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$2.5M capital grant to spur MEDCO development in southern Md.
$2.5M capital grant to spur MEDCO development in southern Md.
Listen to this articleThe Maryland Economic Development Corporation (MEDCO) Friday announced a $2.5 million capital grant that will target infrastructure needs and strategic economic development initiatives in southern Maryland.
The award, which was accepted as part of the Maryland Board of Public Works’ agenda in January, will be split between two projects, one each in Charles County and St. Mary’s County. Both projects involve long-term lease agreements with defense contractors, experienced SCIF sponsors and management firms, as well as significant federal, military and national nonprofit partners. Government, private and nonprofit partners include the Office of Naval Research (ONR), 3RGI, LLC and the United States Bomb Technician Association (USBTA).
The Maryland Technology Center facility will become the center of engagement and collaboration with active-duty Explosive Ordnance Disposal (EOD) warfighters from all military branches and public safety bomb technicians with space for classified and unclassified training and educational spaces.
Through these two public-private partnership proposals, MEDCO will not only help ensure the proper use of funds to provide SCIF space to each community, but the approved $2.5 million of SCIF funding will invest $7 million to $8 million in sustainable investments, create more than 200 new jobs in the area and create new business opportunities throughout the region. This means each dollar applied for SCIF buildout will generate an additional $4 to $5 in new investment.
