Reference No. CR-103-2020    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 10/27/2020
Introduced Date 10/20/2020 Public Hearing Date
Effective date: 10/27/2020    
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.
Proposers/Sponsors: County Executive, Todd M. Turner, Derrick Leon Davis, Rodney C. Streeter, Jolene Ivey, Monique Anderson-Walker, Thomas E. Dernoga, Dannielle M. Glaros, Mel Franklin, Sydney J. Harrison, Deni L. Taveras
Attachments: 1. R2020103, 2. CR-103-2020 Exhibit A, 3. CR-103-2020 Exhibit B, 4. CR-103-2020 AIS, 5. CR-103-2020 Report, 6. CR-103-2020 Transmittal, 7. CR-103-2020 Fiscal and Policy Note
Contact: Andre Plummer, Economic Development Corporation

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.




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