US Laws, Codes, Statutes & Cases

      (a)      (1)      In this section the following words have the meanings indicated.

            (2)      "Board" means the Board of Directors of the Corporation.

            (3)      "Financial assistance" means grants, loans, credit enhancements, or another similar form or manner of assistance.

            (4)      "Program" means the Maryland Technology Incubator Program.

      (b)      (1)      There is a Maryland Technology Incubator Program.

            (2)      The Program is administered by the Corporation.

      (c)      The purpose of the Program is to promote entrepreneurship and the creation of jobs in technology-related industry by establishing and operating effective incubators throughout the State that provide adequate physical space designed, and programs intended, to increase or accelerate business success in the field of technology.

      (d)      (1)      The Board shall award financial assistance under this section to further the purposes stated in subsection (c) of this section.

            (2)      The Board may award financial assistance using moneys provided by:

                  (i)      The State;

                  (ii)      The federal government; or

                  (iii)      A nongovernmental entity.

            (3)      After consulting with the Secretary, the Board shall establish criteria and requirements for the awarding of financial assistance, which shall:

                  (i)      Support the development and use of best practices in the incubation process;

                  (ii)      Provide strategic planning, needs assessments, and feasibility studies; or

                  (iii)      Assist in the acquisition and construction of new or expanded space or the renovation of existing space for an incubator, including by providing or assisting with:

                        1.      Land acquisition;

                        2.      The obtaining of architectural and engineering services;

                        3.      The payment of administrative costs;

                        4.      The development or upgrading of communications infrastructure;

                        5.      The acquisition of furnishings and equipment; or

                        6.      The acquisition or purchase of other items associated with tenant build-out.

      (e)      The Board may award financial assistance to:

            (1)      A local government;

            (2)      An agency or instrumentality designated by the local government, including a nonprofit corporation;

            (3)      A public or private college or university;

            (4)      The Maryland Economic Development Corporation; or

            (5)      A nonprofit entity operating an incubator in the State.

      (f)      (1)      Unless the requirement is waived by the Board in whole or part, for good cause shown, a recipient of financial assistance under subsection (d)(3)(iii) of this section shall provide matching funds or in-kind contributions for the project that are at least equal to the amount of the financial assistance awarded.

            (2)      Unless otherwise approved by a two-thirds vote of the membership of the Board, the Board may not award financial assistance within a single county or within Baltimore City under subsection (d)(3)(iii) of this section that exceed a total of $1,000,000 in any fiscal year.