Title:
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A Resolution endorsing a loan not to exceed $400,000 to Vocus, Inc. (“Vocus”) from the Maryland Economic Development Assistance Fund (“MEDAF”) and authorizing a loan by the County to Vocus not to exceed $40,000 for eligible project costs associated with leasing a facility in the County and capital expenditures
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Title
A Resolution endorsing a loan not to exceed $400,000 to Vocus, Inc. (“Vocus”) from the Maryland Economic Development Assistance Fund (“MEDAF”) and authorizing a loan by the County to Vocus not to exceed $40,000 for eligible project costs associated with leasing a facility in the County and capital expenditures
Background
This resolution will endorse a loan to Vocus from MEDAF not to exceed $400,000 and authorize a County loan not to exceed $40,000 from the County Incentive Leverage Fund, managed by the Prince George’s County Economic Development Corporation. Vocus is an internet software and services company that specializes in on-demand web-based software for public relations. The company has been headquartered in Lanham since it started in 1999, went public in 2005, and has experienced 40% sales growth annually.
Vocus is nearing the end of its lease, and has outgrown its current location. After a search for locations and incentives within Prince George’s County and adjacent jurisdictions, the company selected a property located in Beltsville. It will lease 80,000 square feet, retain an option on the additional 20,000 square feet, and expects to increase employment from 285 to 385 permanent, full-time employees by the end of 2014.