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PARRIS N. GLENDENING, Governor
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H.B. 972
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(k) Subject to the provisions .of this subtitle, funds transferred from the
Economic Development Opportunities Program Fund, to an executive agency, may be
loaned [or], granted, OR INVESTED for:
(1) assisting in the retention or expansion of existing private sector
enterprises, public or private institutions, or federal research and development
institutes;
(2) assisting in the establishment or attraction of private sector
enterprises, public or private institutions, or federal research and development
institutes new to this State; or
(3) providing assistance where existing State or local programs lack
sufficient resources or are constrained by timing or program design from being
utilized.
(1) Upon request for approval for the transfer of funds by budget amendment
from the Fund, the Governor shall provide, subject to § 2-1246 of the State
Government Article, to the Legislative Policy Committee, IF THE FUNDS REQUESTED
EXCEED $2,500,000, OR TO AN EXECUTIVE COMMITTEE OF THE LEGISLATIVE POLICY
COMMITTEE, IF THE FUNDS REQUESTED ARE LESS THAN $2,500,000:
(1) a detailed description of:
(i) the proposed use of the funds;
(ii) the manner in which the proposed use meets the criteria as set
forth in this section;
(iii) the degree to which the proposed use of funds will advance
statewide or local economic development strategies and objectives; and
(iv) the degree to which available sources of federal, State, local,
and private financial support has been sought and will be utilized;
(2) the terms, conditions, and performance requirements of any grant or
loan for which the funds are to be used;
(3) a comprehensive economic analysis of the proposed use of the funds
which estimates:
(i) the economic impact to the State and the local jurisdictions
affected;
(ii) a minimum level of net economic benefits to the public sector;
(iii) the number of jobs expected to be created as a result of the
proposed economic development project and the percentage of those jobs that are
expected to be held by Maryland residents;
(iv) the wage rates and benefit packages for the jobs expected to be
created as a result of the proposed economic development project; and
(v) any other appropriate financial or economic benefits;
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- 4699 -
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