PARRIS N. GLENDENING, Governor

Ch. 737

(2) "PROJECT" INCLUDES:

(I) LAND, BUILDINGS, STRUCTURES, MACHINERY, EQUIPMENT,
FURNISHINGS, AND ALL REAL OR PERSONAL PROPERTIES AND RIGHTS THEREIN
AND APPURTENANCES, RIGHTS-OF-WAY, FRANCHISES, EASEMENTS, AND OTHER
INTERESTS IN LAND, ALL LAND AND FACILITIES WHICH ARE FUNCTIONALLY
RELATED AND SUBORDINATE TO THE PROJECT AND ALL PATENTS, LICENSES, AND
OTHER RIGHTS NECESSARY OR USEFUL IN THE CONSTRUCTION OR OPERATION OF
A PROJECT; AND

(II) ANY FACILITIES AND PROPERTIES WITHIN THE DEFINITION OF
"PROJECT" SET FORTH IN THIS SUBSECTION, WHETHER OR NOT THESE FACILITIES
OR PROPERTIES CAN BE FINANCED BY BONDS THE INTEREST ON WHICH IS TAX
EXEMPT UNDER THE INTERNAL REVENUE CODE.

(I) "REVENUES" INCLUDES ALL INCOME, REVENUES, AND OTHER MONEYS
RECEIVED BY THE CORPORATION FROM OR IN CONNECTION WITH ANY PROJECT,
INCLUDING GRANTS, RENTALS, RATES, FEES, CHARGES FOR THE USE OF THE
SERVICES FURNISHED OR AVAILABLE, AND ALL OTHER INCOME INURING TO THE
CORPORATION.

5-1202.

(A) THE GENERAL ASSEMBLY DECLARES AND FINDS THAT THE ECONOMY OF
WASHINGTON COUNTY WILL BE GREATLY IMPACTED BY THE CLOSURE OF FORT
RITCHIE THE GENERAL ASSEMBLY RECOGNIZES THAT, WHILE THIS CLOSURE WILL
RESULT 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 FORT RITCHIE
WOULD SERVE THE PUBLIC INTEREST. IT WOULD COMPLEMENT EXISTING STATE
MARKETING PROGRAMS ADMINISTERED BY THE DEPARTMENT OF BUSINESS AND
ECONOMIC DEVELOPMENT THROUGH ITS OFFICE OF BUSINESS DEVELOPMENT AND
RESOURCES AND THROUGH FINANCIAL ASSISTANCE PROGRAMS SUCH AS THOSE OF
THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY, 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 AT FORT RITCHIE

(C) IN FURTHERANCE OF THE PURPOSES OF THIS SUBTITLE, THE GENERAL
ASSEMBLY ALSO INTENDS 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 LOCAL
GOVERNMENTS THE GOVERNING BODY OF WASHINGTON COUNTY IN MAXIMIZING
NEW ECONOMIC OPPORTUNITIES FOR THE CITIZENS OF THIS STATE.

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