The tax credit provided for in this Article
VIII may, upon the approval of the County Commissioners, be granted to:
A. A new or expanding business that owns the land, building and personal
property; or
B. Any party responsible for paying the real property taxes on all or
part of the land or building.
In order to be eligible to apply to the Board of County Commissioners to receive the credit pursuant to this Article
VIII, the new or expanding business shall:
A. Employ at least 25 new, additional, full-time employees in industries
identified by the Board of County Commissioners as target market sector
industries for economic development;
B. Provide individual compensation for the new full-time positions that
shall be greater than the annual average salary in Calvert County
for similar or equivalent positions in the industry; and
C. Expend at least $2,500,000 for:
(2) Improvements to land in Calvert County; or
(3) Equipment to be located in Calvert County.
The amount of the credit shall be an amount determined by the
Board of County Commissioners to be in the best interest of the public
upon consideration of the benefit to the public in granting a credit
and, in no event, shall not exceed 50% of the amount of County property
tax due in any taxable year and imposed on personal property, operating
personal property, real property, or operating real property owned
by the expanding or new business.
The Board of County Commissioners may enter into a written agreement with the new or expanding business pursuant to the terms of this Article
VIII that defines, fixes or limits the amount, term, scope and duration of any credit provided under this article. The agreement shall be binding on and inure to the benefit of successive Boards of County Commissioners.