Prince George's County Council - Reference No. CR-070-2015

• Reference No.: CR-070-2015
• Draft No.: 1
• Type: Resolution
• Status: Adopted
• Meeting Body: Public Safety and Fiscal Management Committee
• Meeting Date: 11/10/2015
• Introduced Date: 11/3/2015
• Effective date: 11/10/2015
• Title: A RESOLUTION CONCERNING LOANS TO AQUILENT, INC. (“AQUILENT”) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) AND PRINCE GEORGE’S COUNTY, MARYLAND (THE “COUNTY”) for the purpose of endorsing a loan not to exceed eight hundred forty thousand dollars ($840,000) to Aquilent from the Maryland Department of Business and Economic Development’s MEDAF program which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed two hundred fifty thousand dollars ($250,000), will be used for eligible project costs associated with a new facility in the County and capital expenditures.
• Proposers/Sponsors: County Executive, Todd M. Turner, Mary A. Lehman, Mel Franklin, Derrick Leon Davis, Dannielle M. Glaros, Deni L. Taveras
• Contact: LaKeecia Allen, Office of Law

Date	Ver.	Action By	Action	Result
11/19/2015	1	County Executive	signed
11/10/2015	1	County Council	adopted	Pass
11/5/2015	1	Public Safety and Fiscal Management Committee	Favorably recommended	Pass
11/3/2015	1	County Council	introduced and referred

Title

A RESOLUTION CONCERNING LOANS TO AQUILENT, INC. (“AQUILENT”) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) AND PRINCE GEORGE’S COUNTY, MARYLAND (THE “COUNTY”) for the purpose of endorsing a loan not to exceed eight hundred forty thousand dollars ($840,000) to Aquilent from the Maryland Department of Business and Economic Development’s MEDAF program which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed two hundred fifty thousand dollars ($250,000), will be used for eligible project costs associated with a new facility in the County and capital expenditures.

Background

This Resolution will endorse the eight hundred forty thousand dollar ($840,000) loan given by the Maryland Economic Development Assistance Fund (“MEDAF”) to Aquilent, Inc. for the development project, 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 fifty thousand dollars ($250,000).

State law requires endorsement of MEDAF funds from the governing body within the jurisdiction benefiting from the Maryland Department of Business and Economic Development’s (“DBED”) assistance.  Prince George’s County Code Sec. 10-287 states that written notification of intent to award financial assistance from the Fund must be provided to Council.

The aforementioned Funds will help with the expansion and retention of the A.M. Briggs development project in Prince George’s County.  The proceeds of the loan would be used to reimburse eligible project costs at the project site including acquisition costs, installation of machinery, equipment, and site improvements.