(a) Definitions. As used in this section:
Business means any for-profit or nonprofit corporation or firm that is not owned, primarily funded, or controlled by a government agency.
Director means the Director of the Department of Finance.
Fund means the Economic Development Fund established in Section 20-73.
Office space is a real estate location in a building leased and occupied by a business for a commercial purpose that is not for retail or a restaurant. Craft alcohol production companies such as breweries, cideries, distilleries, and wineries, whose primary use of the space is production are eligible despite their retail operations.
Program is the Make Office Vacancy Extinct (MOVE) Grant Program established under subsection (b).
(b) Established. Subject to appropriation, there is hereby established the Make Office Vacancy Extinct (MOVE) Grant Program under the Economic Development Fund to support eligible businesses with the rental costs of locating, relocating or expanding office space in the County.
(c) Eligibility. An applicant is eligible to receive a MOVE grant, if the Director finds, based upon information submitted by the applicant that:
(1) the applicant is the owner of either a new business in the County; an existing business located in the County seeking to expand its office space within the County; or an existing business located outside the County seeking to relocate to the County.
(2) the applicant’s application for funds under this section is submitted within 180 days of the applicant signing a lease for office space in the County;
(3) the applicant’s lease is for not less than 3 years; and
(4) the applicant is not a sole proprietorship that primarily sells products underwritten by a third party.
Subject to availability of funds on a first come first served basis, an eligible applicant may receive funding for the amount of the lease but not to exceed $150,000.
(d) Regulations. The Executive must adopt method 1 regulations to implement this section. The regulations must:
(1) specify the application procedures and documentation required to prove eligibility for a grant to a business under the Program;
(2) specify conditions that the Director may impose on a business in order to receive financial assistance from the Fund under the Program;
(3) specify an amount or rate for calculating what amount eligible businesses will qualify for each fiscal year; and
(4) identify outreach methods and marketing strategies to inform businesses of the Program.
(e) Reports. On or before March 31 of each year, the Director must report to the Council on the activities of the Program. The report must include:
(1) the number of businesses participating in the Program;
(2) the dollar amount of grants made;
(3) an analysis of how the calculation of the amount or rate of each grant has kept up with inflation and other market considerations;
(4) an evaluation of the impact of each grant on the operation of the business; and
(5) how the program is advancing economic development in the County. (2024 L.M.C., ch. 14, § 1.)