[Adopted 12-19-2005 by Ord. No. 284]
The Ridgely Economic Development Commission
is hereby established to assist the Ridgely Town Manager and work
with the Caroline Economic Development Corporation in the promotion
of business establishment and job creation within the Town of Ridgely.
The Ridgely Economic Development Commission
will be composed of five individuals, of which three must be Town
residents, who, based upon their interest and business acumen, are
to be appointed by the Commissioners of Ridgely to five-year terms,
except that the initial members to be appointed as such:
A. One individual to a one-year term.
B. One individual to a two-year term.
C. One individual to a three-year term.
D. One individual to a four-year term.
E. One individual to a five-year term.
The members of the Ridgely Economic Development
Commission will, within one year of their appointment and establishment,
provide to the Commissioners of Ridgely an economic development plan
that will provide a guideline for the managing and promotion of economic
growth in the Town to include the recommendations for business growth
initiatives and an inventory of buildings and property that can be
marketed for business opportunities.
The Ridgely Economic Development Commission
is authorized and encouraged to work with the Caroline Economic Development
Corporation on economic development initiatives and matters of mutual
concern and interest.
[Adopted 9-8-2008 by Ord. No. 314]
There is hereby established a local Ridgely
Economic Development Commission Revolving Loan Fund to be invested
at PNC Bank in Ridgely, Maryland, in the initial amount of $25,000.
Funds in that amount are to be transferred from the Town's general
fund account and are to be placed in a money market, interest-bearing
account, separate from all other municipal funds.
The Commissioners will entertain applications
for loans by applicants whose business plans are designed to accomplish
one or more of the following goals:
A. The relief of unemployment in the Town;
B. The encouragement of the increase of industry and
commerce and a balanced economy in the Town;
C. The providing of assistance in retaining existing
industry and commerce and in attracting new industry and commerce
in the Town;
D. The promotion of economic development;
E. The protection of natural resources and the encouragement
of resource recovery; and
F. Generally, the promotion of the health, welfare and
safety of the residents of Ridgely.
Applications for loans from the Ridgely Economic Development Commission Local Revolving Loan Fund shall be considered in accordance with the goals set forth above and with the guidelines set forth in §
12-8 hereof for the making of such loans.
A certain document entitled "Town of Ridgely
Local Revolving Loan Program Guidelines, Regulations and Rules," attached
hereto, is hereby adopted as the guidelines for the making of the
loans.
In the process of gathering information about
a qualifying business, the Commissioners of Ridgely may receive information
about a business or individual that is confidential and if released
could cause harm to the business or give unfair advantage to its competitors.
To protect the businesses applying for funds and to encourage them
to make full and frank disclosures of business and personal information
relevant to their application, the project administrator may take
the following steps to ensure the confidentiality of the information
it receives:
A. A restriction on the number of people with access
to the files, with the program administrator primarily responsible
for their safekeeping; and
B. A requirement that personnel involved in the program
sign statements of confidentiality regarding all personal and private
submittals by qualified businesses.
The Town Manager is hereby designated program
administrator for all applications and loans made from the Ridgely
Economic Development Commission Local Revolving Loan Fund.
The Ridgely Clerk Treasurer is hereby authorized
to establish and be responsible for the Ridgely Economic Development
Commission Local Revolving Loan Fund, and such fund will be included
in the financial reports of the Commissioners of Ridgely.
No loan shall be made without the approval thereof
by the Commissioners of Ridgely.
All information provided by applicants in support of an application for a loan shall be considered confidential. The program administrator shall exercise such discretionary power as may be available to him under the Public Information Act to deny disclosure of the contents of the application. Nothing in this Article
II shall limit the information which may be reviewed by the Commissioners and available to the public at the public hearing conducted to review the application.