(A) The town may lend the money in the Town Revolving Fund to any borrower if the Town Council finds that the loan will be used by the borrower for one or more of the following economic development purposes:
(1) Promoting significant opportunities for the gainful employment of the county’s or the town’s residents;
(2) Attracting a major new business enterprise to the Town of Hagerstown; and/or
(3) Retaining or expanding a significant business enterprise in the Town of Hagerstown.
(B) Activities that may be undertaken by the borrower in carrying out an economic development purpose include expenditure for any of the following:
(1) Acquisition of land;
(2) Acquisition of property interests;
(3) Site improvements;
(4) Infrastructure improvements;
(5) Buildings;
(6) Structures;
(7) Rehabilitation, renovation, or enlargement of buildings or structures;
(8) Machinery;
(9) Equipment; and/or
(10) Furnishings.
(Ord. 1-2006, passed 2-6-2006; Am. Ord. 6-2006, passed 5-1-2006)