HoCo Exec Offers Help To Businesses

From HoCo gov:

ELLICOTT CITY, MD – Howard County Executive Ken Ulman announced today a series of legislative initiatives to help local businesses endure the current economic difficulties and take advantage of opportunities presented amidst the recovery.

“Although the national economy seems to be on the right track, local businesses still need help as this recovery takes hold,” said County Executive Ulman. “I believe this legislation offers both immediate and long-term help to Howard County’s business sector.”

These bills were introduced to the County Council Monday:

· A revision to the County’s commercial tax credit that expands eligibility beyond office and industrial operations to include retail, restaurants, hotels and motels, and recreational facilities. The tax credit acts as an incentive for businesses wishing to make substantial investments in their local operations.

· A provision allowing the Office of Workforce Development to use $153,000 in Maryland Business Works funds for grants to local businesses that invest in their employees by providing training and continuing education opportunities.

· Designating the Route 1 Corridor as a Recovery Zone under the guidelines of the American Recovery and Reinvestment Act of 2009. This bill allows the County to offer $18,406,000 in Recovery Zone Facility Bonds as below-market financing for private businesses in the recovery zone. This designation also allows the County to use $12,270,000 in Recovery Zone Economic Development Bonds which will provide a cost-effective source of funds for supporting and expanding economic activity in the recovery zone.

Ulman’s initiatives also include the following bills passed Monday by the County Council:

· A revised Settlement Downpayment Loan Assistance program meant to enhance and extend the federal first-time homebuyer tax credit. The new program regulations will expand homeownership opportunities for first-time buyers and workers employed with County businesses. The program also includes a provision for assistance to buyers of properties in foreclosure.

· A Catalyst Loan Fund managed by the Economic Development Authority and funded in part by State money to provide emerging local businesses with low-interest loans in an effort to expand employment opportunities.