Maryland Code, ECONOMIC DEVELOPMENT 10-116
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-116
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- including: means includes or including by way of illustration and not by way of limitation. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) acquire, improve, develop, manage, market, maintain, lease as lessor or as lessee, and operate a project in the State;
(2) acquire, directly or through a person or governmental unit, by purchase, gift, or devise, property, franchises, and other interests in land, including land lying under water and riparian rights, located in or outside the State as necessary or convenient to improve or operate a project, on terms and at prices that the Corporation considers reasonable;
(3) if approved by resolution by at least a two-thirds majority of the legislative body of each governmental unit in which the property is located, acquire real property or rights or easements in real property for a project by condemnation for public use in accordance with applicable law; and
(4) make loans to a person to:
(i) finance all or a part of the acquisition or improvement of a project; and
(ii) refund outstanding bonds, mortgages, advances, loans, or other obligations of the person to finance all or part of the acquisition or improvement of a project.
(b) The power of condemnation of the Corporation under subsection (a)(3) of this section may not exceed the power of condemnation of the governmental unit in which the property is located.