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H.B. 972
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VETOES
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at least 400,000 square feet on a limited basis of no more than one per jurisdiction,
and other needed infrastructure projects[, as set forth in §§ 5-704 through 5-709 of
this subtitle].
(2) Except as otherwise provided in this subsection, financial assistance
under this section [:
(i) Is subject to the applicable requirements, terms, and conditions
of loans under §§ 5-704 through 5-709 of this subtitle; and
(ii) May] MAY be in the form of a loan, an investment, or a loan
convertible in whole or in part to a grant upon the satisfaction of specified conditions,
all upon terms specified by the Department.
(3) (i) In addition to any other requirements for an application for
financial assistance under this subtitle, an application for financial assistance under
this section shall include, for each project:
1. A marketing plan designed to market the project to
prospective businesses and a statement of planned marketing expenditures as a
percent of the total financial assistance amount requested; and
2. A site plan for the project that is consistent with the
county's local strategic economic development plan as to the location and type of
project.
(ii) The Secretary may not approve financial assistance for a project
under this section unless the Secretary approves the marketing plan and site plan for
the project submitted with the application.
(4) (i) Each loan agreement under this section shall include a
provision for repayment of principal to begin only after the project is initially
occupied.
(ii) The Secretary may include in a loan agreement under this
section a provision for payment of interest to begin only after the project is initially
occupied.
(5) (i) To be eligible for financial assistance under this section, the
Maryland Economic Development Corporation shall enlist as a co-applicant for the
financial assistance the qualified distressed county or municipal corporation applying
under subsection (e) of this section in which the project to be funded under this
section is located.
(ii) As the co-applicant, the qualified distressed county or
municipal corporation applying shall:
1. Certify that it supports the project and that the proposed
financial assistance is consistent with the qualified distressed county's plan for
economic development; and
2. Provide to the Department details of the qualified
distressed county's support for and participation in the project.
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- 4654 -
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