Tuesday, December 10, 2013 8:23 AM
Published on: Thursday, February 28, 2013
By Holden Wilen
ROCKVILLE - The Montgomery County Council released the review of its economic development incentive programs completed by the Office of Legislative Oversight Tuesday.
According to the report, Montgomery County’s economic development incentive programs align with best practices around the country. Through 2012, the economic development fund assisted local companies with over $34 million through five programs. Montgomery County provided $34.8 million to businesses in property tax credits between fiscal years 1999-2012.
“It seems to me we’re doing the right thing and we’ll continue to do it better over time,” Councilmember Nancy Floreen said.
In addition to its findings, the report also recommended the Council request the county executive to enhance data collection and reporting procedures of economic development programs associated with private capital investments by grant and loan awards recipients, estimated fiscal impact of projects by awardees and differentiating between jobs retained and jobs created.