MACo’s Policy and Legal Counsel, Les Knapp, testified in support for SB 003, Maryland Smart Growth Investment Fund, February 5, 2019.
This bill establishes a Smart Growth Investment Fund through the Department of Commerce. The workgroup recommending this fund is also recommending the creation of public-private investments for sustainable communities or areas designated for transit-oriented development.
The bill calls for:
- a one-time State investment of $7 million
- a private investment of at least $18 million
- the total committed capital must be $25 million
From the MACo testimony:
MACo supports the creation of the Fund as another “tool in the toolbox” to encourage private investment in areas targeted for redevelopment, infill, and revitalization. The Fund could provide an innovative development tool that complements the State’s existing array of grant, loan, and tax credit programs.
SB 3 would establish a new public-private tool for Smart Growth development in targeted areas and provide an additional option for the State and county governments to meet Smart Growth goals.
For more on 2019 MACo legislation, visit the Legislative Database.