Ch. 497

1996 LAWS OF MARYLAND

(2)     "Fund" means the Economic Development Opportunities Program
Fund.

(3)      (I) "PERFORMANCE REQUIREMENT' MEANS A CONTRACTUAL
AGREEMENT BETWEEN AN EXECUTIVE AGENCY AND A FUND RECIPIENT THAT
REQUIRES THE FUND RECIPIENT TO MEET MINIMUM ECONOMIC DEVELOPMENT
OUTCOMES IN EXCHANGE FOR A GRANT OR A LOAN UNDER THIS SECTION.

(II) "PERFORMANCE REQUIREMENT' INCLUDES CLAW-BACK,
PENALTY, RECISION, AND RECALIBRATION CLAUSES THAT UTILIZE JOB CREATION,
CAPITAL INVESTMENT, AND OTHER MEASURES OF ECONOMIC DEVELOPMENT.

[(3)](4) "Private sector enterprise" means any commercial, industrial,
educational, or research organization which is not a part of or controlled by a federal,
State, or local government agency.

[(4)] (5) "Executive agency" means an executive department or agency in
the Executive Branch of State government, including all offices of the Executive
Department or agency directly responsible to the Governor.

(6) "EXTRAORDINARY ECONOMIC DEVELOPMENT OPPORTUNITY" MEANS
THE:

(I) ATTRACTION OF A NEW PRIVATE SECTOR ENTERPRISE TO THE
STATE OR RETENTION OR EXPANSION OF AN EXISTING PRIVATE SECTOR ENTERPRISE IN
THE STATE THAT:

1. MAINTAINS A STRONG FINANCIAL CONDITION AND MINIMAL
CREDIT RISK PROFILE;

2. IS CAPABLE OF ACCESSING ALTERNATIVE SOURCES OF
FINANCING THROUGH FINANCIAL INSTITUTIONS OR CAPITAL MARKETS:

3.       IS CONSISTENT WITH THE STRATEGIC PLAN OF THE STATE
FOR ECONOMIC DEVELOPMENT;

4.        CREATES OR RETAINS SUBSTANTIAL EMPLOYMENT,
PARTICULARLY IN AREAS OF HIGH UNEMPLOYMENT; AND

5.       INVESTS IN CAPITAL AT A LEVEL EQUAL TO FIVE TIMES THE
VALUE OF THE INCENTIVE OFFERED;

(II) RETENTION OR EXPANSION OF AN EXISTING PUBLIC INSTITUTION.
PRIVATE INSTITUTION, OR FEDERAL RESEARCH AND DEVELOPMENT INSTITUTE THAT:

1. IS CONSISTENT WITH THE STRATEGIC PLAN OF THE STATE
FOR ECONOMIC DEVELOPMENT; AND

2.        CREATES OR RETAINS SUBSTANTIAL EMPLOYMENT.
PARTICULARLY IN AREAS OF HIGH UNEMPLOYMENT;

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