§ 5-319
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§5–319.
(1)Financial assistance from the Fund not exceeding $2,500,000 may be approved by the Secretary.
(2)Except as provided in paragraph
(3)of this subsection, financial assistance from the Fund exceeding $2,500,000 requires approval by the Authority.
(3)For a Tier I county project, the Secretary may approve financial assistance exceeding $2,500,000.
(b)Except as provided in subsection (a)(3) of this section, with respect to requests for financial assistance exceeding $2,500,000:
(1)the Department shall evaluate the requests; and
(2)the Authority shall:
(i)evaluate the requests that have first been evaluated by the Department;
(ii)determine whether to approve the requests; and
(iii)set the terms and conditions of the financial assistance.
(1)Except as provided in paragraph
(2)of this subsection, financial assistance provided to a local government or the Corporation for a project shall be approved by a formal resolution of:
(i)the governing body of the jurisdiction in which the project is located; or
(ii)if the recipient of the financial assistance is the Corporation, its board of directors.
(2)If the recipient of the financial assistance is the Corporation for a Tier I county project, the financial assistance shall be approved by formal resolutions of both the board of directors of the Corporation and the governing body of the jurisdiction in which the project is located.
(3)A project that is funded by a grant from the Fund to a local government or the Corporation, and carried out by the local government or the Corporation, shall be consistent with the strategy or plan for economic development of the county or municipal corporation in which the project is located.
(4)If the Department provides financial assistance to a local government for a project, an interest in that project is later transferred to a third party, and the transfer of the interest is financed by the local government:
(i)the local government may assign the financing documents to the Department as a repayment of or return on the Department’s financial assistance to the local government; and
(ii)the assignment may not be considered a new financing under this subtitle.
(d)For a local economic development opportunity, the local government of the jurisdiction in which the project is located shall provide:
(1)a formal resolution of the governing body of the jurisdiction in which the project is located that endorses the financial assistance to be provided from the Fund; and
(2)as determined by the Department or Authority to evidence the support of the local government for the project:
(i)a guarantee, secured by the full faith and credit of the county or municipal corporation in which the project is located, of all or part of the financial assistance to be provided by the Fund;
(ii)the financing of part of the costs of the project equal to at least 10% of the financial assistance to be provided from the Fund; or
(iii)both.