(a) The Director may spend or allocate funds from this Fund consistent with the economic development strategic plan approved under Section 15A-4A, including the following criteria:
(1) the proposed assistance will materially improve the County’s economy and advance County economic development objectives and strategies; or
(2) the assistance is necessary to:
(A) bring a significant number of new jobs to the County;
(B) add a significant number of new jobs to an existing operation in the County;
(C) retain a significant number of jobs at an existing operation in the County or
(D) respond to other economic development objectives.
(b) The Director must provide the Council with all fiscal analyses and other supporting documents for any proposed offer of assistance to a private employer valued at more than $100,000. The supporting documents must include:
(1) the name, industry, location, employee compensation profile, and estimated current and future taxes paid by the prospective recipient;
(2) the estimated employment and tax revenue gains resulting from the proposed assistance;
(3) each assumption, variable, and model used to generate estimates of employment and tax revenue gains;
(4) the number of new residents estimated to move into the County resulting from gains in employment by the proposed recipient;
(5) the number and cost of new students estimated to enroll in County public schools;
(6) an analysis of how the proposed assistance supports the overall goals of the economic development strategy; and
(7) offers, if any, made by or expected from other competing jurisdictions.
(c) The Executive must notify the Council at least 5 working days before the Executive tentatively offers assistance valued at more than $100,000 to a private employer, including all fiscal analyses and other supporting documents described in subsection (b). During a Council recess of one week or longer, the Executive must notify the Council at least 10 working days before the Executive tentatively offers assistance valued at more than $100,000 to a private employer. If during either notice period the Council President notifies the Executive that more time is necessary for the Council to review the tentative offer, the Executive must wait an additional 5 working days (or 10 working days during a Council recess) before making a tentative offer of assistance to the private employer.
(d) The Executive must not provide assistance to a private employer valued at more than $500,000 unless the grant, loan, or equity investment is approved by the Council in a special or supplemental appropriation. The amount of any discount from market value in the sale of County property offered as part of the assistance must be included in the value of assistance. The Executive must submit an economic development agreement to the Council within 60 days after all parties to the agreement execute it.
(e) The notice required under subsection (c) must also specify the proposed terms of any assistance offered, including any repayment provisions.
(f) Except as provided in subsection (h), the terms and conditions of any assistance from the Fund:
(1) must be specified in a written agreement between the County and the recipient; and
(2) except to the extent expressly inconsistent with any other federal, state, or County law, must:
(A) require the recipient to meet certain eligibility criteria and, if applicable, performance criteria specified in the offer of assistance;
(B) grant the Director the right to audit or monitor the recipient’s compliance with the terms and conditions of assistance;
(C) require periodic reports, if applicable, from the recipient;
(D) prohibit the use of assistance from the Fund for unauthorized purposes; and
(E) provide remedies for the County, including the repayment of assistance, if the recipient:
(i) uses the assistance for an unauthorized purpose;
(ii) fails to meet eligibility criteria and, if applicable, performance criteria specified in the written agreement; or
(iii) otherwise breaches the written agreement.
(g) Each recipient of assistance from the fund, or of any other economic development financial assistance provided by the County, that cumulatively exceeds $500,000 and is designated for construction, must meet the prevailing wage requirements of Section 11B-33C for each employee (including an employee of a contractor or subcontractor) performing direct and measurable work on the construction for which the assistance is received. In addition to any repayment requirement under this Section, the enforcement provisions of Section 11B-33C(i) apply to noncompliance with this requirement by a recipient of economic development assistance.
(h) The requirements of subsection (f) do not apply to assistance from the Fund if the Director determines that the assistance program does not require program recipients to comply with any terms or conditions after receipt of the assistance. (1995 L.M.C., ch. 29, § 1; 2008 L.M.C., ch. 31, § 2; 2012 L.M.C., ch. 17, § 1; 2013 L.M.C., ch. 10, § 1; 2021 L.M.C., ch. 5, § 1; 2021 L.M.C., ch. 12, § 1.)
Editor’s note—See County Attorney Opinion dated 12/21/99 indicating that the Maryland Economic Development Corporation (MEDCO) may be appointed as the agent of the County Department of Economic Development to carry out a variety of tasks, but loan payments must be made to the Economic Development Fund.
2008 L.M.C., ch. 31, § 3, states: Effective Date. This Act applies to any County financed construction contract that takes effect on or after July 1, 2009, but does not apply to any renewal or extension of a contract that took effect before July 1, 2009.