Baltimore County |
Code of Ordinances |
Article 10. FINANCE |
Title 10. ECONOMIC DEVELOPMENT REVOLVING FINANCING FUND |
SubTitle 1. IN GENERAL |
§ 10-10-102. PURPOSES AND USES.
(a)
In general. The purpose of the Fund is to:
(1)
Assist in the retention of existing industry and commerce and in the attraction of new industry and commerce in the county;
(2)
Create new jobs and retain existing jobs;
(3)
Broaden the local tax base;
(4)
Promote economic development; and
(5)
Encourage:
(i)
The increase of industry and commerce in the county; and
(ii)
A balanced local economy.
(b)
Financial assistance.
(1)
The Fund may provide financial assistance in the form of loans, guarantees, and grants for the benefit of existing and potential industrial and commercial businesses in Baltimore County to finance:
(i)
Land, buildings, machinery and equipment, and other associated costs; and
(ii)
Working capital, including operating expenses, training expenses, relocation expenses, and permit fees, if the monies funded are reasonably necessary and used to enhance the overall health and position of the business.
(2)
The county's financial assistance under this title may supplement other federal and state financial assistance programs.
(c)
Leveraging funding. The Fund may be used to participate with other government agencies or private sector institutions to leverage funding for special projects.
(1988 Code, § 15-351) (Bill No. 149-93, § 1, 11-22-1993; Bill No. 49-96, § 9, 7-1-1996; Bill No. 66-96, § 2, 6-7-1996; Bill No. 83-00, § 2, 7-1-2004)