§ 5-1403. Designation as qualified institution

West's Annotated Code of MarylandEconomic DevelopmentEffective: June 1, 2014

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 14. Regional Institution Strategic Enterprise Zone Program (Refs & Annos)
Effective: June 1, 2014
MD Code, Economic Development, § 5-1403
§ 5-1403. Designation as qualified institution
Currentness
In general
(a) An institution may apply to the Secretary to be designated as a qualified institution.
Eligibility for designation
(b) To be eligible for designation as a qualified institution, the applicant shall:
(1) evidence an intention:
(i) to make a significant financial investment or commitment in an area of the State that the applicant intends to become a RISE zone;
(ii) to use the resources and expertise of the applicant to spur economic development and community revitalization in an area of the State that the applicant intends to become a RISE zone; and
(iii) to create a significant number of new jobs within an area of the State that the applicant intends to become a RISE zone;
(2) have a demonstrated history of community involvement and economic development within the communities that the applicant serves; and
(3) meet the minimum financial qualifications established by the Secretary.
Nonprofit organizations
(c) If the applicant is a nonprofit organization that is not an institution of higher education, the application shall demonstrate an affiliation with a federal agency.
Regulations establishing other requirements
(d)(1) In addition to the requirements under subsection (b) of this section, the Secretary may establish by regulation any other requirements necessary and appropriate in order for an applicant to be designated as a qualified institution.
(2) The Secretary shall adopt regulations that establish factors for evaluating applications under subsection (b) of this section.
Form and content of application
(e) In the form and content acceptable to the Secretary, an applicant shall submit to the Secretary an application that contains the information that the Secretary considers necessary to evaluate the request for designation as a qualified institution.
Deadline for approval or rejection of application
(f)(1) Within 90 days after submission of an application under this section, the Secretary shall approve or reject the application of an institution to be designated as a qualified institution.
(2) At least 30 days before approval or rejection of an application under this section, the Secretary shall notify the Legislative Policy Committee.
(3) The Legislative Policy Committee may provide advice to the Secretary regarding the approval or rejection of an institution as a qualified institution.

Credits

Added by Acts 2014, c. 530, § 1, eff. June 1, 2014; Acts 2014, c. 531, § 1, eff. June 1, 2014.
MD Code, Economic Development, § 5-1403, MD ECON DEV § 5-1403
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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