Prince George's County Economic Development Corporation Seeking Interested Businesses for $41.5 million in Recovery Zone Facility Bond Financing

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The U. S. Department of the Treasury has announced a direct allocation of $41.5 million to Prince George’s County under the Recovery Zone Facility Bond (RZFB) program as part of the economic stimulus package contained in the American Recovery and Reinvestment Act (ARRA) of 2009.

The U. S. Department of the Treasury has announced a direct allocation of $41.5 million to Prince George’s County under the Recovery Zone Facility Bond (RZFB) program as part of the economic stimulus package contained in the American Recovery and Reinvestment Act (ARRA) of 2009. The Prince George’s County Economic Development Corporation will host a pre-application information session for business owners, developers, bankers or anyone else interested in financing privately owned economic development projects in Prince George’s County.

The information session will include a brief presentation about the Recovery Zone Facility Bond’s guidelines, benefits and requirements for eligible projects. Also, a question and answer period will be held to help prospective applicants determine if they are eligible for the program. The RZFB program is not a loan or grant program but simply a re-allocation of the federal allocation of tax-exempt status to private activity projects within the County. Private developers will remain responsible for debt service and full repayment of the bonds.

Interested parties are invited to attend the information session to be held at the Prince George’s County Economic Development Corporation on Tuesday, May 18th at 10:30 am. 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 lhentz(at)pgcedc(dot)com or (301) 583-4650.

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