In this subtitle the following words have the meanings indicated. “Fund” means the Make Office Vacancies Extinct Matching Fund. “Program” means the Make Office Vacancies Extinct Program.

There is a Make Office Vacancies Extinct Program in the Department. The purpose of the Program is to encourage the location of new businesses in the State in counties that provide comparable office space support to the businesses.

In order to qualify for participation in the Program, a new business must meet the criteria in this section. The business must: be located in a county that has a comparable support program to reduce office space vacancies in the county; be: a home–based start–up enterprise occupying its first commercial space in the county; a business relocating from outside the State; or a business significantly expanding its operations in the county; execute a direct lease with the landlord for at least 3 years of not more than 10,000 square feet; or obtain an occupancy permit, if sharing office space with another business; and apply for support from the Program within 90 days after signing the lease or obtaining the occupancy permit. The Program may exclude from support a business that is relocating from one county to another county within the State. A grant recipient that fails to fulfill the eligibility and maintenance requirements of the Program or of the county comparable program that supports the recipient may be required to return all or part of the grant to the Program.

An applicant shall submit an application for a Program grant on the form that the Secretary requires. The applicant may submit an application to the Program at the same time the applicant applies for support from a county comparable program. The Program shall review the application and all supporting materials in order to evaluate whether the applicant qualifies for a grant from the Program. Subject to the availability of money in the Fund, the Program may provide to an eligible business a grant that equals the amount of the grant that the county comparable program provides to the business. The Program shall provide the grants described under paragraph (1) of this subsection on a first–come, first–served basis. The Program shall coordinate with county comparable programs to evaluate applications and to provide assistance to eligible businesses under this subtitle.

There is a Make Office Vacancies Extinct Matching Fund. The purpose of the Fund is to provide matching funds to reduce vacant office space in counties of the State that provide comparable support to new businesses. The Secretary shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: money appropriated in the State budget to the Fund; money recaptured from businesses that fail to fulfill the terms and conditions of a grant made from the Program; interest earnings of the Fund; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only for: matching grants that counties provide to eligible businesses under comparable vacancy reduction programs; and administrative expenses of the Program. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Interest earnings of the Fund shall be credited to the Fund. Expenditures from the Fund may be made only in accordance with the State budget.

In accordance with § 2.5–109 of this article, the Department shall submit a report on the effectiveness of the Program.

The Secretary may adopt regulations to carry out this subtitle.