PARRIS N. GLENDENING, Governor

Ch. 636

(C) (1) THE DEPARTMENT MAY NOT APPROVE A PROPOSAL SUBMITTED
UNDER THIS SUBSECTION UNLESS THE PROPOSAL IS APPROVED BY THE GOVERNING
BODY OF:

(I) EACH COUNTY IN WHICH THE DESIGNATED REVITALIZATION
AREA BENEFITED BY THE PROJECT IS LOCATED; AND

(II) EACH MUNICIPAL CORPORATION IN WHICH THE DESIGNATED
REVITALIZATION AREA BENEFITED BY THE PROJECT IS LOCATED.

(2)     EACH APPROVAL:

(I) SHALL BE IN WRITING; AND

(II) SHALL STATE THE MAXIMUM AMOUNT OF CONTRIBUTIONS TO
THE APPROVED PROJECT ELIGIBLE FOR THE TAX CREDITS PROVIDED UNDER § 4-704
OF THIS SUBTITLE.

(3)     THE SUM OF CONTRIBUTIONS ELIGIBLE FOR THE TAX CREDITS
PROVIDED UNDER § 4-704 OF THIS SUBTITLE FOR ALL PROJECTS APPROVED FOR
EACH FISCAL YEAR MAY NOT EXCEED $2,000,000.

(4)     IN APPROVING OR DISAPPROVING A PROPOSAL, AND IN
DETERMINING THE MAXIMUM AMOUNT OF CONTRIBUTIONS TO AN APPROVED
PROJECT THAT WILL BE ELIGIBLE FOR THE TAX CREDITS PROVIDED UNDER § 4-704
OF THIS SUBTITLE, THE DEPARTMENT:

(I) SHALL CONSIDER:

1.       THE NEED FOR THE PROJECT IN RELATION TO THE NEED
FOR OTHER PROJECTS PROPOSED;

2.       THE ANTICIPATED BENEFIT TO THE DESIGNATED
REVITALIZATION AREA;

THE PROJECT;
THE PROJECT;

THE CAPACITY OF THE APPLICANT TO RAISE FUNDS FOR
THE READINESS OF THE APPLICANT TO PROCEED WITH

5.       THE ABILITY OF THE APPLICANT TO COMPLETE THE
PROJECT AS PROPOSED;

6.       GEOGRAPHIC DISTRIBUTION OF PROJECTS; AND

7.       ANY OTHER RELEVANT FACTORS;

(II) MAY REQUEST DATA AND ASSISTANCE FROM OTHER UNITS OF
THE STATE; AND

(III) SHALL APPORTION AMONG THE APPROVED PROJECTS THE
LIMIT IMPOSED UNDER PARAGRAPH (3) OF THIS SUBSECTION ON THE SUM OF
CONTRIBUTIONS ELIGIBLE FOR TAX CREDITS FOR THE FISCAL YEAR.

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