.

Baker’s $50 Million Economic Fund Pushes Forward

Baker, Prince George’s County Council reach accord on plan to grow county’s commercial tax base.

Prince George’s County Executive Rushern Baker’s highly touted economic development fund inched closer to reality after it received a pivotal vote by the county council Tuesday.

The Economic Incentive Development Fund would provide grants and loans to public and private sector businesses to spur economic development, job and business growth around developed areas of the county and near transit lines. The fund would be released by the county in $7 million increments over the next few years, according to Brad Frome, deputy chief of staff for Baker.

Tuesday's vote allowed legislation for the fund to be introduced to the council for a final vote next month. Funding would be allocated from the county's general budget as early as the current fiscal year.

While running for office, Baker campaigned on expanding the county’s commercial tax base as a way to increase revenues and bring higher-paying jobs to the county.

But earlier this year, Baker sparred with the county council over the $50 million fund amid concerns from Council Chair Ingrid Turner, who complained that the fund lacked oversight from the council.

But during Tuesday's council meeting, the Baker administration and the council found common ground. Legislation introduced Tuesday included amendments that would require council approval for any release of funds over $250,000. Previous drafts only required council approval for releasing $1 million or more.

The legislation also calls for a financial advisory committee composed of financial service professionals to aid in the review of applicants.

“The issue was what level of oversight would the county council have,” said Turner. “[The current draft] includes more checks and balances.”

Turner said that if the fund is approved in November, money could begin being released by Christmas of this year. There will be an application process for businesses, she said, and a seven-day decision process from the council.

Frome said Baker is hopeful that the fund will be a catalyst for commercial development in the county, which has been lagging regionally compared to other jurisdictions.

“We wanted seed money,” he said. “It was a push-pull with the council and oversight and us.”

The fund must still clear final approval. A public hearing is scheduled Nov. 1 at 1:30 p.m. in the county administration building in Upper Marlboro.

lester October 05, 2011 at 09:15 PM
I will be glad when all the scandals are over, so that everyone can do what they where elected to do
MAH 1464 October 07, 2011 at 03:24 PM
Amen Lester but that will never happen, politicans are the worst and give them power and they get even worse. rushen you want to raise some money for the country do as the yare doing in Florida, make everyone who is on government assitance take a drug and alcohol test before getting their welfare $$$. We will save millions and millions and people will figure out that they need to quit or get a job becuase the tax payers are sick of this way of life for them and us.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »