Title
A RESOLUTION CONCERNING LOANS TO CYBRARY, INC. (CYBRARY) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (MEDAF) AND PRINCE GEORGE’S COUNTY (THE COUNTY) for the purpose of endorsing a loan not to exceed seven hundred and fifty thousand dollars ($750,000) to Cybrary from the Maryland Department of Commerce MEDAF program, which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (EDI Fund) not to exceed two hundred and fifty thousand dollars ($250,000), will be used for eligible project costs associated with supporting the retention and relocation of Cybrary to Riverdale, MD and capital expenditures.
Background
This Resolution will endorse the seven hundred and fifty thousand dollars ($750,000) loan given by the Maryland Department of Commerce MEDAF program to Cybrary, in conjunction with the conditional County loan for matching funds from the County’s Economic Development Incentive Fund (EDI Fund) in the amount of two hundred and fifty thousand dollars ($250,000), to be used for eligible project costs associated with supporting the retention and relocation of Cybrary to Riverdale, MD and capital expenditures.
State law requires endorsement of MEDAF funds from the governing body within the jurisdiction benefiting from the Maryland Department of Commerce. 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 retention and relocation of the Cybrary 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.