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$2.4M economic fund distributed to local businesses

Economic fund creates, protects hundreds of local jobs

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Published on: Wednesday, January 02, 2013

By Tauren Dyson

Prince George’s County Economic Development Incentive Fund committed $2,410,000 million in an effort to create jobs for six businesses and keep existing jobs in Prince George’s, County Executive Rushern Baker announced at a press conference in Beltsville on Dec. 17.

“In its first months of full operation, our Economic Development Incentive Fund is paying dividends for the county,” Baker said in a press release. “… In the form of private investment, growth in our tax base, and job creation and retention.”

The $50 million EDIF was a realization of a proposal, made by Baker in March 2011, meant to attract companies to and increase the tax base within Prince George’s. Each fiscal year, the county will add between $7 million and $11 million to the fund.

The Prince George’s County Economic Development Corporation began accepting applications for the fund in March 2012.

The six businesses received funding approval from a seven-member financial advisory committee. Hampton Inn received $1.2 million — the largest chunk of funding of any of the businesses — to build a hotel in Camp Springs. Little Caesars Pizza received $300,000 to build locations within the county. Landover-based Man & Machine received $500,000 to expand its existing property, and two Beltsville-based tech companies — Vocus, INC, and Information Management Systems — received $100,00 and $110,000, respectively, according to the Washington Business Journal. The final company, Nash Finch, received $200,000.

County officials anticipate the funding these companies received will bring 358 new jobs and help retain 627 existing jobs.

“Thanks to the EDI Fund, we can point to almost 1,000 jobs that we were able to retain, create and add to the county in roughly half a year as a result of this new program,” Baker said in the release. “That’s pretty impressive, and more are in the pipeline.”

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