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H.B. 972
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VETOES
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(Q) (R) "SPECIALIZED ECONOMIC DEVELOPMENT OPPORTUNITY" MEANS AN
ANIMAL WASTE TECHNOLOGY PROJECT, AN AQUACULTURE PROJECT,
REDEVELOPMENT OF A QUALIFIED BROWNFIELDS SITE, OR A PROJECT TO CREATE
OR EXPAND A CHILD CARE FACILITY.
[(d)] (R) (S) "Working capital" means funds to be used for current operations
of a business.
5-1402.
The [purpose] PURPOSES of the Maryland Economic Development Assistance
Fund [is] ARE to:
(1) [expand] EXPAND employment opportunities in the state by
providing [loans with favorable terms] financial assistance to. businesses that are
engaged in eligible industry sectors, INCLUDING FINANCIAL ASSISTANCE FOR
CREATION AND EXPANSION OF CHILD CARE FACILITIES, ANIMAL WASTE
TECHNOLOGY PROJECTS, AND AQUACULTURE PROJECTS;
(2) PROVIDE FINANCIAL INCENTIVES FOR REDEVELOPMENT OF
QUALIFIED BROWNFIELDS SITES; AND
(3) PROVIDE FINANCIAL ASSISTANCE TO LOCAL GOVERNMENTS FOR
ECONOMIC DEVELOPMENT PROJECTS AND GRANTS FOR LOCAL ECONOMIC
DEVELOPMENT FUNDS.
5-1403.
(a) There is a Maryland Economic Development Assistance Authority in the
Department.
(b) The Authority shall, WITH RESPECT TO FINANCIAL ASSISTANCE
EXCEEDING $2,500,000:
(1) Evaluate requests for [loans] FINANCIAL ASSISTANCE that have
been first evaluated by staff of the Department;
(2) Determine whether to approve [loan] requests FOR FINANCIAL
ASSISTANCE; and
(3) Set the terms and conditions for [loans] FINANCIAL ASSISTANCE.
(c) The Authority consists of the following nine members:
(1) Seven members appointed by the Governor with the advice and
consent of the Senate; and
(2) As ex officio members:
(i) The Secretary or the Secretary's designee; and
(ii) The Secretary of the Department of Transportation or the
Secretary's designee.
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- 4680 -
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