Reference No. CR-086-2012    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 11/20/2012
Introduced Date 10/23/2012 Public Hearing Date
Effective date: 11/20/2012    
Title: A Resolution endorsing a loan not to exceed $500,000 to Vocus, Inc. (“Vocus”) from the Maryland Economic Development Assistance Authority and Fund (“MEDAAF”) and authorizing a loan by the County to Vocus not to exceed $100,000 for eligible project costs associated with leasing a facility in the County for expansion and capital expenditures
Proposers/Sponsors: Andrea C. Harrison, Derrick Leon Davis, Mel Franklin, Mary A. Lehman, Eric C. Olson, Ingrid M. Turner, County Executive
Code sections: None - None
Attachments: 1. ACTION SUMMARY T2012086, 2. INCLUSION FILE I-CR-86-2012 Exhibit A, 3. R2012086.pdf
Contact: Joseph R. Hamlin Office of Law
Title
A Resolution endorsing a loan not to exceed $500,000 to Vocus, Inc. (“Vocus”) from the Maryland Economic Development Assistance Authority and Fund (“MEDAAF”) and authorizing a loan by the County to Vocus not to exceed $100,000 for eligible project costs associated with leasing a facility in the County for expansion and capital expenditures

Background
This resolution will endorse a loan to Vocus, Inc. from MEDAAF not to exceed $500,000 and authorize a County loan, not to exceed $100,000 from the Economic Development Incentive 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 public relations and marketing software.

Vocus plans to expand its headquarters and operations in the County. The company is currently headquartered and conducts its operations at its “Existing Facility” under a long term lease covering 80,000 square feet of space at 12051 Indian Creek Court, Beltsville, Maryland. In 2011 the Maryland Department of Business and Economic Development (“DBED”) provided a $400,000 MEDAAF loan (the “Loan”) to assist the company with the establishment of the Existing Facility. The County provided a $40,000 Conditional Loan on consistent terms for the Existing Facility (Phase I). As of December 31, 2011, Vocus reported that it has more than satisfied the original terms of the Loan and employed 410 full-time permanent employees and caused in excess of $11,300,000 of Capital Expenditures at the Existing Facility.

At this time, the company plans to expand at a “New Facility” under a short term lease of approximately 20 months consisting of a minimum of 25,000 square feet at neighboring 12101 Indian Creek Court, Beltsville, Maryland and increase its workforce to 600 full-time permanent positions by December 31, 2015 (Phase II). The costs associated with the New Facility are estimated to range from $650,000 to $850,000. In support of th...

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