§ 5-320
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/md/economic-development/5-320A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–320.
(a)To be eligible for financial assistance from the Fund, an applicant shall be:
(1)a local economic development fund that meets the criteria set forth in Part V of this subtitle; or
(2)an individual, private business, nonprofit entity, or local government, or the Corporation that intends to use the requested financial assistance for a project that:
(i)except as provided in subsection
(b)of this section, is in an eligible industry sector under § 5–321 of this subtitle; and
(ii)has a strong potential for expanding or retaining employment opportunities in the State.
(b)A project need not be in an eligible industry sector if the applicant:
(1)is located in a Tier I county; or
(i)is a local government or the Corporation; and
(ii)does not intend to use the financial assistance to carry out a project that benefits a particular private sector entity.
(c)In form and content acceptable to the Department, an applicant for financial assistance from the Fund shall submit to the Department an application that contains:
(1)the information that the Department or Authority considers necessary to evaluate the request for financial assistance; and
(2)for a Tier I county project:
(i)a marketing plan designed to market the project to prospective businesses;
(ii)a statement of planned marketing expenditures as a percent of the total financial assistance amount requested; and
(iii)a plan for the project that is consistent with the county’s local strategic economic development plan as to the location and type of project.