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(a) Duties of the Montgomery County Economic Development Corporation. Beginning no later than July 1, 2021 and each fourth year thereafter, the Montgomery County Economic Development Corporation (Corporation) must submit a draft Economic Development Strategic Plan to the Executive and the Council. The draft Economic Development Strategic Plan should include relevant economic development measures and input from partner agencies and organizations, such as the Planning Board and the County’s Workforce Development Organization.
(b) Duties of the Executive. Beginning no later than September 1, 2021 and each fourth year thereafter, the Executive must submit to the Council any recommended revisions to the draft Economic Development Strategic Plan submitted by the Corporation.
(c) Duties of the Council.
(1) After receiving the draft Economic Development Strategic Plan from the Corporation, the Council must hold a public hearing on the draft Plan.
(2) Beginning on December 1, 2021 and each fourth year thereafter, the Council must adopt, by resolution, an Economic Development Strategic Plan.
(d) Contents of the Plan. The Economic Development Strategic Plan should be consistent with the Council’s Economic Development Platform approved by Resolution No. 19-300 and must include metrics to assess the County and its partners’ ability to address relevant economic development measures including:
(1) creation of jobs;
(2) growing wages;
(3) identifying and supporting strategic industries;
(4) retention and attraction of new companies and employers;
(5) growing the tax base;
(6) supporting and increasing entrepreneurial activity; and
(7) other actions necessary to promote economic development in the County.
(e) Two-year Update. Beginning no later than July 1, 2023 and every fourth year thereafter, the Corporation may submit amendments to the approved Economic Development Strategic Plan based on new information since the Council adoption of the previous Plan. The Executive may comment and the Council may approve, after holding a public hearing, an amended Economic Development Strategic Plan.
(f) Outcomes. The desired outcomes of the Economic Development Strategic Plan should include:
(1) a thriving and diversified economy;
(2) racial equity and social justice;
(3) greater innovation; and
(4) environmental sustainability, including a reduction in climate change.
(g) Reporting. The corporation must report to the Council periodically on the implementation of the Strategic Plan. (2021 L.M.C., ch. 12, §1.)
Editor’s note—2021 L.M.C., ch. 12, § 2, states: Sec. 2. Transition. The Corporation must submit the first draft Economic Development Strategic Plan to the Executive on or before December 31, 2021. The County Executive must submit comments to the first draft Plan to the Council on or before January 31, 2022, and the Council must adopt, by resolution, a first Economic Development Strategic Plan on or before April 15, 2022.
(a) The Montgomery County Economic Development Corporation must recommend economic development programs and associated performance measures to the Executive and Council each year to advance the policy objectives and perform the activities listed in Section 15A-1.
(b) In its economic development programs, the Corporation should collaborate with the Montgomery County Workforce Development Board to advance the County’s economic development strategic plan adopted under Section 15A-4A.
(c) The Corporation’s economic development programs may include a plan for sponsorship of private investment, marketing, and advocacy initiatives.
(d) The Corporation may administer, as part of a microenterprise development strategy, a culturally proficient microlending program under which:
(1) loans must not exceed $15,000;
(2) loans must only be issued to Montgomery County residents:
(A) who have resided in Montgomery County for at least 180 days before the loan application is made;
(B) whose business is headquartered in Montgomery County; and
(C) lack access to traditional means of capital financing;
(3) loan recipients must participate in educational and technical assistance provided by the program;
(4) non-County funds may be used as a source for capital and program administration; and
(5) materials and assistance are provided in multiple languages reflective of the County’s population.
(e) The Board and staff must meet with the Executive and the Council at least annually regarding the Corporation’s activities and finances. (2010 L.M.C., ch. 37, § 1; 2015 L.M.C., ch. 36, § 1; 2017 L.M.C., ch. 10, §1; 2018 L.M.C., ch. 14,
§ 1; 2019 L.M.C., ch. 23, §1
; 2021 L.M.C., ch. 12, § 1.
)
(a) The Office of Management and Budget, the Department of Finance, and other departments of County government and County-funded agencies, if the Board of Directors requests, should provide relevant economic data to the Corporation. The research division of the Planning Board must provide research support to the Corporation to the extent assigned by the Planning Board’s work program, as approved by the Council.
(b) The Corporation may also raise public and private funds and may accept services from any source consistent with its purposes.
(c) The Corporation must:
(1) make public data sets available on the web to:
(A) improve public knowledge of the Corporation and its operations;
(B) further its mission; or
(C) increase its accountability and responsiveness; and
(2) provide the Executive and Council, upon request, all non-confidential data produced and received by the Corporation, including research, economic data, and minutes of Board meetings. (2010 L.M.C., ch. 37, § 1; 2015 L.M.C., ch. 36, § 1; 2018 L.M.C., ch. 14, § 1.)
The Board of Directors must report annually on the activities and finances of the Corporation and provide an audited financial statement of the Corporation to the Executive and Council by November 1 of each year. The report must also include:
(a) the Corporation’s plan to solicit and receive additional public and private funding for its operations; and
(b) information on the microlending program including:
(1) the number of microloans issued during the prior fiscal year by dollar value of the loan;
(2) a description of how each loan was used;
(3) loan repayments received;
(4) the rate of repayment; and
(5) non-County funds leveraged to support the program. (2010 L.M.C., ch. 37, § 1; 2015 L.M.C., ch. 36, § 1; 2017 L.M.C., ch. 10, §1; 2018 L.M.C., ch. 3, §1; 2018 L.M.C., ch. 14, § 1.)
(a) The success of Montgomery County’s economic development goals is dependent upon a comprehensive and demand-driven system of workforce development that:
(1) meets the talent attraction, development, and retention needs of strategic industries;
(2) meets the needs of the underemployed and unemployed; and
(3) develops career pathways that lead to sustainable wage jobs to support a thriving economy.
(b) To achieve these goals, the County Government may designate a nonprofit corporation or a public educational institution or both, as the County’s Workforce Development Organization to implement the County’s workforce development policies established by the Workforce Development Board.
(2015 L.M.C., ch. 48, § 2; 2018 L.M.C., ch. 14, § 1; 2018 L.M.C., ch. 11,
§1; 2019 L.M.C., ch. 20, §1.)
(a) The Council must designate, by resolution approved by the Executive, a single nonprofit corporation or a public educational institution, or both, which complies with all requirements of this Article as the County’s Workforce Development Organization. If the Executive disapproves the resolution within 10 days after receiving it, the Council may readopt the resolution with at least 6 affirmative votes.
(b) To continue to qualify as the County’s Workforce Development Organization, a nonprofit Corporation’s articles of incorporation and bylaws must comply with all requirements of this Article.
(c) Any designation under this Section expires at the end of the fifth full fiscal year after the resolution is adopted unless the Council extends the designation by adopting another resolution under this Section.
(d) The Council at any time may suspend or revoke the designation of a corporation or a public educational institution, or both, as the County’s Workforce Development Organization by resolution, adopted after at least 15 days public notice that is approved by the Executive, or, if the Executive disapproves the resolution within 10 days after receiving it, is readopted by a vote of at least 6 Councilmembers.
(2015 L.M.C., ch. 48, § 2; 2018 L.M.C., ch. 14,
§1; 2019 L.M.C., ch. 20, §1.)
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