Prince George's County Council - Reference No. CR-031-2021

• Reference No.: CR-031-2021
• Draft No.: 1
• Type: Resolution
• Status: Adopted
• Meeting Body: County Council
• Meeting Date: 4/20/2021
• Introduced Date: 3/23/2021
• Effective date: 4/20/2021
• Title: A RESOLUTION CONCERNING LOANS TO CAPITAL LIGHTING & SUPPLY, LLC (“CAPITAL LIGHTING”) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) AND PRINCE GEORGE’S COUNTY (THE “COUNTY”) for the purpose of endorsing a loan not to exceed two hundred and fifty thousand dollars ($250,000) to Capital Lighting from the Maryland Department of Commerce MEDAF program, which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed two hundred and fifty thousand dollars ($250,000), will be used for eligible project costs associated with supporting the expansion of headquarters for Capital Lighting to Upper Marlboro, MD and eligible associated costs at the project site.
• Proposers/Sponsors: County Executive, Calvin S. Hawkins, Jolene Ivey, Derrick Leon Davis, Deni L. Taveras, Todd M. Turner, Sydney J. Harrison, Mel Franklin, Dannielle M. Glaros, Rodney C. Streeter, Monique Anderson-Walker
• Contact: Andre Plummer, Economic Development Corporation

Date	Ver.	Action By	Action	Result
5/3/2021	1	County Executive	signed
4/20/2021	1	County Council	adopted	Pass
4/8/2021	1	Sitting as the Committee of the Whole	Favorably recommended	Pass
3/23/2021	1	County Council	introduced and referred

Title
A RESOLUTION CONCERNING LOANS TO CAPITAL LIGHTING & SUPPLY, LLC (“CAPITAL LIGHTING”) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) AND PRINCE GEORGE’S COUNTY (THE “COUNTY”) for the purpose of endorsing a loan not to exceed two hundred and fifty thousand dollars ($250,000) to Capital Lighting from the Maryland Department of Commerce MEDAF program, which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed two hundred and fifty thousand dollars ($250,000), will be used for eligible project costs associated with supporting the expansion of headquarters for Capital Lighting to Upper Marlboro, MD and eligible associated costs at the project site.

Background
This Resolution will endorse the two hundred and fifty thousand dollar ($250,000) loan given by the Maryland Department of Commerce MEDAF program to Capital Lighting, in conjunction with the conditional County loan for matching funds from the County’s Economic Development Incentive Fund (“EDI Fund”) in the amount of two hundred and fifty thousand dollars ($250,000), to be used for eligible project costs associated with supporting the land acquisition and construction of a new build-to-suit warehouse and office facility in Upper Marlboro, MD and capital expenditures.

State law requires endorsement of MEDAF funds from the governing body within the jurisdiction benefiting from the Maryland Department of Commerce. Prince George’s County Code Sec. 10-287 states that written notification of intent to award financial assistance from the EDI Fund must be provided to the County Council.

The aforementioned funds will help with the land acquisition and construction of a new build-to-suit warehouse and office facility in Upper Marlboro, MD, Prince George’s County. The proceeds of the loan will be used to reimburse eligible project costs at the project site, including construction, acquisition, furniture, fixtures and equipm...