MD. Economic Development Code Ann. §  5-301 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 3 - Maryland Economic Development Assistance Authority and Fund|Part I - General Provisions|Section 5-301 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Aquaculture project” means a project that encourages innovation, expansion, and modernization of the seafood processing industry or aquaculture industry.    (c)    “Arts and entertainment district” means an area designated by the Secretary as an arts and entertainment district under Title 4, Subtitle 7 of this article.    (d)    “Arts and entertainment enterprise” means a for–profit or nonprofit entity that is:        (1)    located in an arts and entertainment district; and        (2)    dedicated to the visual or performing arts.    (e)    “Arts and entertainment project” means a project that promotes or enhances the development of an arts and entertainment district.    (f)    (1)    “Associated development and carrying costs” means costs that are associated with the acquisition and maintenance of an asset.        (2)    “Associated development and carrying costs” includes:            (i)    settlement costs;            (ii)    insurance;            (iii)    interest;            (iv)    taxes;            (v)    government fees;            (vi)    utilities; and            (vii)    the costs of managing and securing the asset.    (g)    “Authority” means the Maryland Economic Development Assistance Authority.    (h)    “Brownfields Revitalization Incentive Program” means the program in the Department that provides financial assistance from the Fund for the redevelopment of qualified brownfields sites, as provided in Part VI of this subtitle.    (i)    (1)    “Brownfields site” means a property that:            (i)    is located in a county or municipal corporation that elects to participate in the Brownfields Revitalization Incentive Program in accordance with § 5–336 of this subtitle; and            (ii)    is:                1.    an eligible property, as defined in § 7–501 of the Environment Article, that is owned or operated by an inculpable person, as defined in § 7–501 of the Environment Article; or                2.    a property where there is a release, discharge, or threatened release of oil, as defined in § 4–401 of the Environment Article, that is subject to Title 4 of the Environment Article.        (2)    “Brownfields site” does not include property that is owned or operated by:            (i)    a responsible person as defined in § 7–201 of the Environment Article; or            (ii)    a person responsible for the discharge, as defined in § 4–401 of the Environment Article.    (j)    “Child care facility” means a facility that is required to be licensed as a child care center under Title 9.5, Subtitle 4 of the Education Article.    (k)    “Child care special loan” means a direct loan to expand or improve child care services at a child care facility, as provided in Part VII of this subtitle.    (l)    “Corporation” means the Maryland Economic Development Corporation.    (m)    “Financial assistance” means a grant, loan, or investment provided under this subtitle.    (n)    “Fund” means the Maryland Economic Development Assistance Fund.    (o)    “Local economic development fund” means a revolving, nonlapsing fund that one or more local governments establish for economic development in the areas under their jurisdiction.    (p)    “Local economic development opportunity” means a project that:        (1)    is determined by the Department or Authority to provide a valuable economic development opportunity to the jurisdiction in which the project is located; and        (2)    is a priority for and endorsed by the governing body of that jurisdiction.    (q)    “Local government” means:        (1)    a county;        (2)    a municipal corporation;        (3)    a designated agency or instrumentality of a county; or        (4)    a designated agency or instrumentality of a municipal corporation.    (r)    “Qualified brownfields site” means a brownfields site that is determined by the Department to be eligible for financial assistance under this subtitle.    (s)    “Responsible person” has the meaning stated in § 7–201 of the Environment Article.    (t)    “Significant strategic economic development opportunity” means a project that is determined by the Department or Authority to provide a valuable economic development opportunity of statewide, regional, or strategic industry impact.    (u)    “Specialized economic development opportunity” means:        (1)    an aquaculture project;        (2)    an arts and entertainment enterprise;        (3)    an arts and entertainment project;        (4)    the redevelopment of a qualified brownfields site; or        (5)    a project to create or expand a child care facility.    (v)    “Tier I county project” means a project that a local government or the Corporation carries out in a Tier I county.    (w)    “Working capital” means money to be used for current operations of a business.