Largo, MD: Tomorrow, Thursday, June 7, at 11:00 a.m. at the Rooftop of the New Remy Building located at the New Carrollton Metro Station, 7730 Harkins Road, Lanham, MD, Prince George’s County Executive Rushern L. Baker, III will join local officials, Prince George’s County Economic Development Corporation, FSC First, and recipients of the Prince George’s County Economic Development Incentive (EDI) Fund awards to celebrate $1 billion of private investment generated by $36.5 million that was awarded to 44 projects since the implementation of the incentive fund in 2012.

“The EDI Fund has been the ‘grease’ that has allowed Prince George’s County to become the economic engine of the State of Maryland and the National Capital Region,” said County Executive Baker. “Prior to my administration, Prince George’s County did not have this critical economic development tool, and was an after-thought in the business community. When I took over in 2010, the County’s stagnant economy and the negative reputation among the business community were proof that we needed something to turn heads. The $50 million EDI Fund was established to “Wow” the business community and demonstrate that Prince George’s County was willing to put our own skin in the game. Within 6 years, $36 million in Fund awards have or will generate $1 billion in private investment that created or retained over 12,000 news jobs. I want to thank and congratulate the Prince George’s County Economic Development Corporation, FSC First, and the Prince George’s County Council for their hard work to make the EDI Fund a critical part of our County’s successful efforts to attract $10 billion in investment over the past 7 years, leading the state in job growth for 5 quarters in a row.”

The EDI Fund was proposed by the Baker Administration in 2011 and subsequently approved by the Prince George’s County Council. The EDI Fund began operation on July 1, 2012. The primary goal of the Fund is to expand the County’s commercial tax base, job retention and attraction, support for small and local businesses, promotion of development and redevelopment opportunities, transit oriented development and growth of key industry sectors.

EDI Fund Success Stats (2012-2018):

• 44 projects approved totaling $36.5 Million in EDI Fund awards
• The EDI Fund stimulated over $1 Billion in capital investment
• The EDI Fund leveraged $980 Million in other financing sources
• Leverage ratio for EDIF: 27 to 1 ($27 invested for $1 EDI Fund)
• Anticipated Jobs Impact of 12,147 jobs. (Creation of 7009 jobs. Retained 5,138 jobs)
• Actual job creation exceeded growth expectations by 20%
• On average, 48% of all retained and created jobs were held by Prince George’s County residents
• Of the $36.5 Million committed, approximately 65% will be revolved back into the fund for future investment
• The assessed value of commercial property grew by $37 Million as a result of private and County investment
• As a result of improvements and redevelopment of the real property, the County collected an additional $500,000 in commercial property taxes
• Set aside $1 Million of the Fund to support small business with getting lines of credit from a traditional bank

WHAT:

County Executive Baker to Celebrate $1 Billion in Private Investment in Prince George’s County resulting from the Economic Development Incentive (EDI) Fund

WHEN:

Thursday, June 7
11:00 a.m.

WHERE:

The Rooftop of the New Remy Building at the New Carrollton Metro Station
7730 Harkins Road
Lanham, MD

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