MACo Associate Director, Barbara Zektick, provided written testimony in support of Senate Bill 67, which would rename the Maryland Economic Development Assistance Authority and Fund as the Advantage Maryland Fund Authority and Advantage Maryland Fund.
In addition to the name change, this bill revises the fiscal abilities of the fund. It increases the amount of grant money that can be provided to fund projects for individuals, local governments, and others seeking to expand economic and employment opportunities. It also repeals most restrictions on providing funding for capital costs.
From MACo Testimony:
Last year, the program provided a $1.2 million loan for a new Amazon distribution center in Cecil County. Harford County partnered with the Department of Commerce to provide a package to Maines Paper & Food Service Inc. This program also contributed to the incentive package which led to Marriott International’s decision to remain in Maryland – which Montgomery County anticipates will produce $1.8 billion in economic activity over 20 years.
Economic development projects such as these promote vibrant business communities within counties. This in turn creates jobs, contributes to enhancing quality of life, and expands the local tax base – enabling counties to better provide core services for Maryland families and businesses.”
Follow MACo’s advocacy efforts during the 2018 legislative session here.