PARRIS N. GLENDENING, Governor                             Ch. 497

(i) (K) Subject to the provisions of this subtitle, funds transferred from the
Economic Development Opportunities Program Fund, to an executive agency, may be
loaned or granted for:

(1)     assisting in the retention or expansion of existing private sector
enterprises, public or private institutions, or federal research and development institutes;

(2)     assisting in the establishment or attraction of private sector enterprises,
public or private institutions, or federal research and development institutes new to this
State; or

(3)     providing assistance where existing State or local programs lack
sufficient resources or are constrained by timing or program design from being utilized.

(j) (L) Upon request for approval for the transfer of funds by budget
amendment from the Fund, the Governor shall provide, subject to § 2-1312 of the State
Government Article, to the Legislative Policy Committee:

(1)     a detailed description of:

(i) the proposed use of the funds;

(ii) the manner in which the proposed use meets the criteria as set
forth in this section;

(iii) the degree to which the proposed use of funds will advance
statewide or local economic development strategies and objectives; and

(iv) the degree to which available sources of federal, State, local, and
private financial support has been sought and will be utilized;

(2)     the [terms and conditions] TERMS, CONDITIONS, AND
PERFORMANCE REQUIREMENTS of any grant or loan for which the funds are to be used;

(3)     a comprehensive economic analysis of the proposed use of the funds
which estimates:

(i) the economic impact to the State and the local jurisdictions
affected;

(ii) a minimum level of net economic benefits to the public sector; and

(III) THE NUMBER OF JOBS EXPECTED TO BE CREATED AS A RESULT OF
THE PROPOSED ECONOMIC DEVELOPMENT PROJECT AND THE PERCENTAGE OF THOSE
JOBS THAT ARE EXPECTED TO BE HELD BY MARYLAND RESIDENTS;

(IV) THE WAGE RATES AND BENEFIT PACKAGES FOR THE JOBS
EXPECTED TO BE CREATED AS A RESULT OF THE PROPOSED ECONOMIC DEVELOPMENT
PROJECT; AND

(iii) (V) any other appropriate financial or economic benefits; [and]

(4)     any other analysis or information that is requested by the Legislative
Policy Committee; AND

- 2921 -