I am pleased to be able to participate in the award of support that will help to stimulate growth, and generate thousands of jobs to boost our economy.
Largo, MD (Vocus) August 6, 2010
County Executive Jack B. Johnson, and Kwasi Holman, President/CEO of the Prince George’s County Economic Development Corporation (EDC), are pleased to announce the award of $41.5 million in Federal Recovery Zone Facility Bonds (RZFB) to support four Prince George’s County projects. These projects are expected to create approximately 3,354 jobs, and generate millions in local revenues.
The awards are the result of a direct allocation of $41.5 million to Prince George’s County by the U. S. Department of the Treasury, under the (RZFB) program. This program is a part of the economic stimulus package contained in the American Recovery and Reinvestment Act (ARRA) of 2009. “I am pleased to be able to participate in the award of support that will help to stimulate growth, and generate thousands of jobs to boost our economy,” said County Executive Jack. B. Johnson. “Prince George’s County is well on its way to recovery, while maintaining our Triple “A” Bond Rating throughout.”
The tax-exempt loans associated with the RZFB program provides businesses with access to bank loans at reduced interest rates, which enables them to create and retain jobs and expand their capacity. As a direct result of these awards; a 22 acre commercial site will be transformed into a mixed-use development in an established community; two sites will be revitalized to create almost 2,600 jobs, and infrastructure enhancements will be made to preserve essential buildings.
The Recovery Zone Facility Bond program does not involve any financial liability for Prince George’s County. Therefore the total worth of these awards can be considered as “value added” to our businesses, and thus our economy.
For more information:
Patricia Thornton, Director of Marketing
Prince George’s County Economic Development Corp.
301.583.4614, 240.533.5084 - mobile
Info: Larry Hentz,
Business Development Specialist
301.583.4617, 240.601.2509 - mobile