Bill > HB97

This bill expands the powers and definitions related to county and municipal economic development authorities in Maryland. The bill broadens the definition of "Authority" to include revenue authorities, redevelopment authorities, and similarly named entities, and introduces new terms like "Authority Funds" and "Development". The legislation significantly enhances the capabilities of economic development authorities by allowing them to receive funds from various sources, own and manage property, enter into contracts, issue bonds, make loans, and implement project area plans. Authorities can now acquire property both within and outside project areas, accumulate funds, and use those funds for a wide range of purposes including infrastructure improvements, affordable housing, economic development, administrative expenses, and incentives. The bill also clarifies that authorities can acquire and develop property to encourage economic growth, with specific provisions for housing-related initiatives, infrastructure development, and community improvements. Importantly, the bill maintains that these authorities operate to accomplish legislative purposes and can exercise their powers regardless of economic competition impacts. The changes aim to provide more flexibility and resources for local economic development efforts, with the new provisions taking effect on October 1, 2025.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0097?ys=2025RS