[HISTORY: Adopted by the Board of County Commissioners of Calvert County 6-21-2005 by Ord. No. 30-05. Amendments noted where applicable.]
Funds — See Ch. 50.
There is an Economic Development Incentive Fund.
The purpose of the Economic Development Incentive Fund is to aid economic development within Calvert County by providing assistance through loans or grants, or a combination of both, to qualified companies who plan to establish new operations or facilities in Calvert County or significantly expand existing operations or facilities in Calvert County.
As used in this chapter, the following terms shall have the meanings indicated:
- The Board of County Commissioners of Calvert County.
- The Calvert County Department of Economic Development.
- The Director of the Calvert County Department of Economic Development.
- The Economic Development Incentive Fund.
- QUALIFIED COMPANY
- A legally existing private business entity qualified to do business in the State of Maryland. The business may be a sole proprietorship, partnership, limited liability company or corporation.
The Department shall recommend an application form, application procedures and underwriting criteria for approval and adoption by the Board.
[Amended 10-18-2016 by Ord. No. 34-16]
To be eligible for a direct loan or grant under this chapter, a qualified company shall:
Establish new operations or facilities in Calvert County or significantly expand existing operations or facilities in Calvert County; and
Create 10 new full-time or full-time-equivalent jobs in Calvert County; and
A request by a qualified company must be consistent with the Calvert County Comprehensive Plan.
A qualifying company shall submit an application for a loan or grant on a form approved by the Board to the Director.
Upon certification as required in Subsection B above, the Director shall refer the application to the County Administrator and County Attorney for review.
After review by the County Administrator and the County Attorney, the Director shall present the application to the Board and coordinate a presentation by the applicant to the Board.
The Board shall have sole authority in its absolute discretion to grant or deny the application.
The recipient of a loan or grant may use the loan and/or grant proceeds for any of the following purposes as approved by the Board:
The recipient of a loan or grant may not use the proceeds from the Fund for debt refinancing.
The Calvert County Department of Finance and Budget, in conjunction with the County Attorney, shall prepare the necessary loan and/or grant documents.
Before any funds are paid over to a qualified company, the qualified company and the Board shall enter into an agreement outlining the administration of the funds. The agreement shall include any provisions that the Board deems necessary for the proper use of the funds.