§ 27-2 Findings of fact; legislative purpose.

The General Assembly finds that there is a critical need in the City for venture capital to assist in the establishment and growth of enterprises in order to promote the expansion, stability, and diversification of the City’s industrial and commercial base and the expansion of employment opportunities in the City.

The purpose of <cite data-path="27">this subtitle</cite> is to establish a program through which the City may commit limited amounts of public funds for the establishment and growth of enterprises through equity investment, loans and loan guaranties to enterprises meeting the criteria established in <cite data-path="27">this subtitle</cite> in order to create a business environment in the City which will attract venture capital from private sources. It is the intention and the purpose of the General Assembly to create an enterprise development program that will promote a partnership between the public and private sectors for the essential public purpose of creating new and better employment opportunities and enhancing the long-term economic well-being and general welfare of the residents of the City.

It is the intention of the General Assembly that the City shall have complete and absolute discretion to determine the enterprises that will receive the benefit of the financial assistance contemplated and authorized by <cite data-path="27">this subtitle</cite>.

<cite data-path="27">This subtitle</cite> shall be broadly construed to effect its purposes.