Prince George's County Council - Reference No. CR-017-2015

• Reference No.: CR-017-2015
• Draft No.: 1
• Type: Resolution
• Status: Adopted
• Meeting Body: County Council
• Meeting Date: 6/16/2015
• Introduced Date: 4/28/2015
• Effective date: 6/16/2015
• Title: A RESOLUTION CONCERNING LOANS TO THOMPSON CREEK WINDOW COMPANY (“THOMPSON CREEK”) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) AND PRINCE GEORGE’S COUNTY ECONOMIC DEVELOPMENT CORPORATION (“EDC”), A DESIGNATED AGENCY OF PRINCE GEORGE’S COUNTY, MARYLAND (THE “COUNTY”) for the purpose of endorsing a loan not to exceed $750,000 to Thompson Creek from the MEDAF, and authorizing a conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed $250,000 for eligible project costs associated with a new facility in the County and capital expenditures.
• Proposers/Sponsors: County Executive, Todd M. Turner, Andrea C. Harrison, Mel Franklin, Derrick Leon Davis, Dannielle M. Glaros
• Contact: David Iannucci, Office of the County Executive

Date	Ver.	Action By	Action	Result
6/24/2015	1	County Executive	signed
6/16/2015	1	County Council	adopted	Pass
6/4/2015	1	Public Safety and Fiscal Management Committee	Favorably recommended	Pass
4/28/2015	1	County Council	introduced and referred

Title

A RESOLUTION CONCERNING LOANS TO THOMPSON CREEK WINDOW COMPANY ("THOMPSON CREEK") FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND ("MEDAF") AND PRINCE GEORGE'S COUNTY ECONOMIC DEVELOPMENT CORPORATION ("EDC"), A DESIGNATED AGENCY OF PRINCE GEORGE'S COUNTY, MARYLAND (THE "COUNTY") for the purpose of endorsing a loan not to exceed $750,000 to Thompson Creek from the MEDAF, and authorizing a conditional loan from the County's Economic Development Incentive Fund ("EDI Fund") not to exceed $250,000 for eligible project costs associated with a new facility in the County and capital expenditures.

Background

This Resolution will endorse the $750,000 loan given by the Maryland Economic Development Assistance Fund ("MEDAF") to the Thompson Creek Window Company for the Thompson Creek development project, and authorize a conditional County loan for matching funds from the County's Economic Development Incentive Fund (EDI Fund) in the amount of $250,000.

State law requires endorsement of MEDAF funds from the governing body within the jurisdiction benefiting from DBED's assistance.  Upon approval of this Resolution, the EDI Fund loan will help with the expansion and retention of the Thompson Creek 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.