100 W. Washington St., Room 103
Hagerstown, MD 21740
Driving Directions
phone240-313-2280
fax240-313-2281
emailedcinfo@hagerstownedc.org
Fill out our contact form
(Hagerstown, MD – December 17, 2009) The Hagerstown-Washington County Economic Development Commission (EDC) will begin accepting proposals on January 21, 2010, from businesses interested in utilizing Washington County’s Recovery Zone Facility Bond (RZFB) allocation for private development projects. RZFB is a tax-exempt private financing program authorized by the American Recovery and Reinvestment Act of 2009 (ARRA). Projects must be located within Washington County’s Priority Funding Area (PFA), which includes incorporated municipalities and surrounding areas. (Click here to view map).
RZFBs provide an incentive for projects/growth in areas experiencing economic and fiscal distress. Washington County was allocated approximately $14 million of ARRA funds for the program and projects valued at $3 million or greater will be considered.
“The RZFB program could be a great resource for companies to utilize when expanding or relocating their businesses,” said Timothy R. Troxell, CEcD, executive director of the EDC. “This incentive complements the recently enacted Job Attraction and Creation (JAC) program, also known as 'Cash for Job Creation,' a local incentive package that offers at least $1,500 cash for each new job created, fee reductions, fast track permitting, and more. Both the RZFB and JAC programs are time sensitive, so interested parties should apply early.”
Information Session:
The EDC will host an information session on the RZFB program on January 20, 2010, at 9:00 a.m. at 100 West Washington Street in Room 255, Hagerstown, Maryland. This session will include a brief presentation about RZFBs, including project eligibility, criteria, and timeline of project selection process, followed by a question and answer session for prospective applicants.
How to Apply for RZFB:
The EDC will be accepting proposals after the January 20, 2010, information session from businesses interested in utilizing Washington County’s RZFB until March 17, 2010 at 4:00 p.m. All proposals for RZFB financing will be reviewed by the RZFB Taskforce of the EDC and final decisions for financing will be at the sole discretion of the EDC. Washington County’s endorsement of the RZFB project list will be by Resolution of the Washington County Board of County Commissioners. To apply, please contact EDC Executive Director, Timothy R. Troxell, CEcD, at 240-313-2280 or ttroxell@hagerstownedc.org. To learn more about the RZFB, click here.
