Prince George's County Council - Reference No. CR-054-2017

• Reference No.: CR-054-2017
• Draft No.: 1
• Type: Resolution
• Status: Adopted
• Meeting Body: Sitting as the Committee of the Whole
• Meeting Date: 6/20/2017
• Introduced Date: 6/20/2017
• Effective date: 6/20/2017
• Title: A RESOLUTION CONCERNING LOANS TO SOUTHLAND INDUSTRIES INC. (“SOUTHLAND”) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) for the purpose of endorsing a loan not to exceed two hundred twenty eight thousand dollars ($228,000) to Southland from the Maryland Department of Commerce, formerly the Maryland Department of Business and Economic Development MEDAF program, which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed one hundred fifty-five thousand dollars ($155,000), will be used for eligible project costs associated with a new facility in the County and capital expenditures.
• Proposers/Sponsors: County Executive, Dannielle M. Glaros, Derrick Leon Davis, Obie Patterson, Mel Franklin, Deni L. Taveras, Mary A. Lehman
• Contact: LaKeecia Allen, Office of Law

Date	Ver.	Action By	Action	Result
6/23/2017	1	County Executive	signed
6/20/2017	1	Sitting as the Committee of the Whole	Favorably recommended	Pass
6/20/2017	1	County Council	introduced and referred
6/20/2017	1	County Council	adopted	Pass

Title

A RESOLUTION CONCERNING LOANS TO SOUTHLAND INDUSTRIES INC. (“SOUTHLAND”) FROM THE  MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) for the purpose of endorsing a loan not to exceed two hundred twenty eight thousand dollars ($228,000) to Southland from the Maryland Department of Commerce, formerly the Maryland Department of Business and Economic Development MEDAF program, which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed one hundred fifty-five thousand dollars ($155,000), will be used for eligible project costs associated with a new facility in the County and capital expenditures.

Background

This Resolution will endorse the two hundred twenty eight thousand dollars ($228,000) loan given by the Maryland Department of Commerce, formerly the Maryland Department of Business and Economic Development (“MEDAF”) to Southland, 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 one hundred fifty-five thousand dollars ($155,000).

State law requires endorsement of MEDAF funds from the governing body within the jurisdiction benefiting from the Maryland Department of Commerce, formerly the Maryland Department of Business and Economic Development MEDAF program’s assistance. 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 expansion and retention of the Southland development project in Prince George’s County.  The proceeds of the loan will be used to reimburse eligible project costs at the project site, including construction or acquisition, furniture, fixtures and equipment costs.