US Laws, Codes, Statutes & Cases

      (a)      After the members of the Board of Directors of the Corporation are appointed and qualified, the Board of Public Works shall convey to the Corporation, without consideration, certain real property known as the "Fairchild Industries" property deeded to the State of Maryland and recorded among the land records of Washington County in liber 755, folio 946, including any improvements and personal property.

      (b)      With the approval of the governing body of each political subdivision in which the project is proposed to be located, the Board of Public Works may convey to the Corporation for economic development purposes any real property and improvements which:

            (1)      Have been transferred to the State by gift or otherwise for substantially below market value as a vacant or underutilized industrial facility or site;

            (2)      Have been in existence in Maryland for 10 years or more; and

            (3)      Are not less than 10 acres.

      (c)      If a transferor owns any additional property adjoining the facility or site, the Board of Public Works shall have the first option to purchase the adjoining property at a price to be established at the time of the transfer.

      (d)      Property conveyed under this section may be insured under Title 9 of the State Finance and Procurement Article.