| ANNAPOLIS, MD Tue, May 13, 2008 Governor Martin O'Malley today signed legislation authorizing the creation of BRAC Zones to accommodate growth resulting from military base realignment and closure. The BRAC Community Enhancement Act makes available financial incentives to local governments to provide necessary infrastructure to encourage BRAC-related businesses and households to locate within existing locally designated state priority funding areas. While all jurisdictions are eligible to apply for BRAC Zone designation, priority will be given to areas that are served by public transportation and have the greatest capacity for economic growth. Depending on rate and term, the State’s $5 million investment in FY 2009 could leverage up to $150 million in local bonds.
"BRAC has afforded Maryland a tremendous opportunity, not only for an expanded role in the defense of our nation but also for economic growth," said Governor O'Malley. "The BRAC Community Enhancement Act helps Maryland address BRAC challenges, preserves our quality of life and allows all regions of our great State to share in BRAC opportunities. I applaud our State and local governments, the General Assembly, Maryland's military alliances, and our other partners who came together to craft and pass this innovative legislation."
"Maryland continues to move forward in our preparations for BRAC," said Lieutenant Governor Anthony G. Brown. "The BRAC Subcabinet outlined our challenges and opportunities, the General Assembly provided additional funding for education and transportation, and now, the BRAC Community Enhancement Act will help us guide and foster growth."
The BRAC Community Enhancement Act also allows counties greater flexibility in negotiating a payment in lieu of taxes (PILOT) for Enhanced Use Leases (EULs) for commercial developments on military installation land. The legislation provides an incentive for developers to contribute funding to mitigate the impact of the development on public infrastructure.
"This legislation is clear evidence that Maryland is collaboratively implementing BRAC decisions," said BGen J. Michael Hayes USMC (Ret.), managing director of the Office of Military and Federal Affairs in the Maryland Department of Business & Economic Development. "Together with our local government partners, our congressional delegation, our military installations, alliances and private entities, Maryland is actively preparing to welcome as many as 60,000 new jobs and 28,000 new households."
The Maryland Department of Business and Economic Development (DBED) will administer the BRAC Zones program. State agency heads from Planning, Environment, Business and Economic Development, Assessments and Taxation, Housing, and Transportation are scheduled to meet later today to quickly develop program specifications and application criteria.
ABOUT DBED
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. For more information, visit www.choosemaryland.org.
|
