State Passes Sykesville Center Loan

Bizline

February 02, 1992

ANNAPOLIS — The state Board of Public Works Wednesday approved $1.25 million in state loans to Sykesville for the Raincliffe Business Center.

The town applied for the loans more than a year ago to lend to Security Enterprises Inc. of Ellicott City, Howard County, for construction of the $3.5 million, 32-acre South Carroll industrial and commercial center.

The state loans consist of $500,000 from the Maryland Industrial Land Act and $750,000 from the Maryland Industrial and Commercial Redevelopment Fund.

With state approval of the loans, Security now can apply for an additional $2 million in conventional funding and begin construction later this year, said David W. Moxley, project managerfrom Security Enterprises.

At the public hearing, James R. Gatto,director of the Community Financing Group for the Department of Economic and Employment Development, Sykesville Mayor Lloyd R. Helt Jr. and Moxley all requested approval of the loans.

"Sykesville has a poor commercial base," Helt said. "Raincliffe will represent 24 percent of the town's tax base and create 400 jobs."

Comptroller Louis L. Goldstein called the center "a prototype for other projects around the state" in giving his approval.

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