§ 10-10-108. PIKESVILLE REVITALIZATION DISTRICT REDEVELOPMENT INCENTIVE FUND.

(a)

Definitions.

(1)

Applicant. "Applicant" means a person seeking to obtain legal title to or exclusive use of industrial or commercial real property located in the District.

(2)

District. "District" means the Pikesville Revitalization District established by County Council Resolution 81-99.

(b)

Established. There is a Pikesville Revitalization District Redevelopment Incentive Fund within the Economic Development Revolving Financing Fund.

(c)

(1)

Purpose. The purpose of the Fund is to further the purpose and goals of the Pikesville Plan by providing an economic incentive for the revitalization of vacant or nonproductive or underutilized industrial or commercial properties in the District.

(2)

Incentive. The Fund may provide financial assistance to any applicant in the form of loans, guarantees, tax credits or grants, or any combination of such assistance. The amount of assistance may not exceed $1 million for any one or total number of projects.

(d)

Finance and administration. The Fund is financed and administered in accordance with the provisions of this title.

(e)

Redevelopment proposals. The Department of Economic and Workforce Development shall recruit prospective redevelopers and request proposals for the revitalization of specific properties in the District.

(f)

Application requirements. In addition to the requirements of § 10-10-105(c) of this title, an applicant for financial assistance from the Fund shall provide:

(1)

A concept plan that identifies the proposed project site and the total tract acreage, and an indication whether a planned unit development will be utilized, including a listing of proposed residential, industrial, or commercial uses, or combinations of such uses;

(2)

A statement of how the site and the use will further the goals of the Pikesville Plan;

(3)

A list of the proposed capital improvements to be made to the property; and

(4)

A statement of the proposed economic impact of the project upon the county.

(Bill No. 124-06, § 1, 12-28-2006; Bill No. 71-13, § 1, 2-3-2014; Bill No. 77-15, § 2, 11-4-2015 )