§ 5-1401
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/md/economic-development/5-1401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–1401.
(a)In this subtitle the following words have the meanings indicated.
(b)“Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.
(c)“Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 5–1408 of this subtitle.
(d)“Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code.
(e)“Qualified institution” means an entity that is designated as a qualified institution under § 5–1403 of this subtitle and may include:
(1)a regional higher education center as defined under § 10–101 of the Education Article;
(2)an institution of higher education as defined under § 10–101 of the Education Article; or
(3)a nonprofit organization that is affiliated with a federal agency.
(f)“RISE zone” means a geographic area in immediate proximity to a qualified institution that is targeted for increased economic and community development that meets the requirements of § 5–1404 of this subtitle and is designated as a Regional Institution Strategic Enterprise zone by the Secretary under § 5–1404 of this subtitle.