| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. | |
| 4 | 4 | [Brackets] indicate matter deleted from existing law. | |
| 5 | 5 | Underlining indicates amendments to bill. | |
| 6 | 6 | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
| 7 | 7 | amendment. | |
| 8 | - | Italics indicate opposite chamber/conference committee amendments. | |
| 9 | 8 | *sb0861* | |
| 10 | 9 | ||
| 11 | 10 | SENATE BILL 861 | |
| 12 | - | C8 (5lr3031) | |
| 13 | - | ENROLLED BILL | |
| 14 | - | — Budget and Taxation and Finance/Ways and Means — | |
| 15 | - | Introduced by Senator Corderman | |
| 16 | - | ||
| 17 | - | Read and Examined by Proofreaders: | |
| 18 | - | ||
| 19 | - | _______________________________________________ | |
| 20 | - | Proofreader. | |
| 21 | - | _______________________________________________ | |
| 22 | - | Proofreader. | |
| 23 | - | ||
| 24 | - | Sealed with the Great Seal and presented to the Governor, for his approval this | |
| 25 | - | ||
| 26 | - | _______ day of _______________ at ________________ ________ o’clock, ________M. | |
| 27 | - | ||
| 28 | - | ______________________________________________ | |
| 29 | - | President. | |
| 11 | + | C8 5lr3031 | |
| 12 | + | CF HB 1459 | |
| 13 | + | By: Senator Corderman | |
| 14 | + | Introduced and read first time: January 28, 2025 | |
| 15 | + | Assigned to: Finance and Budget and Taxation | |
| 16 | + | Reassigned: Budget and Taxation and Finance, January 30, 2025 | |
| 17 | + | Committee Report: Favorable with amendments | |
| 18 | + | Senate action: Adopted | |
| 19 | + | Read second time: February 24, 2025 | |
| 30 | 20 | ||
| 31 | 21 | CHAPTER ______ | |
| 32 | 22 | ||
| 33 | 23 | AN ACT concerning 1 | |
| 34 | 24 | ||
| 35 | 25 | Economic Development – Western Maryland Economic Future Investment 2 | |
| 36 | 26 | Board and Senator George C. Edwards Fund – Alterations 3 | |
| 37 | 27 | ||
| 38 | 28 | FOR the purpose of altering the composition of the Western Maryland Economic Future 4 | |
| 39 | 29 | Investment Board; providing that the Executive Director serves as a nonvoting 5 | |
| 40 | 30 | member of the Board, except under a certain circumstance; altering the purpose of 6 | |
| 41 | 31 | the Senator George C. Edwards Fund; extending the fiscal years in which the 7 | |
| 42 | 32 | Governor is required to may include a certain appropriation in the annual budget 8 | |
| 43 | 33 | bill to the Fund; altering the criteria that the Board must consider when awarding 9 | |
| 44 | 34 | certain grant and loan funding from the Fund; and generally relating to the Western 10 | |
| 45 | 35 | Maryland Economic Future Investment Board and the Senator George C. Edwards 11 | |
| 46 | 36 | Fund. 12 | |
| 47 | 37 | ||
| 48 | 38 | BY repealing and reenacting, with amendments, 13 | |
| 49 | - | Article – Economic Development 14 2 SENATE BILL 861 | |
| 39 | + | Article – Economic Development 14 | |
| 40 | + | Section 13–737, 13–739, and 13–740 15 | |
| 41 | + | Annotated Code of Maryland 16 | |
| 42 | + | (2024 Replacement Volume and 2024 Supplement) 17 | |
| 43 | + | ||
| 44 | + | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18 | |
| 45 | + | That the Laws of Maryland read as follows: 19 | |
| 46 | + | ||
| 47 | + | Article – Economic Development 20 | |
| 48 | + | 2 SENATE BILL 861 | |
| 50 | 49 | ||
| 51 | 50 | ||
| 52 | - | Section 13–737, 13–739, and 13–740 1 | |
| 53 | - | Annotated Code of Maryland 2 | |
| 54 | - | (2024 Replacement Volume and 2024 Supplement) 3 | |
| 51 | + | 13–737. 1 | |
| 55 | 52 | ||
| 56 | - | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 4 | |
| 57 | - | That the Laws of Maryland read as follows: 5 | |
| 53 | + | (a) There is a Western Maryland Economic Future Investment Board. 2 | |
| 58 | 54 | ||
| 59 | - | ||
| 55 | + | (b) The Board consists of the following members: 3 | |
| 60 | 56 | ||
| 61 | - | 13–737. 7 | |
| 57 | + | [(1) one representative from the Department of Commerce, appointed by the 4 | |
| 58 | + | Secretary of Commerce, who shall serve as a nonvoting member; 5 | |
| 62 | 59 | ||
| 63 | - | (a) There is a Western Maryland Economic Future Investment Board. 8 | |
| 60 | + | (2) one representative of an economic development organization in each 6 | |
| 61 | + | member county, appointed by each member county’s respective commissioners, who shall 7 | |
| 62 | + | serve as a nonvoting member; 8 | |
| 64 | 63 | ||
| 65 | - | (b) The Board consists of the following members: 9 | |
| 64 | + | (3) one representative from District 1, appointed by the Speaker of the 9 | |
| 65 | + | House, in consultation with the District 1 delegation to the Maryland General Assembly; 10 | |
| 66 | 66 | ||
| 67 | - | | |
| 68 | - | ||
| 67 | + | (4) one representative from District 2, appointed by the President of the 11 | |
| 68 | + | Senate, in consultation with the District 2 delegation to the Maryland General Assembly; 12 | |
| 69 | 69 | ||
| 70 | - | (2) one representative of an economic development organization in each 12 | |
| 71 | - | member county, appointed by each member county’s respective commissioners, who shall 13 | |
| 72 | - | serve as a nonvoting member; 14 | |
| 70 | + | (5) one county commissioner from each member county; 13 | |
| 73 | 71 | ||
| 74 | - | (3) one representative from District 1, appointed by the Speaker of the 15 | |
| 75 | - | House, in consultation with the District 1 delegation to the Maryland General Assembly; 16 | |
| 72 | + | (6) one representative from District 1, appointed by the President of the 14 | |
| 73 | + | Senate, in consultation with the District 1 delegation to the Maryland General Assembly, 15 | |
| 74 | + | who shall serve as a nonvoting member; 16 | |
| 76 | 75 | ||
| 77 | - | (4) one representative from District 2, appointed by the President of the 17 | |
| 78 | - | Senate, in consultation with the District 2 delegation to the Maryland General Assembly; 18 | |
| 76 | + | (7) one representative from District 2, in consultation with the District 2 17 | |
| 77 | + | delegation to the Maryland General Assembly, appointed by the Speaker of the House, who 18 | |
| 78 | + | shall serve as a nonvoting member; 19 | |
| 79 | 79 | ||
| 80 | - | (5) one county commissioner from each member county; 19 | |
| 80 | + | (8) the State Senator representing District 1, who shall serve as an ex 20 | |
| 81 | + | officio nonvoting member; 21 | |
| 81 | 82 | ||
| 82 | - | (6) one representative from District 1, appointed by the President of the 20 | |
| 83 | - | Senate, in consultation with the District 1 delegation to the Maryland General Assembly, 21 | |
| 84 | - | who shall serve as a nonvoting member; 22 | |
| 83 | + | (9) the State Senator representing District 2, who shall serve as an ex 22 | |
| 84 | + | officio nonvoting member; 23 | |
| 85 | 85 | ||
| 86 | - | ( | |
| 87 | - | ||
| 88 | - | ||
| 86 | + | (10) a member of the House of Delegates representing a subdistrict in 24 | |
| 87 | + | District 1, appointed by the Speaker of the House, who shall serve as an ex officio nonvoting 25 | |
| 88 | + | member; and 26 | |
| 89 | 89 | ||
| 90 | - | (8) the State Senator representing District 1, who shall serve as an ex 26 | |
| 91 | - | officio nonvoting member; 27 | |
| 90 | + | (11) a member of the House of Delegates representing a subdistrict in 27 | |
| 91 | + | District 2, appointed by the Speaker of the House, who shall serve as an ex officio nonvoting 28 | |
| 92 | + | member] 29 | |
| 92 | 93 | ||
| 93 | - | (9) the State Senator representing District 2, who shall serve as an ex 28 | |
| 94 | - | officio nonvoting member; 29 | |
| 94 | + | (1) ONE REPRESENTATIVE F ROM DISTRICT 1, APPOINTED BY THE 30 | |
| 95 | + | SPEAKER OF THE HOUSE, IN CONSULTATION WITH THE DISTRICT 1 DELEGATION TO 31 | |
| 96 | + | THE MARYLAND GENERAL ASSEMBLY; 32 | |
| 97 | + | SENATE BILL 861 3 | |
| 95 | 98 | ||
| 96 | - | (10) a member of the House of Delegates representing a subdistrict in 30 | |
| 97 | - | District 1, appointed by the Speaker of the House, who shall serve as an ex officio nonvoting 31 | |
| 98 | - | member; and 32 SENATE BILL 861 3 | |
| 99 | + | ||
| 100 | + | (2) ONE REPRESENTATIVE F ROM DISTRICT 1, APPOINTED BY THE 1 | |
| 101 | + | PRESIDENT OF THE SENATE, IN CONSULTATION WITH THE DISTRICT 1 DELEGATION 2 | |
| 102 | + | TO THE MARYLAND GENERAL ASSEMBLY; 3 | |
| 103 | + | ||
| 104 | + | (3) ONE REPRESENTATIVE F ROM DISTRICT 2, APPOINTED BY THE 4 | |
| 105 | + | SPEAKER OF THE HOUSE, IN CONSULTATION WITH THE DISTRICT 2 DELEGATION T O 5 | |
| 106 | + | THE MARYLAND GENERAL ASSEMBLY; 6 | |
| 107 | + | ||
| 108 | + | (4) ONE REPRESENTATIVE F ROM DISTRICT 2, APPOINTED BY THE 7 | |
| 109 | + | PRESIDENT OF THE SENATE, IN CONSULTATION WITH THE DISTRICT 2 DELEGATION 8 | |
| 110 | + | TO THE MARYLAND GENERAL ASSEMBLY; AND 9 | |
| 111 | + | ||
| 112 | + | (5) THE EXECUTIVE DIRECTOR, AS A NONVOTING MEMBE R, EXCEPT 10 | |
| 113 | + | THAT THE EXECUTIVE DIRECTOR MAY VOTE TO BREAK A TIE ON ANY I TEM VOTED 11 | |
| 114 | + | BY THE BOARD. 12 | |
| 115 | + | ||
| 116 | + | (c) The voting members of the Board may elect a chair from among the Board’s 13 | |
| 117 | + | members. 14 | |
| 118 | + | ||
| 119 | + | (d) The Council shall provide staff for the Board. 15 | |
| 120 | + | ||
| 121 | + | (e) A member of the Board: 16 | |
| 122 | + | ||
| 123 | + | (1) may not receive compensation as a member of the Board; but 17 | |
| 124 | + | ||
| 125 | + | (2) is entitled to reimbursement for expenses under the Standard State 18 | |
| 126 | + | Travel Regulations, as provided in the State budget. 19 | |
| 127 | + | ||
| 128 | + | (f) The voting members of the Board shall have final approval authority on: 20 | |
| 129 | + | ||
| 130 | + | (1) disbursements from the Fund; and 21 | |
| 131 | + | ||
| 132 | + | (2) projects selected in accordance with § 13–740 of this subtitle. 22 | |
| 133 | + | ||
| 134 | + | 13–739. 23 | |
| 135 | + | ||
| 136 | + | (a) There is a Senator George C. Edwards Fund. 24 | |
| 137 | + | ||
| 138 | + | (b) The purpose of the Fund is to provide grant or loan funding to [capital 25 | |
| 139 | + | infrastructure projects and business development projects that improve the economic 26 | |
| 140 | + | conditions] CREATE JOBS AND SIGN IFICANT ECONOMIC DEV ELOPMENT 27 | |
| 141 | + | OPPORTUNITIES in the region. 28 | |
| 142 | + | ||
| 143 | + | (c) The Council shall administer the Fund. 29 | |
| 144 | + | ||
| 145 | + | (d) (1) The Fund consists of: 30 4 SENATE BILL 861 | |
| 99 | 146 | ||
| 100 | 147 | ||
| 101 | 148 | ||
| 102 | - | (11) a member of the House of Delegates representing a subdistrict in 1 | |
| 103 | - | District 2, appointed by the Speaker of the House, who shall serve as an ex officio nonvoting 2 | |
| 104 | - | member] 3 | |
| 149 | + | (i) appropriations as provided in the State budget; 1 | |
| 105 | 150 | ||
| 106 | - | (1) ONE REPRESENTATIVE F ROM DISTRICT 1, APPOINTED BY THE 4 | |
| 107 | - | SPEAKER OF THE HOUSE, IN CONSULTATION WITH THE DISTRICT 1 DELEGATION TO 5 | |
| 108 | - | THE MARYLAND GENERAL ASSEMBLY; 6 | |
| 151 | + | (ii) interest or other income earned on the investment of money in 2 | |
| 152 | + | the Fund; and 3 | |
| 109 | 153 | ||
| 110 | - | (2) ONE REPRESENTATIVE F ROM DISTRICT 1, APPOINTED BY THE 7 | |
| 111 | - | PRESIDENT OF THE SENATE, IN CONSULTATION WITH THE DISTRICT 1 DELEGATION 8 | |
| 112 | - | TO THE MARYLAND GENERAL ASSEMBLY; 9 | |
| 154 | + | (iii) any other money accepted for the benefit of the Fund. 4 | |
| 113 | 155 | ||
| 114 | - | ( | |
| 115 | - | ||
| 116 | - | THE | |
| 156 | + | (2) (I) In each of fiscal years 2024 through [2026] 2031, the Governor 5 | |
| 157 | + | shall include in the annual operating or capital budget bill an appropriation of at least 6 | |
| 158 | + | $10,000,000 to the Fund. 7 | |
| 117 | 159 | ||
| 118 | - | ( | |
| 119 | - | ||
| 120 | - | TO THE | |
| 160 | + | (II) IN EACH OF FISCAL YEA RS 2027 THROUGH 2031, THE 8 | |
| 161 | + | GOVERNOR MAY INCLUDE IN THE ANNUAL OPERAT ING OR CAPITAL BUDGE T BILL AN 9 | |
| 162 | + | APPROPRIATION OF AT LEAST $10,000,000 TO THE FUND. 10 | |
| 121 | 163 | ||
| 122 | - | (5) THE EXECUTIVE DIRECTOR, AS A NONVOTING MEMBE R, EXCEPT 16 | |
| 123 | - | THAT THE EXECUTIVE DIRECTOR MAY VOTE TO BREAK A TIE ON ANY I TEM VOTED 17 | |
| 124 | - | BY THE BOARD. 18 | |
| 164 | + | (e) Money in the Fund may be used only to: 11 | |
| 125 | 165 | ||
| 126 | - | (c) The voting members of the Board may elect a chair from among the Board’s 19 | |
| 127 | - | members. 20 | |
| 166 | + | (1) award grants and provide loans [to capital infrastructure projects and 12 | |
| 167 | + | business development projects to improve the economic conditions in the region] IN 13 | |
| 168 | + | ACCORDANCE WITH § 13–740 OF THIS SUBTITLE ; and 14 | |
| 128 | 169 | ||
| 129 | - | (d) The Council shall provide staff for the Board. 21 | |
| 170 | + | (2) pay the costs necessary to administer the Fund, including paying the 15 | |
| 171 | + | salary of the Executive Director. 16 | |
| 130 | 172 | ||
| 131 | - | (e) A member of the Board: 22 | |
| 173 | + | (f) (1) The Fund is a special, nonlapsing fund that is not subject to reversion 17 | |
| 174 | + | under § 7–302 of the State Finance and Procurement Article. 18 | |
| 132 | 175 | ||
| 133 | - | (1) may not receive compensation as a member of the Board; but 23 | |
| 176 | + | (2) The State Treasurer shall hold the Fund separately, and the 19 | |
| 177 | + | Comptroller shall account for the Fund. 20 | |
| 134 | 178 | ||
| 135 | - | ( | |
| 136 | - | ||
| 179 | + | (3) The State Treasurer shall invest the money in the Fund in the same 21 | |
| 180 | + | manner as other State money may be invested. 22 | |
| 137 | 181 | ||
| 138 | - | ( | |
| 182 | + | (4) Any investment earnings of the Fund shall be credited to the Fund. 23 | |
| 139 | 183 | ||
| 140 | - | ||
| 184 | + | 13–740. 24 | |
| 141 | 185 | ||
| 142 | - | (2) projects selected in accordance with § 13–740 of this subtitle. 28 | |
| 186 | + | (a) A member county or local entity within a member county may submit a 25 | |
| 187 | + | proposal for funding under this part. 26 | |
| 143 | 188 | ||
| 144 | - | (G) A MEMBER OF THE MARYLAND GENERAL ASSEMBLY MAY NOT SERV E AS 29 | |
| 145 | - | A MEMBER OF THE BOARD. 30 4 SENATE BILL 861 | |
| 189 | + | (b) To qualify for funding, a project shall be: 27 | |
| 190 | + | ||
| 191 | + | (1) a capital infrastructure project that: 28 | |
| 192 | + | SENATE BILL 861 5 | |
| 146 | 193 | ||
| 147 | 194 | ||
| 195 | + | (i) is linked to economic development in the region, as approved by 1 | |
| 196 | + | the Board; and 2 | |
| 148 | 197 | ||
| 149 | - | 13–739. 1 | |
| 198 | + | (ii) receives 20% matching funds from the member county where the 3 | |
| 199 | + | project is located, another local entity, a private business, or a combination thereof; 4 | |
| 150 | 200 | ||
| 151 | - | ( | |
| 201 | + | (2) a business development project that: 5 | |
| 152 | 202 | ||
| 153 | - | (b) The purpose of the Fund is to provide grant or loan funding to [capital 3 | |
| 154 | - | infrastructure projects and business development projects that improve the economic 4 | |
| 155 | - | conditions] CREATE JOBS AND SIGN IFICANT ECONOMIC DEV ELOPMENT 5 | |
| 156 | - | OPPORTUNITIES in the region. 6 | |
| 203 | + | (i) encourages and promotes downtown neighborhood 6 | |
| 204 | + | revitalization, small business tourism, or other areas as approved by the Board; and 7 | |
| 157 | 205 | ||
| 158 | - | (c) The Council shall administer the Fund. 7 | |
| 206 | + | (ii) receives 10% matching funds from the member county where the 8 | |
| 207 | + | project is located, another local entity, a private business, or a combination thereof; or 9 | |
| 159 | 208 | ||
| 160 | - | (d) (1) The Fund consists of: 8 | |
| 209 | + | (3) any other project that the Board determines is appropriate to promote 10 | |
| 210 | + | economic development in the region. 11 | |
| 161 | 211 | ||
| 162 | - | (i) appropriations as provided in the State budget; 9 | |
| 212 | + | (c) (1) (i) The Board shall develop criteria to review, evaluate, and rate 12 | |
| 213 | + | project proposals for funding under this part. 13 | |
| 163 | 214 | ||
| 164 | - | (ii) | |
| 165 | - | the | |
| 215 | + | (ii) The criteria in subparagraph (i) of this paragraph shall ensure 14 | |
| 216 | + | that the project: 15 | |
| 166 | 217 | ||
| 167 | - | (iii) any other money accepted for the benefit of the Fund. 12 | |
| 218 | + | 1. EXCEPT AS PROVIDED I N ITEM 2 OF THIS 16 | |
| 219 | + | SUBPARAGRAPH , creates or retains AT LEAST 25 jobs; 17 | |
| 168 | 220 | ||
| 169 | - | (2) (I) In each of fiscal years 2024 through [2026] 2031, the Governor 13 | |
| 170 | - | shall include in the annual operating or capital budget bill an appropriation of at least 14 | |
| 171 | - | $10,000,000 to the Fund. 15 | |
| 221 | + | 2. creates or retains [businesses] AT LEAST 10 JOBS EACH 18 | |
| 222 | + | WITH WAGES THAT MEET OR EXCEED 150% OF THE MEDIAN HOUSEH OLD INCOME 19 | |
| 223 | + | FOR THE MEMBER COUNTY IN W HICH THE PROJECT IS LOCATED, AS DETERMINED 20 | |
| 224 | + | BY THE MOST RECENT A VAILABLE DATA FROM T HE STATE; OR 21 | |
| 172 | 225 | ||
| 173 | - | (II) IN EACH OF FISCAL YEA RS 2027 THROUGH 2031, THE 16 | |
| 174 | - | GOVERNOR MAY INCLUDE IN THE ANNUAL OPERAT ING OR CAPITAL BUDGE T BILL AN 17 | |
| 175 | - | APPROPRIATION OF AT LEAST $10,000,000 TO THE FUND. 18 | |
| 226 | + | 3. [increases wages; or 22 | |
| 176 | 227 | ||
| 177 | - | (e) Money in the Fund may be used only to: 19 | |
| 228 | + | 4.] creates [new State or local tax revenue] SIGNIFICANT 23 | |
| 229 | + | POPULATION GROWTH IN THE COUNTY OR MUNICI PALITY IN WHICH THE PROJECT IS 24 | |
| 230 | + | LOCATED, AS CERTIFIED IN WRIT ING TO THE BOARD BY THE COUNTY 25 | |
| 231 | + | COMMISSIONERS FOR TH E MEMBER COUNTY OR T HE MUNICIPAL GOVERNM ENT FOR 26 | |
| 232 | + | THE MUNICIPALITY IN WHICH THE PROJECT IS LOCATED. 27 | |
| 178 | 233 | ||
| 179 | - | (1) award grants and provide loans [to capital infrastructure projects and 20 | |
| 180 | - | business development projects to improve the economic conditions in the region] IN 21 | |
| 181 | - | ACCORDANCE WITH § 13–740 OF THIS SUBTITLE ; and 22 | |
| 234 | + | (2) (i) The Board shall choose which projects to award grants and loans 28 | |
| 235 | + | to based on the criteria developed in accordance with paragraph (1) of this subsection. 29 | |
| 182 | 236 | ||
| 183 | - | (2) pay the costs necessary to administer the Fund, including paying the 23 | |
| 184 | - | salary of the Executive Director. 24 | |
| 185 | - | ||
| 186 | - | (f) (1) The Fund is a special, nonlapsing fund that is not subject to reversion 25 | |
| 187 | - | under § 7–302 of the State Finance and Procurement Article. 26 | |
| 188 | - | ||
| 189 | - | (2) The State Treasurer shall hold the Fund separately, and the 27 | |
| 190 | - | Comptroller shall account for the Fund. 28 | |
| 191 | - | ||
| 192 | - | (3) The State Treasurer shall invest the money in the Fund in the same 29 | |
| 193 | - | manner as other State money may be invested. 30 SENATE BILL 861 5 | |
| 194 | - | ||
| 195 | - | ||
| 196 | - | ||
| 197 | - | (4) Any investment earnings of the Fund shall be credited to the Fund. 1 | |
| 198 | - | ||
| 199 | - | 13–740. 2 | |
| 200 | - | ||
| 201 | - | (a) A member county or local entity within a member county may submit a 3 | |
| 202 | - | proposal for funding under this part. 4 | |
| 203 | - | ||
| 204 | - | (b) To qualify for funding, a project shall be: 5 | |
| 205 | - | ||
| 206 | - | (1) a capital infrastructure project that: 6 | |
| 207 | - | ||
| 208 | - | (i) is linked to economic development in the region, as approved by 7 | |
| 209 | - | the Board; and 8 | |
| 210 | - | ||
| 211 | - | (ii) receives 20% matching funds from the member county where the 9 | |
| 212 | - | project is located, another local entity, a private business, or a combination thereof; 10 | |
| 213 | - | ||
| 214 | - | (2) a business development project that: 11 | |
| 215 | - | ||
| 216 | - | (i) encourages and promotes downtown neighborhood 12 | |
| 217 | - | revitalization, small business tourism, or other areas as approved by the Board; and 13 | |
| 218 | - | ||
| 219 | - | (ii) receives 10% matching funds from the member county where the 14 | |
| 220 | - | project is located, another local entity, a private business, or a combination thereof; or 15 | |
| 221 | - | ||
| 222 | - | (3) any other project that the Board determines is appropriate to promote 16 | |
| 223 | - | economic development in the region. 17 | |
| 224 | - | ||
| 225 | - | (c) (1) (i) The Board shall develop criteria to review, evaluate, and rate 18 | |
| 226 | - | project proposals for funding under this part. 19 | |
| 227 | - | ||
| 228 | - | (ii) The criteria in subparagraph (i) of this paragraph shall ensure 20 | |
| 229 | - | that the project: 21 | |
| 230 | - | ||
| 231 | - | 1. EXCEPT AS PROVIDED I N ITEM 2 OF THIS 22 | |
| 232 | - | SUBPARAGRAPH , creates or retains AT LEAST 25 jobs; 23 | |
| 233 | - | ||
| 234 | - | 2. creates or retains [businesses] AT LEAST 10 JOBS EACH 24 | |
| 235 | - | WITH WAGES THAT MEET OR EXCEED 150% OF THE MEDIAN HOUSEH OLD INCOME 25 | |
| 236 | - | FOR THE MEMBER COUNT Y IN WHICH THE PROJE CT IS LOCATED, AS DETERMINED 26 | |
| 237 | - | BY THE MOST RECENT A VAILABLE DATA FROM T HE STATE EXCEED 120% OF THE 27 | |
| 238 | - | STATE MINIMUM WAGE ; OR 28 | |
| 239 | - | ||
| 240 | - | 3. [increases wages; or 29 | |
| 237 | + | (ii) The Board or the Executive Director shall distribute grants and 30 | |
| 238 | + | loans to projects based on the decisions made by the Board in accordance wi th 31 | |
| 239 | + | subparagraph (i) of this paragraph. 32 | |
| 241 | 240 | 6 SENATE BILL 861 | |
| 242 | 241 | ||
| 243 | 242 | ||
| 244 | - | 4.] creates [new State or local tax revenue] SIGNIFICANT 1 | |
| 245 | - | POPULATION GROWTH IN THE COUNTY OR MUNICI PALITY IN WHICH THE PROJECT IS 2 | |
| 246 | - | LOCATED, AS CERTIFIED IN WRIT ING TO THE BOARD BY THE COUNTY 3 | |
| 247 | - | COMMISSIONERS FOR TH E MEMBER COUNTY OR T HE MUNICIPAL GOVERNMENT FOR 4 | |
| 248 | - | THE MUNICIPALITY IN WHICH THE PROJECT IS LOCATED. 5 | |
| 243 | + | (d) (1) The Board or the Executive Director shall monitor and track the 1 | |
| 244 | + | progress of each project that receives funding under this part. 2 | |
| 249 | 245 | ||
| 250 | - | (2) (i) The Board shall choose which projects to award grants and loans 6 | |
| 251 | - | to based on the criteria developed in accordance with paragraph (1) of this subsection. 7 | |
| 246 | + | (2) If the Board determines that sufficient progress is not being made 3 | |
| 247 | + | toward achieving the requirements of this section, the Board may reclaim the awarded 4 | |
| 248 | + | funds. 5 | |
| 252 | 249 | ||
| 253 | - | (ii) The Board or the Executive Director shall distribute grants and 8 | |
| 254 | - | loans to projects based on the decisions made by the Board in accordance with 9 | |
| 255 | - | subparagraph (i) of this paragraph. 10 | |
| 250 | + | (e) The funding provided in this section shall be used to supplement and not 6 | |
| 251 | + | supplant any funds that would otherwise be provided to the Board or the member counties. 7 | |
| 256 | 252 | ||
| 257 | - | | |
| 258 | - | ||
| 253 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 8 | |
| 254 | + | 1, 2025. 9 | |
| 259 | 255 | ||
| 260 | - | (2) If the Board determines that sufficient progress is not being made 13 | |
| 261 | - | toward achieving the requirements of this section, the Board may reclaim the awarded 14 | |
| 262 | - | funds. 15 | |
| 263 | - | ||
| 264 | - | (e) The funding provided in this section shall be used to supplement and not 16 | |
| 265 | - | supplant any funds that would otherwise be provided to the Board or the member counties. 17 | |
| 266 | - | ||
| 267 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 18 | |
| 268 | - | 1, 2025. 19 | |
| 269 | 256 | ||
| 270 | 257 | ||
| 271 | 258 | ||
| 272 | 259 | ||
| 273 | 260 | Approved: | |
| 274 | 261 | ________________________________________________________________________________ | |
| 275 | 262 | Governor. | |
| 276 | 263 | ________________________________________________________________________________ | |
| 277 | 264 | President of the Senate. | |
| 278 | 265 | ________________________________________________________________________________ | |
| 279 | 266 | Speaker of the House of Delegates. |