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PARRIS N. GLENDENING, Governor
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H.B. 972
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5-1407.
(A) (1) A LOCAL GOVERNMENT MAY APPLY FOR A GRANT FROM THE FUND
TO A LOCAL ECONOMIC DEVELOPMENT FUND.
(2) IN JUDGING WHETHER OR NOT TO APPROVE A GRANT TO A LOCAL
ECONOMIC DEVELOPMENT FUND, THE DEPARTMENT OR THE AUTHORITY SHALL
CONSIDER AND DETERMINE:
(I) THE AVERAGE RATE OF UNEMPLOYMENT FOR THE LOCAL
JURISDICTION IN COMPARISON TO THE AVERAGE RATE OF UNEMPLOYMENT FOR
THE STATE;
(II) WHETHER THE LOCAL GOVERNMENT CURRENTLY
ADMINISTERS A LOCAL ECONOMIC DEVELOPMENT FUND;
(III) THE ABILITY OF THE LOCAL GOVERNMENT TO LEVERAGE
PRIVATE MONEYS;
(IV) THE LEVEL OF FINANCIAL COMMITMENT PROVIDED BY THE
LOCAL GOVERNMENT; AND
(V) ANY OTHER FACTORS THAT THE DEPARTMENT OR THE
AUTHORITY CONSIDERS RELEVANT.
(B) TO QUALIFY FOR A GRANT, A LOCAL GOVERNMENT SHALL PROVIDE AT
LEAST AN EQUAL AND MATCHING GRANT OF FUNDS TO THE LOCAL ECONOMIC
DEVELOPMENT FUND.
(C) (1) DURING A FISCAL YEAR:
(I) THE DEPARTMENT MAY NOT GRANT MORE THAN $2,000,000
UNDER THIS SECTION; AND
(II) SUBJECT TO PARAGRAPH (3) OF THIS SUBSECTION, A COUNTY
MAY NOT RECEIVE MORE THAN $250,000 UNDER THIS SECTION.
(2) SUBJECT TO PARAGRAPH (3) OF THIS SUBSECTION, DURING THE
PERIOD FROM OCTOBER 1, 1998 THROUGH JUNE 30, 2003, A COUNTY MAY NOT
RECEIVE A TOTAL OF MORE THAN $500,000 UNDER THIS SECTION OR UNDER THE
FORMER MARYLAND INDUSTRIAL LAND ACT PROVISIONS GOVERNING GRANTS TO
LOCAL ECONOMIC DEVELOPMENT FUNDS.
(3) FOR PURPOSES OF THE LIMITATIONS UNDER PARAGRAPHS (1)(II)
AND (2) OF THIS SUBSECTION:
(I) ANY FUNDS RECEIVED UNDER THIS SECTION BY A MUNICIPAL
CORPORATION OR A DESIGNATED AGENCY OR INSTRUMENTALITY SHALL BE
DEEMED TO BE FUNDS GRANTED TO THE COUNTY WITHIN WHICH THE MUNICIPAL
CORPORATION, AGENCY, OR INSTRUMENTALITY IS LOCATED; AND
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