Section 5-324 - Qualifications.
§ 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.]