Towson, Md. (July 21, 2009) A $48.8 million allocation from the federal government will enable Baltimore County to issue Recovery Zone Facility Bonds, a new financing vehicle that is part of the American Recovery & Reinvestment Act. Businesses and commercial developers using these bonds can borrow funds from a commercial bank at below market interest rates. Baltimore County will not incur any financial liability as a result of issuance of these tax exempt bonds. Priority for issuing Baltimore County's Recovery Zone Facility Bonds will be given to projects located in the County's designated commercial revitalization areas or projects that support employment-generating uses. "The tight commercial credit market has forced many companies and developers to sit on the sidelines," stated Baltimore County Executive Jim Smith. "Recovery Zone Facility Bonds are tangible evidence of how the federal stimulus can directly help private sector projects move forward." Proceeds of Recovery Zone Facility Bonds can be used for the purchase and renovation of real estate and the purchase of new equipment. These bonds can be used by most commercial businesses and development projects, with certain exceptions such as rental housing and golf courses excluded by federal law. All projects must be valued at a minimum of $1 million and complete a pre-concept plan review by County agencies. In order to allow adequate time for the bond process, plan approval suitable for financing must be completed by July, 2010. By federal law, all Recovery Zone Facility Bonds must be issued before January 1, 2011. Interested parties must file a brief questionnaire and project summary with the Baltimore County Department of Economic Development between August 4, 2009 and November 16, 2009. For further filing information call Stanley Jacobs at 410-887-8000. In order to offer these bonds to as many projects and businesses as possible and meet federal criteria for designating a Recovery Zone, the Department of Economic Development has requested that the County Council define the County's Recovery Zone as the Priority Funding Area. The Priority Funding Area is defined in the County's Master Plan and includes the majority of the urban portion of the County. The Council will vote on the Recovery Zone designated area at its August 3 meeting. Read more business headlines Read more about Baltimore County Business Communities Back to top Baltimore County
Department of Economic Development
400 Washington Avenue Towson Maryland 21204
Phone 410-887-8000 For additional information contact businesshelp@baltimorecountymd.gov Revised July 29, 2009 | 
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