Section 5-324 - Qualifications. - Maryland Statutes

§ 5-324. Qualifications.
 

(a)  In general.- Each subsection of this section is subject to § 5-323 of this subtitle. 

(b)  Significant strategic economic development opportunity.- If the Department or Authority determines a project to be a significant strategic economic development opportunity, the Department or Authority may provide a loan from the Fund for the project to an individual, private business, not-for-profit entity, or the Corporation in an amount not exceeding $10,000,000. 

(c)  Local economic development opportunity.- If the Department or Authority determines a project to be a local economic development opportunity, the Department or Authority may provide financial assistance from the Fund for the project to an individual, private business, not-for-profit entity, or the Corporation in an amount not exceeding: 

(1) $5,000,000 for a loan or investment; and 

(2) $2,000,000 for a grant. 

(d)  Financial assistance to local government.-  

(1) Financial assistance provided to a local government or the Corporation to finance a project may be: 

(i) in the form of a grant, loan, or investment; and 

(ii) except as provided in paragraph (2) of this subsection, in an amount not exceeding $3,000,000. 

(2) Financial assistance for a qualified distressed county project may be in an amount determined by the Department. 

(3) A grant to a local economic development fund is subject to the requirements of Part V of this subtitle. 

(e)  Specialized economic development opportunity.- Financial assistance for a specialized economic development opportunity may be: 

(1) provided to an individual, private business, not-for-profit entity, or local government, or the Corporation; 

(2) in the form of a grant, loan, or investment; and 

(3) in an amount determined by the Department or Authority. 
 

[An. Code 1957, art. 83A, § 5-1406; 2008, ch. 306, § 2.]