EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*sb0846*
SENATE BILL 846
C8 2lr2245
SB 709/21 – FIN CF 2lr2243
By: Senators Edwards and Corderman
Introduced and read first time: February 7, 2022
Assigned to: Finance
A BILL ENTITLED
AN ACT concerning 1
Economic Development – Maryland Technology Infrastructure Pilot 2
Program – Establishment 3
FOR the purpose of establishing the Maryland Technology Infrastructure Pilot Program in 4
the Maryland Technology Development Corporation; establishing the Maryland 5
Technology Infrastructure Authority; establishing the Maryland Technology 6
Infrastructure Fund as a special, nonlapsing fund; and generally relating to the 7
Maryland Technology Infrastructure Pilot Program and the Maryland Technology 8
Development Corporation. 9
BY adding to 10
Article – Economic Development 11
Section 10–4C–01 through 10–4C–10 to be under the new subtitle “Subtitle 4C. 12
Maryland Technology Infrastructure Pilot Program” 13
Annotated Code of Maryland 14
(2018 Replacement Volume and 2021 Supplement) 15
BY repealing and reenacting, without amendments, 16
Article – State Finance and Procurement 17
Section 6–226(a)(2)(i) 18
Annotated Code of Maryland 19
(2021 Replacement Volume) 20
BY repealing and reenacting, with amendments, 21
Article – State Finance and Procurement 22
Section 6–226(a)(2)(ii)144. and 145. 23
Annotated Code of Maryland 24
(2021 Replacement Volume) 25
BY adding to 26
Article – State Finance and Procurement 27 2 SENATE BILL 846
Section 6–226(a)(2)(ii)146. 1
Annotated Code of Maryland 2
(2021 Replacement Volume) 3
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 4
That the Laws of Maryland read as follows: 5
Article – Economic Development 6
SUBTITLE 4C. MARYLAND TECHNOLOGY INFRASTRUCTURE PILOT PROGRAM. 7
10–4C–01. 8
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 9
INDICATED. 10
(B) “AUTHORITY” MEANS THE MARYLAND TECHNOLOGY 11
INFRASTRUCTURE AUTHORITY. 12
(C) “CORPORATION ” MEANS THE MARYLAND TECHNOLOGY 13
DEVELOPMENT CORPORATION . 14
(D) “FINANCIAL ASSISTANCE ” MEANS A GR ANT, A LOAN, A CREDIT 15
ENHANCEMENT , AN INVESTMENT , OR ANY SIMILAR ASSIS TANCE. 16
(E) “FUND” MEANS THE MARYLAND TECHNOLOGY INFRASTRUCTURE 17
FUND. 18
(F) “PROGRAM” MEANS THE MARYLAND TECHNOLOGY INFRASTRUCTURE 19
PILOT PROGRAM. 20
(G) “PROJECT” MEANS A LARGE –SCALE, TRANSFORMATIVE 21
INFRASTRUCTURE INITI ATIVE INTENDED TO PR OMOTE THE DEVELOPMEN T AND 22
GROWTH OF INNOVATION –BASED BUSINESS IN WESTERN MARYLAND. 23
(H) “WESTERN MARYLAND” MEANS ALLEGANY, GARRETT, AND 24
WASHINGTON COUNTIES . 25
10–4C–02. 26
(A) THERE IS A MARYLAND TECHNOLOGY INFRASTRUCTURE PILOT 27
PROGRAM IN THE CORPORATION . 28
(B) THE PURPOSE OF THE PROGRAM IS TO: 29
SENATE BILL 846 3
(1) ESTABLISH A PROGRAM IN WESTERN MARYLAND TO SUPPORT 1
THE INNOVATION ECONO MY BY INCENTIVIZING THE DEVELOPMENT OF A DVANCED 2
INDUSTRY INFRASTRUCT URE AND RESOURCES THAT BUILD ON THE EXISTING 3
STRENGTHS OF THE REG ION’S ECONOMY; 4
(2) SUPPORT THE GROWTH O F AND INCENTIVIZE TH E ATTRACTION 5
AND RETENTION OF EAR LY–STAGE, INNOVATION–BASED BUSINESS IN WESTERN 6
MARYLAND THROUGH THE CREATION OF SUPPORTI NG INFRASTRUCTUR E AND 7
RESOURCES; 8
(3) MANAGE A MARYLAND TECHNOLOGY INFRASTRUCTURE FUND 9
FOR FINANCIAL ASSIST ANCE IN PROJECTS TO SUPPORT THE PROGRAM; AND 10
(4) EVALUATE THE EFFICAC Y OF THE PROGRAM FOR FUTURE 11
EXPANSION TO OTHER P ARTS OF THE STATE. 12
10–4C–03. 13
(A) THERE IS A MARYLAND TECHNOLOGY INFRASTRUCTURE AUTHORITY 14
IN THE CORPORATION . 15
(B) THE CORPORATION SHALL PRO VIDE STAFF TO THE AUTHORITY AND 16
MAY EMPLOY OR CONTRA CT WITH EXPERTS TO A SSIST WITH THE ADMIN ISTRATION 17
AND MANAGEMENT OF TH E PROGRAM. 18
10–4C–04. 19
(A) THE AUTHORITY CONSISTS OF THE FOLLOWING MEMBER S: 20
(1) THREE MEMBERS APPOINTED BY THE GOVERNOR: 21
(I) TWO OF WHOM ARE ENTREPRENEURS OR BUS INESS 22
OWNERS IN WESTERN MARYLAND; AND 23
(II) ONE OF WHOM HAS EXPE RIENCE IN VENTURE CA PITAL OR 24
ECONOMIC DEVELOPMENT ; 25
(2) THE PRESIDENT OF FROSTBURG STATE UNIVERSITY, OR THE 26
PRESIDENT’S DESIGNEE; 27
(3) THE PRESIDENT OF A C OMMUNITY COLLEGE LOC ATED IN 28
WESTERN MARYLAND, OR THE PRESIDENT ’S DESIGNEE, APPOINTED BY THE 29
MARYLAND ASSOCIATION OF COMMUNITY COLLEGES; AND 30
4 SENATE BILL 846
(4) THE EXECUTIVE DIRECTOR OF THE CORPORATION , OR THE 1
EXECUTIVE DIRECTOR’S DESIGNEE. 2
(B) EACH MEMBER SHALL BE A RESIDENT OF THE STATE. 3
10–4C–05. 4
(A) (1) THREE MEMBERS OF THE AUTHORITY ARE A QUORU M. 5
(2) AN ACT OF THE AUTHORITY MUST BE APP ROVED BY A MAJORITY 6
VOTE OF THE MEMBERS ATTENDING A MEETING AT WHICH A QUORUM IS PRESENT. 7
(B) A MEMBER OF THE AUTHORITY: 8
(1) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE 9
AUTHORITY; BUT 10
(2) IS ENTITLED TO REIMB URSEMENT FOR EXPENSE S UNDER THE 11
STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET . 12
(C) A MEMBER OF THE AUTHORITY SHALL FILE AN ANNUAL PUBLIC 13
DISCLOSURE OF FINANC IAL INTERESTS AS REQ UIRED UNDER THE MARYLAND 14
PUBLIC ETHICS LAW. 15
(D) EACH MEMBER OF THE AUTHORITY SHALL DISCL OSE TO THE STATE 16
ETHICS COMMISSION WHETHER TH E MEMBER IS EMPLOYED BY OR HAS A FINANCIA L 17
INTEREST IN AN ENTIT Y THAT MAY APPLY FOR FUNDING FROM THE FUND. 18
10–4C–06. 19
THE AUTHORITY SHALL PROVI DE ADVICE TO AND CON SULT WITH THE 20
CORPORATION IN CONNEC TION WITH THE ADMINI STRATION OF THE PROGRAM 21
UNDER THIS SUBTITLE . 22
10–4C–07. 23
(A) THERE IS A MARYLAND TECHNOLOGY INFRASTRUCTURE FUND IN THE 24
CORPORATION . 25
(B) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 26
SUBJECT TO REVERSION UNDER § 7–302 OF THE STATE FINANCE AND 27
PROCUREMENT ARTICLE. 28
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 29 SENATE BILL 846 5
AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 1
(C) THE FUND CONSISTS OF : 2
(1) APPROPRIATIONS AS PR OVIDED IN THE STATE BUDGET ; 3
(2) ANY INTEREST EARNING S OF THE FUND; AND 4
(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 5
THE BENEFIT OF THE PROGRAM. 6
(D) THE EXECUTIVE DIRECTOR OF THE CORPORATION , OR THE EXECUTIVE 7
DIRECTOR’S DESIGNEE, SHALL ADMINISTER THE FUND IN ACCORDANCE WI TH THIS 8
SUBTITLE AND ANY OTH ER APPLICABLE LAW . 9
(E) THE FUND SHALL BE USED TO COVER THE COSTS OF T HE PROGRAM, 10
INCLUDING: 11
(1) ANY ADMINISTRATIVE C OSTS; AND 12
(2) ANY FINANCIAL ASSIST ANCE THAT IS AWARDED TO ELIGIBLE 13
RECIPIENTS. 14
(F) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 15
IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 16
(2) ANY INVESTMENT EARNIN GS OF THE FUND SHALL BE CREDITE D 17
TO THE FUND. 18
(G) THE ACCOUNT AND TRANS ACTIONS OF THE FUND ARE SUBJECT TO 19
AUDIT BY THE OFFICE OF LEGISLATIVE AUDITS AS PROVIDED IN § 2–1220 OF THE 20
STATE GOVERNMENT ARTICLE. 21
10–4C–08. 22
(A) WITHIN THE PROGRAM, SUBJECT TO AVAILABLE FUNDING, AND ON THE 23
RECOMMENDATION OF TH E AUTHORITY, THE CORPORATION SHALL AWA RD 24
FINANCIAL ASSISTANCE FROM THE FUND TO PUBLIC OR PRI VATE ENTITIES IN THE 25
STATE, INCLUDING INSTITUTIO NS OF HIGHER EDUCATI ON, TO: 26
(1) SUPPORT LARGE –SCALE INFRASTRUCTURE OR RESOURCE 27
PROJECTS IN WESTERN MARYLAND TO ATTRACT T ALENT, FOSTER 28
COLLABORATION , AND ENABLE CONCENTRA TION AND GROWTH OF A DVANCED 29
INDUSTRIES; 30 6 SENATE BILL 846
(2) FOSTER PUB LIC–PRIVATE COLLABORATIO NS TO ENCOURAGE 1
DEVELOPMENT OF SHARE D INFRASTRUCTURE AND RESOURCES; AND 2
(3) SUPPORT TALENT DEVEL OPMENT INITIATIVES T HAT ADDRESS 3
CRITICAL SKILL SHORT AGE AREAS IN INDUSTR IES CRITICAL TO GROW TH IN 4
WESTERN MARYLAND. 5
(B) THE FUND MAY NOT CONTRIBUTE MO RE THAN: 6
(1) ONE–THIRD OF THE TOTAL C OST OF THE PROJECT ; OR 7
(2) $500,000 PER PROJECT. 8
10–4C–09. 9
(A) THE AUTHORITY SHALL ADOPT REGULATIONS TO ESTAB LISH: 10
(1) A COMPETITIVE APPLIC ATION PROCESS ; AND 11
(2) CRITERIA AND PROCEDURES FOR AWARD ING FINANCIAL 12
ASSISTANCE FROM THE FUND TO ELIGIBLE RECI PIENTS, INCLUDING CRITERIA T HAT 13
EXAMINE: 14
(I) THE PROJECT ’S POTENTIAL IMPACT O N THE LOCAL 15
ECONOMY; 16
(II) THE PROJECT ’S LIKELIHOOD TO FOST ER JOB CREATION ; 17
AND 18
(III) CAPITAL INVESTMENT IN THE PR OJECT. 19
(B) (1) IN ACCORDANCE WITH TH IS SUBTITLE, ALL PRIVATE SECTOR 20
ENTITIES IN THE STATE AND ALL INSTITU TIONS OF HIGHER EDUC ATION IN THE 21
STATE MAY BE ELIGIBLE RECIPIENTS OF FINANC IAL ASSISTANCE. 22
(2) PRIORITY FOR THE AWAR D OF ANY FINANCIAL ASSISTANCE SHALL 23
BE GIVEN TO THOSE PR OJECTS MOST LIKELY T O: 24
(I) ATTRACT SIGNIFICANT INVESTMENT IN THE STATE; 25
(II) RESULT IN SIGNIFICAN T COMPANY FORMATION , 26
EXPANSION, OR JOB CREATION ; OR 27
(III) RESULT IN MEANINGFUL ECONOMIC AND EMPLOYM ENT 28 SENATE BILL 846 7
DEVELOPMENT IN WESTERN MARYLAND. 1
10–4C–10. 2
ON OR BEFORE JULY 1, 2026, THE CORPORATION SHALL REP ORT TO THE 3
GENERAL ASSEMBLY, IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 4
ARTICLE, ON THE IMPLEMENTATIO N OF THE PROGRAM AND SHALL MAK E 5
RECOMMENDATIO NS ON THE EXPANSION OF THE PROGRAM TO A STATEWID E 6
PROGRAM. 7
Article – State Finance and Procurement 8
6–226. 9
(a) (2) (i) Notwithstanding any other provision of law, and unless 10
inconsistent with a federal law, grant agreement, or other federal requirement or with the 11
terms of a gift or settlement agreement, net interest on all State money allocated by the 12
State Treasurer under this section to special funds or accounts, and otherwise entitled to 13
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 14
Fund of the State. 15
(ii) The provisions of subparagraph (i) of this paragraph do not apply 16
to the following funds: 17
144. the Health Equity Resource Community Reserve Fund; 18
[and] 19
145. the Access to Counsel Evictions Special Fund; AND 20
146. THE MARYLAND TECHNOLOGY INFRASTRUCTURE 21
FUND. 22
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 23
1, 2022. It shall remain effective for a period of 5 years and, at the end of June 30, 2027, 24
this Act, with no further action required by the General Assembly, shall be abrogated and 25
of no further force and effect. 26