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PARRIS N. GLENDENING, Governor
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Ch. 98
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(1) The project has significant commitments for funding from other
private and nonstate public sources that are sufficient to complete the project with
the funds from the Neighborhood Business Development [Program] FUND;
(2) The financial assistance from the Neighborhood Business
Development Fund is the least amount necessary to make the project financially
feasible;
(3) The project is ready to proceed upon funding of financial assistance
from the BUSINESS DEVELOPMENT Program; and
(4) The local jurisdiction adopted a local resolution, or its authorized
designee delivered a letter to the BUSINESS DEVELOPMENT Program, expressing
support for the project.
4-205.
The Department shall:
(1) Manage, supervise, and administer the BUSINESS DEVELOPMENT
Program;
(2) Adopt rules and regulations to carry out the BUSINESS
DEVELOPMENT Program in conformance with statutory requirements; and
(3) For each category of financing described under § 4-204(a) of this
subtitle, establish minimum percentages or amounts of private and non-state public
funding that the applicant is required to secure before the Department may
determine that the applicant is qualified for the BUSINESS DEVELOPMENT Program.
4-206.
(a) Financial assistance UNDER THE BUSINESS DEVELOPMENT PROGRAM
may be used to finance a portion of the development costs of a neighborhood business
development project.
(b) The financial assistance shall be on such terms as the Department deems
necessary to make the enterprise financially feasible.
(c) Financial assistance under the [Neighborhood] Business Development
Program may be secured, at the discretion of the Department, by a mortgage lien or
other security instrument, which may be subordinate to other security interests.
(d) The Department may:
(1) Modify the rate of interest, the time or amount of payment, or any
other term of a grant or loan in order to facilitate the successful completion or
operation of a project; and
(2) Contract for services relating to the BUSINESS DEVELOPMENT
Program.
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- 703 -
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