Two Shore projects to get state assistance

$2.2 million for each in Worcester, Dorchester

February 02, 2002|By Dan Thanh Dang | Dan Thanh Dang,SUN STAFF

As part of an effort to boost economic development in rural areas, two Eastern Shore commercial building projects will receive $4.4 million in state financial assistance, the Maryland Department of Business and Economic Development said yesterday.

A 43,000-square foot building in Pocomoke City in Worcester County and a project and a 30,000-square-foot building in Cambridge, Dorchester County, will each receive $2.2 million from One Maryland, an economic incentive program administered by DBED.

No leases have been signed for the proposed buildings yet, a DBED spokeswoman said, but a number of businesses have expressed interest in the sites.

One Maryland provides loans and equity investments for infrastructure and real estate projects in jurisdictions with an unemployment rate at least 1.5 times the state's average and per capita income that is 67 percent below the state average for at least 18 months.

Currently, seven jurisdictions meet the criteria for One Maryland assistance: Baltimore City and Allegany, Caroline, Dorchester, Garrett, Somerset and Worcester counties. The funds can be applied to acquisition and land development for industrial sites, development of water and sewer lines, other infrastructure projects and construction of shell buildings designed for the needs of specific tenants.

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