PARRIS N. GLENDENING, Governor Ch. 564

(b) As a further step towards and condition of approval of a grant OR LOAN TO
AN APPLICANT by the Secretary, the general concept of the project plan, including a
designation of the project area, shall be the subject of a public hearing on adequate notice
and publicity and shall be endorsed by the chief executive officer of the political
subdivision IN WHICH THE PROJECT IS LOCATED or, if there is no chief executive
officer, by the governing body of the political subdivision.

5-805.

(a) In approving an application for a loan or grant, the Secretary shall use as the
governing criterion, the degree of desirable economic and social benefit expected to be
derived per dollar of State expenditure. In applying this criterion, the Secretary shall
consider at least the following factors:

(1) The population of the [applying] political subdivision IN WHICH THE
PROJECT IS LOCATED and of the area affected by the project:

(2) The extent of economic and related social distress, underemployment,
and unemployment in the political subdivision IN WHICH THE PROJECT IS LOCATED and
of the area affected by the project and the degree to which it will be relieved by the
carrying out of the project:

(3) The degree of revitalization, renovation, rehabilitation, and physical
improvement to be accomplished by the project:

(4) The degree to which the project will advance statewide and/or local
economic development strategies and objectives:

(5) The degree to which available sources of federal financial support have
been sought and will be utilized;

(6) The degree to which local governmental sources of funding are
committed to the project;

(7) The degree to which private financial resources are committed to the

project;

(8) The degree to which the community directly impacted has demonstrated
their commitment to the project;

(9) The likelihood of recoupment of project costs through sale or lease of
redeveloped property or increased assessable base, although this factor does not preclude
the use of write-downs or favorable property tax treatment for the purpose of stimulating
economic and commercial activity; and

(10) The degree of assurance that the project will be completed on time and
within its budget.

(b) In determining whether the expenditure of State funds shall be in the form of
a loan or grant and in determining the terms of a loan, the Secretary shall consider, as
additional factors:

(1) The fiscal situation of the [applying political subdivision] APPLICANT;

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