Sec. 10-284. Purposes and uses
Codified through Bill No. CB-018-2026, adopted May 12, 2026, effective July 24, 2026. Source: Municode, Supplement 2026 Update 2. Editorial notes and legislative history omitted.
Prince George's County, Md., Code § 10-284 (2026)
Sec. 10-284. Purposes and usesLinkCopy Citation
(a)
In general. The purposes of the Fund are to:
(1)
assist in the retention of existing industry and commerce in the County and in the attraction of new industry and commerce to the County;
(2)
create new jobs and retain existing jobs for County residents;
(3)
broaden the local tax base, particularly the commercial tax base;
(4)
promote economic development and the growth of the Prince George's County economy, with a special strategic focus on the developed tier and gateway communities that have suffered from a lack of investment and economic development and those areas where market dynamics do not create sufficient economic incentives to sustain private sector development;
(5)
promote local, minority, and small businesses in the County; and
(6)
encourage:
(A)
Transit-Oriented Development, which shall be defined under this Division as a development or project located within one-half (1/2) of a mile in distance of a Washington Metropolitan Area Transit Authority (WMATA) transit station or a Maryland Area Regional Commuter (MARC) station, as measured from the main entrance of the building to the nearest entrance of the transit station;
(B)
a balanced local economy;
(C)
international resources and trade to promote job growth, business attraction, and retention for County businesses and residents; and
(7)
assist County residents who own businesses that are located in the County in the creation, sustenance and expansion of such businesses.
(b)
Financial assistance.
(1)
The Fund may provide financial assistance in the form of loans, loan loss reserves, guarantees, conditional loans and grants for the benefit of existing and potential industrial and commercial businesses in Prince George's County to finance:
(A)
land, buildings, machinery and equipment, and other associated costs; and
(B)
working capital, including operating expenses, training expenses, relocation expenses, and permit fees, if the monies funded are reasonably necessary and used to enhance the overall health and position of the business.
(2)
The County's financial assistance under this Division may supplement other federal and State financial assistance programs.
(c)
Leveraging funding. The Fund may be used for equity investments, and to participate with other government agencies or private sector institutions to leverage funding for special projects.
(d)
Funding priority. In the administration of the Fund, priority shall be given to economic investment and redevelopment in the Developed Tier of the County and to Transit-Oriented Development.
(e)
Economic strategy. The administration of the Fund shall be consistent with:
(1)
the County's strategy for economic development, as established by the County Executive: prioritizing Transit-Oriented Development, revitalization of established communities, and major corridors;
(2)
established policy and goals previously identified through the General Plan approved by the District Council.
(f)
Financial incentives policy. In the administration of the fund, special priority shall be given to:
(1)
Projects that maximize Local Minority Business Enterprise ("LMBE") participation; and
(2)
Projects that expand and significantly strengthen employment opportunities for County residents.
(g)
Special Assistance for Local Entrepreneurship.
(1)
A goal of ten (10) percent of the annual appropriation to the Economic Development Incentive Fund is established for financial assistance to expand entrepreneurship opportunities for County residents who own businesses based in the County (herein called "Special Assistance for Local Entrepreneurship"), subject to the availability of funding and applicants, in order to:
(A)
stimulate small business development and local business ownership by County residents; and
(B)
provide County residents who own businesses based in the County with access to flexible financing for small business start-up and expansion throughout Prince George's County in a geographically equitable manner.
(2)
Except for legal residency as prescribed in subparagraph (4), below, criteria for approval of an award for Special Assistance for Local Entrepreneurship are the same as the criteria specified in 10-287(d) of this subtitle.
(3)
In administering Special Assistance for Local Entrepreneurship, every effort shall be made to maximize the award of Special Assistance for Local Entrepreneurship to local minority business enterprises ("LMBEs") to the extent practicable.
(4)
Eligibility. To be eligible to apply for and receive an award for Special Assistance for Local Entrepreneurship, an applicant shall demonstrate the following:
(A)
the applicant is a business whose business domicile and principal place of operation is located in Prince George's County, MD at the time of the Fund award and for the duration of any loan or conditional loan supported or funded (in whole or in part) by the Fund award;
(B)
ownership of the business is fifty-one percent (51%) or more by one or more County residents, which are individuals domiciled in the County continuously for the most recent full calendar year as verified by a federal or State tax return, for the duration of the award for Special Assistance for Local Entrepreneurship; and
(C)
the applicant's business does not include one of the following uses: adult entertainment, gun shop, liquor store, laundromat, massage parlor, pawn shop, beauty supply store, nail salon (except as accessory or ancillary to a spa), car wash, dance hall, banquet hall (except as accessory or ancillary to a hotel or convention center), or tattoo parlor.