Upper Marlboro, MD- Prince George's County Executive Rushern L. Baker, III and the Minority Business Development Division (MBDD) this week welcomed 150 small and minority businesses at the Economic Development Incentive (EDI) Fund Business Forum.
MBDD Executive Director Roland Jones moderated a Question and Answer session with the County Executive and members his economic development team - David Iannucci and Aubrey Thagard, Assistant Deputy Chief Administrative Officers for Economic Development and Public Infrastructure, and Pradeep Ganguly, Senior Vice President, Prince George’s County Economic Development Corporation. They explained the Prince George’s County Economic Development Corporation. They explained the Fund’s goals, how it will impact small businesses in Prince George’s County and how it will be administered.
The event was hosted by MBDD at the Marlboro Ridge Equestrian Clubhouse by Toll Brothers in Upper Marlboro.
As part of his FY 2012 Proposed Operating and Capital Budget, Mr. Baker proposed a one-time investment of $50 million be set aside as a multi-year commitment for the Economic Development Incentive Fund in an effort to expand the County’s commercial tax base, create additional jobs, and increase the County’s income tax base.
"I proposed the EDI Fund to support and grow small businesses in Prince George's County," Baker said. "With this tool, we will be able to grow our economy, provide jobs for our residents and increase our tax base to pay for valuable services such as education and public safety."
The creation of this fund is an unprecedented initiative in Prince George’s County. Providing a $50 million fund for this purpose will dramatically elevate the county’s economic development profile and signal to the development community that Prince George’s has turned a significant corner. The EDI Fund’s potential return on investment will not be measured solely by financial returns to the fund itself – rather, it will be measured primarily by tangible measures like job creation, increased tax revenue, and the achievement of key development goals.
The EDI Fund will be capitalized with $7 million for FY 2012. Appropriations for the Fund will be made annually.