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§ 10-4C-04. Awarding of financial assistance

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2022

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 4c. Maryland Makerspace Initiative Program (Refs & Annos)
Effective: October 1, 2022
MD Code, Economic Development, § 10-4C-04
§ 10-4C-04. Awarding of financial assistance
Currentness
Standards to award financial assistance
(a) The Corporation shall adopt standards to award financial assistance under this subtitle.
Recipients eligible for awards
(b) The Corporation may award financial assistance to:
(1) a local government;
(2) an agency, an instrumentality, or a nonprofit corporation that the local government designates; or
(3) a nonprofit entity operating or seeking to operate a makerspace in the State.
Awards to reflect geographic diversity
(c) To the extent practicable, the Corporation shall award financial assistance in a manner that reflects geographic diversity.
Matching funds; limits on use of funds
(d) A recipient of financial assistance under this section:
(1) shall provide matching funds or in-kind contributions for the project at least equal to the amount of financial assistance awarded; and
(2) may not utilize the financial assistance awarded for the operating costs of the makerspace after the first 3 years of operation.
Limit on award amounts
(e) Unless two-thirds of the membership of the Board approves, the Corporation may not award financial assistance within a single county under this section that exceeds a total of $250,000 in a single fiscal year.

Credits

Added by Acts 2022, c. 322, § 1, eff. Oct. 1, 2022.
MD Code, Economic Development, § 10-4C-04, MD ECON DEV § 10-4C-04
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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