Title
A RESOLUTION CONCERNING LOANS TO UNITED PARCEL SERVICE, INC. (OHIO) (“UPS”) 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 three hundred fifty thousand dollars ($350,000) to UPS 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 thousand dollars ($100,000), will be used for eligible project costs associated with a new facility in the County and capital expenditures.
Background
This Resolution will endorse the three hundred fifty thousand dollar ($350,000) loan given by the Maryland Economic Development Assistance Fund (“MEDAF”) to the United Parcel Service, 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 thousand dollars ($100,000).
State law requires endorsement of MEDAF funds from the governing body within the jurisdiction benefiting from the Maryland Department of Commerce’s 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 United Parcel Service, Inc., 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 acquisition costs and construction costs.