corporation of the powers
conferred by this subtitle shall be deemed to be the performance of an essential public
function.

(b)     (1) A Board of Directors shall manage the affairs of the Corporation and
shall exercise all of its corporate powers.

(2) The Board of Directors shall consist of 12 persons appointed by the
Governor, all of whom shall be citizens of the State. The Secretaries of BUSINESS AND
Economic [and Employment] Development and Transportation shall be ex officio voting
members. Two members shall represent local government. Of the remaining members of
the Board, 3 members shall be knowledgeable in real estate or commercial financing, 3
members shall be knowledgeable in industrial development or industrial relations, and 2

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