2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 5-324 - Qualifications

§5-324.

(a) Each subsection of this section is subject to § 5-323 of this subtitle.

(b) If the Department or Authority determines a project to be a significant strategic economic development opportunity, the Department or Authority may provide a loan from the Fund for the project to an individual, private business, not-for-profit entity, or the Corporation in an amount not exceeding $10,000,000.

(c) If the Department or Authority determines a project to be a local economic development opportunity, the Department or Authority may provide financial assistance from the Fund for the project to an individual, private business, not-for-profit entity, or the Corporation in an amount not exceeding:

(1) $5,000,000 for a loan or investment; and

(2) $2,000,000 for a grant.

(d) (1) Financial assistance provided to a local government or the Corporation to finance a project may be:

(i) in the form of a grant, loan, or investment; and

(ii) except as provided in paragraph (2) of this subsection, in an amount not exceeding $3,000,000.

(2) Financial assistance for a qualified distressed county project may be in an amount determined by the Department.

(3) A grant to a local economic development fund is subject to the requirements of Part V of this subtitle.

(e) Financial assistance for a specialized economic development opportunity may be:

(1) provided to an individual, private business, not-for-profit entity, or local government, or the Corporation;

(2) in the form of a grant, loan, or investment; and

(3) in an amount determined by the Department or Authority.