Md. Code Regs. 24.05.23.02

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.23.02 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Act" means Economic Development Article, § 10-105, Annotated Code of Maryland.

(2) "Applicant" means a qualified governmental entity that is seeking financial assistance from the Department.

(3) "Department" means the Department of Business and Economic Development.

(4) "Financial assistance" means a loan, an investment, or a loan convertible in whole or in part to a grant upon the satisfaction of specified conditions, all upon terms specified by the Department.

(5) "Fund" means the Smart Growth Economic Development Infrastructure Fund which is administered by the Department.

(6) "Loan" means a loan made from the Fund by the Department under the Program.

(7) "MEDCO" means the Maryland Economic Development Corporation which is a body politic and corporate and a public instrumentality of the State of Maryland established by Economic Development Article, § 10-105, Annotated Code of Maryland.

(8) "Program" means the Smart Growth Economic Development Infrastructure Program, as authorized by the Act.

(9) "Qualified distressed county" means a county, including Baltimore City:

(a) That, in consultation with the municipal corporations located within the county, developed, submitted to the Secretary, and obtained from the Secretary approval for a local strategic plan for economic development; and

(b) For which the average:

(i) Rate of unemployment for the most recent 18-month period for which data are available is greater than 150 percent of the average rate of unemployment for the entire State during that same period, or

(ii) Per capita personal income for the most recent 24-month period for which data are available is equal to or less than 67 percent of the average personal per capita income for the entire State during that same period.

(10) "Secretary" means the Secretary of Business and Economic Development or the Secretary's designee.

Md. Code Regs. 24.05.23.02

Regulation .02B amended effective June 25, 2001 (28:12 Md. R. 1112)