Ch. 216                                   2004 LAWS OF MARYLAND

(iii) Submits to the Department an application containing:

1.       [any] ANY information the Department or the Authority
deems necessary in evaluating the request for financial assistance; AND

2.       FOR A QUALIFIED DISTRESSED COUNTY PROJECT, THE
FOLLOWING, IN FORM AND CONTENT ACCEPTABLE TO THE DEPARTMENT;

A.       A MARKETING PLAN DESIGNED TO MARKET THE PROJECT
TO PROSPECTIVE BUSINESSES;

B.      A STATEMENT OF PLANNED MARKETING EXPENDITURES
AS A PERCENT OF THE TOTAL FINANCIAL ASSISTANCE AMOUNT REQUESTED; AND

C.      A PLAN FOR THE PROJECT THAT IS CONSISTENT WITH
THE COUNTY'S LOCAL STRATEGIC ECONOMIC DEVELOPMENT PLAN AS TO THE
LOCATION AND TYPE OF PROJECT; or

(2) A local economic development fund that meets the criteria set forth in
§ 5-1407 of this subtitle.

(g) (1) Financial assistance provided to a local government must be
approved by a formal resolution of:

(i) The governing body of the jurisdiction in which the project is
located; or

(ii) [If] EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, IF the recipient of the financial assistance is the Maryland Economic
Development Corporation, its board of directors.

(2) IF THE RECIPIENT OF THE FINANCIAL ASSISTANCE IS THE
MARYLAND ECONOMIC DEVELOPMENT CORPORATION FOR A QUALIFIED
DISTRESSED COUNTY PROJECT, THE FINANCIAL ASSISTANCE MUST BE APPROVED BY
FORMAL RESOLUTIONS OF BOTH THE BOARD OF DIRECTORS OF THE MARYLAND
ECONOMIC DEVELOPMENT CORPORATION AND THE GOVERNING BODY OF THE
JURISDICTION IN WHICH THE PROJECT IS LOCATED.

[(2)] (3) A project that is funded by a grant from the Fund to a local
government, and carried out by the local government, must be consistent with the
strategy or plan for economic development of the county or municipality in which the
project is located.

(h) (1) Financial assistance from the Fund not exceeding $2,500,000 may be
approved by the Secretary.

(2)     Financial assistance from the Fund exceeding $2,500,000 shall be
approved by the Authority.

(3)      NOTWITHSTANDING PARAGRAPHS (1) AND (2) OF THIS SUBSECTION,
THE SECRETARY MAY APPROVE FINANCIAL ASSISTANCE EXCEEDING $2,500,000 FOR A
QUALIFIED DISTRESSED COUNTY PROJECT.

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