PGCEDC to Hold Information Session on Recovery Act Funding

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The U.S. Department of Treasury has allocated $41.5 million to Prince George’s County under the Recovery Zone Facility Bond (RZFB) as part of the American Recovery and Reinvestment Act (ARRA). And, on May 18 at 10:30 a.m., the Prince George’s County Economic Development Corporation (PGCEDC) will hold an information session discussing the funding and how it will be disbursed.

“Since this is a new program, we know there will be a lot questions so we’re want to discuss the program,” said Patricia Thornton, director of marketing for the PGCEDC. “We’re hoping to answer all questions.”

The funding is available for developers who are trying to get money for new projects in the county. According to Thornton, the program can save county developers millions of dollars overall and tens of thousands each.

The program has very few limitations for those that can enroll, but there are certain projects for which the funding cannot be used such as liquor stores, massage parlors and gentleman clubs.

This is not a loan or grant program. It is a government issued bond and developers will still be responsible to repay the bond. The PGCEDC is happy that this program is being put in place, however, and is glad to spread the word. “We just want to go over the process in detail,” Thornton said. “Given the large amount of money at stake, we felt a responsibility to help.”

The Economic Development Corporation offices are located at 1100 Mercantile Lane, Suite 1115A, Largo, Maryland 20774. Individuals interested in attending are asked to RSVP by contacting Larry Hentz at http://www.pgcedc.com/, lhentz@pgcedc.com or (301) 583-4650.