Title
A RESOLUTION CONCERNING LOANS TO SAFEWAY, INC. (“SAFEWAY”) FROM THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE FUND (“MEDAF”) AND PRINCE GEORGE’S COUNTY, MARYLAND (THE “COUNTY”) for the purpose of endorsing a loan not to exceed eight hundred fifty thousand dollars ($850,000) to Safeway from the Maryland Department of Commerce, formerly the Maryland Department of Business and Economic Development MEDAF program, which, in conjunction with the conditional loan from the County’s Economic Development Incentive Fund (“EDI Fund”) not to exceed five hundred thousand dollars ($500,000), will be used for eligible project costs associated with a new facility in the County and capital expenditures.
Background
This Resolution will endorse the eight hundred fifty thousand dollar ($850,000) loan given by the Maryland Department of Commerce, formerly the Maryland Department of Business and Economic Development MEDAF program, to Safeway for the Development Project in conjunction with the conditional County loan for matching funds from the County’s Economic Development Incentive Fund (“EDI Fund”) in the amount of five hundred thousand dollars ($500,000).
State law requires endorsement of MEDAF funds from the governing body within the jurisdiction benefiting from the Maryland Department of Commerce, formerly the Maryland Department of Business and Economic Development MEDAF program’s assistance. 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 of the Safeway Project in Prince George’s County. The proceeds of the loan will be used to reimburse eligible project costs at the project site.