St. Mary’s County Government is working on developing a policy for offering financial, tax and other incentives to lure new businesses into the county. Draft guidelines were presented Tuesday to the St. Mary’s County Commissioners by Acting Director of Economic and Community Development Robin Finnacom.
The draft sets up guidelines for the types of businesses that would qualify and what they would have to offer to qualify. It does not yet address the types of incentives that could be offered. That would have to be developed later by the commissioners.
The commissioners expressed interest in proceeding with the effort. It will now be reviewed by other county agencies.
The effort recognizes that the county is now in a different economic world, what with the Sequester and federal and state budget consideration causing uncertainty about activities at Patuxent River Naval Air Station, including the possibility of another round of BRACs (Base Closure and Realignment Commission).
In a cover letter to the commissioners, Finnacom wrote: “”While the County offers a loan guarantee program for start-up and early staged companies, there has been little need to offer incentives given what has until recently been the steady and positive expansion of NAS Patuxent River over the last two decades. The 2008 national recession, the onset of a ten-year draw down in defense spending, the threat of continued sequestration and the agreed upon need to diversify the local economy requires us, however, to consider the strategic use and competitive advantage of offering incentives to broaden and strengthen the County’s future economy.”
The draft proposal lists the following conditions for a project to be considered for incentives:
· Creates desired business-type or expands industry sector including but not limited to Aerospace, UAS, high technology, light manufacturing and energy related businesses
· Utilizes “green” or environmentally sensitive development techniques
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