Prince George's County Council - Reference No. CR-077-2010

• Reference No.: CR-077-2010
• Draft No.: 1
• Type: Resolution
• Status: Adopted
• Meeting Body: County Council
• Meeting Date: 9/28/2010
• Introduced Date: 9/7/2010
• Effective date: 9/28/2010
• 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
• Proposers/Sponsors: Thomas E. Dernoga, County Executive
• Code sections: None - None
• Contact: Joseph R. Hamlin Office of Law

Date	Ver.	Action By	Action	Result
9/28/2010	1	County Council	adopted	Pass
9/28/2010		County Council	effective
9/22/2010	1	Health, Education and Human Services Committee	Favorably recommended
9/7/2010	1	County Council	referred	Pass
9/7/2010		County Council	introduced

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.