[HISTORY: Adopted by the Board of County Commissioners of
Calvert County 6-21-2005 by Ord. No. 30-05. Amendments noted where
applicable.]
GENERAL REFERENCES
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.
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.
B.
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]
A.
To be eligible for a direct loan or grant under this chapter, a qualified
company shall:
B.
A request by a qualified company must be consistent with the Calvert
County Comprehensive Plan.
A.
A qualifying company shall submit an application for a loan or grant
on a form approved by the Board to the Director.
C.
Upon certification as required in Subsection B above, the Director shall refer the application to the County Administrator and County Attorney for review.
D.
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.
E.
The Board shall have sole authority in its absolute discretion to
grant or deny the application.
A.
The Calvert County Department of Finance and Budget, in conjunction
with the County Attorney, shall prepare the necessary loan and/or
grant documents.
B.
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.