 |
Unannotated Code of Maryland (Last Updated: May 16, 2014) |
 |
ECONOMIC DEVELOPMENT |
|
DIVISION I. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
|
TITLE 5. ECONOMIC DEVELOPMENT AND FINANCIAL ASSISTANCE PROGRAMS |
|
SUBTITLE 7. ENTERPRISE ZONES |
§ 5-705. Enterprise zones -- Expansion
Latest version.
-
(a) In general. --
(1) A political subdivision may apply to the Secretary to expand an existing enterprise zone in the same manner as the political subdivision would apply to designate a new enterprise zone.
(2) The Secretary may grant an expansion of an enterprise zone into an area that meets the requirements of § 5-704 of this subtitle.
(3) For purposes of § 5-704(b) of this subtitle, an expansion of an enterprise zone that does not exceed 50% of the existing geographic area of the enterprise zone does not count towards the limit on the number of enterprise zones that:
(i) the Secretary may designate in a calendar year; or
(ii) a county may receive in a calendar year.
(b) Extraordinary expansion. --
(1) The Secretary may grant one extraordinary expansion of an enterprise zone in the State each calendar year for an area that:
(i) meets the requirements of § 5-704 of this subtitle; and
(ii) in the determination of the Secretary, has suffered a significant loss of economic base.
(2) For purposes of § 5-704(b) of this subtitle, an extraordinary expansion of an enterprise zone does not count towards the limit on the number of enterprise zones that:
(i) the Secretary may designate in a calendar year; or
(ii) a county may receive in a calendar year.