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Calvert County, MD
 
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New Laws (3) Index
[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:
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.
A. 
Except as provided by Subsection C below, the Fund shall be administered by the Department.
B. 
The Department shall recommend an application form, application procedures and underwriting criteria for approval and adoption by the Board.
C. 
The Calvert County Department of Budget and Finance shall maintain and manage:
(1) 
All financial records associated with the establishment of the Fund;
(2) 
All financial records associated with any loan or grant; and
(3) 
All money flowing into and through the Fund.
[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.
A. 
A qualifying company shall submit an application for a loan or grant on a form approved by the Board to the Director.
B. 
Upon receipt of an application, the Director shall certify that the application:
(1) 
Is in conformance with the requirements of this chapter and any application requirements established by the Board;
(2) 
Meets all underwriting criteria adopted by the Board.
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 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:
(1) 
Leasehold improvements;
(2) 
Construction, renovation, and rehabilitation;
(3) 
Infrastructure improvements;
(4) 
Machinery and equipment expenses related to the items listed above, such as fees, testing, delivery, and preparation; and
(5) 
Working capital.
B. 
The recipient of a loan or grant may not use the proceeds from the Fund for debt refinancing.
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.