(a) The General Assembly finds that: (1) the State's economy continues to experience technological change and restructuring; (2) technological change may result in economic contraction and dislocation, but affords opportunities to expand productive employment and expand the State's economy and tax base; (3) the establishment of a public corporation to acquire or improve projects: (i) serves the public interest by accomplishing one or more of the Corporation's legislative purposes listed in subsection (b) of this section; and (ii) complements existing State marketing programs administered by the Department and through the Department's financial assistance programs including the Maryland Industrial Development Financing Authority and the Maryland Economic Development Assistance Authority under Title 5 of this article; and (4) the State lacks and needs direct property development capability for economic development purposes. (b) The legislative purposes of the Corporation are to: (1) relieve unemployment in the State; (2) encourage the increase of business activity and commerce and a balanced economy in the State; (3) help retain and attract business activity and commerce in the State; (4) promote economic development; and (5) promote the health, safety, right of gainful employment, and welfare of residents of the State. (c) The General Assembly intends that: (1) the Corporation operate and exercise its corporate powers in all areas of the State; (2) without limiting its authority to otherwise exercise its corporate powers, the Corporation exercise its corporate powers to assist governmental units and State and local economic development agencies to contribute to the expansion, modernization, and retention of existing enterprises in the State as well as the attraction of new business to the State; (3) the Corporation cooperate with workforce development boards, private industry councils, representatives of labor, and governmental units in maximizing new economic opportunities for residents of the State; (4) the Corporation accomplish at least one of the purposes listed in subsection (b) of this section and complement existing State marketing and financial assistance programs by: (i) owning projects; (ii) leasing projects to other persons; or (iii) lending the proceeds of bonds to other persons to finance the costs of acquiring or improving projects that the persons own or will own; and (5) the Corporation not own and operate a project unless: (i) the Board determines by resolution that the private sector has not demonstrated serious and significant interest and development capacity to own and operate the project; or (ii) a representative of a governmental unit requests in writing that the Corporation own and operate the project.
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