(a) The Executive may adopt Regulations under method (1) to administer the Economic Development Fund.
(b) The Executive must report by March 15 each year on the status and use of the Fund. This report can be included in the Executive’s proposed operating budget. The annual report must:
(1) describe the success of each award of financial assistance in satisfying the economic development goals supporting the assistance;
(2) identify any assistance agreement where the recipient did not satisfy the performance criteria in the agreement; and
(3) track the progress of the Fund in satisfying the overall goals of the approved economic development strategic plan. (1995 L.M.C., ch. 29, § 1; 2012 L.M.C., ch. 17, § 1; 2015 L.M.C., ch. 27, § 1; 2015 L.M.C., ch. 36, § 1; 2021 L.M.C., ch. 12, § 1.)
Editor’s note—2015 L.M.C., ch. 36, § 8 also states, in part: All other provisions of this Act take effect 180 days after the Montgomery County Economic Development Corporation is designated under Section 30B-2.
2012 L.M.C., ch. 17, § 2, states: Transition. The County Executive must submit the initial method 1 regulation containing an economic development strategic plan to the Council for approval not later than 180 days after this Act becomes law [September 20, 2012]. In addition to the requirements of 20-76(a), the initial proposed economic development strategic plan must:
(a) analyze the County’s economic development structure;
(b) compare the County’s structure with peer jurisdictions;
(c) identify and analyze different alternative government and non-government entities that could perform each core function of economic development;
(d) determine the total amount of public and private money spent in each peer jurisdiction to achieve current levels of service; and
(e) recommend changes, if appropriate, to the County’s structure.