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:
BOARD
The Board of County Commissioners of Calvert County.
DEPARTMENT
The Calvert County Department of Economic Development.
DIRECTOR
The Director of the Calvert County Department of Economic
Development.
FUND
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.
[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:
(1) Establish new operations or facilities in Calvert County or significantly
expand existing operations or facilities in Calvert County; and
(2) Create 10 new full-time or full-time-equivalent jobs in Calvert County;
and
(3) Make a capital investment or a commitment to continue operations:
(a)
Make a capital investment of at least $1,000,000; or
(b)
Make a commitment to continue operations at its Calvert County
facility for at least five years.
B. A request by a qualified company must be consistent with the Calvert
County Comprehensive Plan.