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PARRIS N. GLENDENING, Governor
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Ch. 305
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(b) [Loans] FINANCIAL ASSISTANCE from the Fund may be used only to
finance costs incurred for:
(1) Acquisition or construction of a building or real estate;
(2) Acquisition, construction, or installation of machinery, equipment,
furnishings, fixtures, leasehold improvements, [or] site improvements, OR
INFRASTRUCTURE IMPROVEMENTS, INCLUDING RAIL LINE ENHANCEMENTS ON OR
TO THE SITE OF AN ECONOMIC DEVELOPMENT PROJECT; [or]
(3) Working capital FOR SIGNIFICANT STRATEGIC ECONOMIC
DEVELOPMENT OPPORTUNITIES;
(4) REDEVELOPMENT OF QUALIFIED BROWNFIELDS SITES;
(5) (I) EXCEPT AS PROVIDED IN ITEM (II) OF THIS PARAGRAPH, UP TO
50% OF THE COSTS OF RENOVATIONS, CONSTRUCTION, OR PURCHASE OF REAL
PROPERTY, FIXTURES, OR EQUIPMENT RELATED TO A CHILD CARE FACILITY, BUT
NOT FOR REFINANCING EXISTING LOANS, WORKING CAPITAL, SUPPLIES, OR
INVENTORY; OR
(II) A BUSINESS THAT HAS RECEIVED OR WILL RECEIVE A DAY
CARE LOAN INSURED BY THE MARYLAND INDUSTRIAL DEVELOPMENT FINANCING
AUTHORITY; SUCH BUSINESSES SHALL BE LIMITED TO FINANCIAL ASSISTANCE
FROM THE FUND OF NOT MORE THAN 20% OF THE COSTS DESCRIBED IN ITEM (I) OF
THIS PARAGRAPH;
(6) IF INCURRED BY A LOCAL GOVERNMENT, COSTS OF FEASIBILITY
STUDIES; AND
(7) UP TO 50% OF THE COSTS OF PREPARING A COUNTYS OR
MUNICIPALITY'S STRATEGY OR PLAN FOR ECONOMIC DEVELOPMENT, NOT TO
EXCEED A TOTAL OF $50,000 IN A 3-YEAR PERIOD.
(c) (1) [Loans] FINANCIAL ASSISTANCE from the Fund:
(i) [May not be for an amount less than $250,000, if the Fund
balance is less than $10,000,000;
(ii) ] May not exceed the lesser of $10,000,000 or 20% of the Fund
balance;
[(iii)] (II) Except as provided in item [(iv)] (III) of this paragraph,
may not exceed 70% of the total costs of the project being financed;
[(iv)] (III) May constitute 100% of the total costs of the project
being financed if the [borrower] RECIPIENT is the Maryland Economic Development
Corporation;
[(v)](IV) [Shall] IF A LOAN FOR A SIGNIFICANT STRATEGIC
ECONOMIC DEVELOPMENT OPPORTUNITY OR FOR A SPECIALIZED ECONOMIC
DEVELOPMENT OPPORTUNITY, SHALL carry an interest rate below the market rate of
interest, as determined by the Department; [and]
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- 1813 -
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