Title
A Resolution endorsing a loan not to exceed $100,000 to Limbach Company LLC (“Limbach”) from the Maryland Economic Development Assistance Fund (“MEDAF”) and authorizing a loan by the County to Limbach not to exceed $20,000 for eligible project costs associated with leasing a facility in the County and capital expenditures
Background
This resolution will endorse a loan to Limbach from MEDAF not to exceed $100,000 and authorize a County loan not to exceed $20,000 from the County Incentive Leverage Fund, managed by the Prince George’s County Economic Development Corporation. Limbach is a national mechanical contracting firm with capabilities in plumbing, HVAC piping, sheet metal fabrication and installation, stainless steel specialty piping, design build, and energy retrofit/management systems. It provides services in all areas of design, pre-construction, construction, and facility services. Limbach’s Lanham facility is the regional center for the Washington, D.C. area, and currently employs 150 workers.
After a search for locations and incentives within Prince George’s County and adjacent jurisdictions, the company selected a recently completed 50,000 square foot building in Beltsville. It will lease 40,000 square feet, retain an option on the additional 10,000 square feet, and increase employment to 225 permanent, full-time employees by the end of 2012.