Ex officio: Dominick E. Murray, Secretary of Business & Economic Development; James T. Smith, Jr., Acting Secretary of Transportation.
Robert C. Brennan, Executive Director
300 East Lombard St., Suite 1000, Baltimore, MD 21201
(410) 625-0051; fax: (410) 625-1848
e-mail: r_brennan@medco-corp.com
web:
www.medco-corp.com
Origin & Functions |
Reports |
Established in 1984, the Maryland Economic Development Corporation enables the State to develop property for economic purposes which serve the public interest. The purpose of the Corporation is to assist in the expansion, modernization, and retention of existing Maryland business, and to attract new business to the State. Upon request, the Corporation also assists local jurisdiction projects. Originally, the Corporation was limited to developing vacant or unused industrial sites and facilities and other economic resources in economically distressed areas of the State (Chapter 498, Acts of 1984). Since 2001, the Corporation has been authorized to develop property throughout the State as long as the private sector has shown no significant interest or development capability (Chapter 338, Acts of 2001).
To encourage business activity and commerce, and relieve unemployment, the Corporation purchases and develops property which is leased to others under favorable terms. It also makes loans to companies to maintain and develop facilities and helps State and local economic development agencies expand, modernize, and retain businesses, and attract new ones. To finance this assistance, the Corporation borrows money and issues bonds.
The Board of Directors is appointed by the Governor with Senate advice and consent. It consists of twelve members, including two ex officio voting members. Members serve four-year terms. With the Governor's approval, the Board appoints the Executive Director (Code Economic Development Article, secs. 10-101 through 10-132).
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