Md. Code Regs. 24.05.21.05

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.21.05 - Application for Designation as a Qualified Institution

A. An institution may apply to the Secretary to be designated as a qualified institution.

B. If the applicant is a non-profit organization that is not an institute of higher education, the non-profit must provide documentation that it is affiliated with a federal agency.

C. The application to be designated as a qualified institution shall be in a form approved from time to time by the Department:

D. The applicant shall provide the information and documents required by this regulation and the application form, including:

(1) Evidence of the applicant's intention to:

(a) Make a significant financial investment or commitment in an area of the State that the applicant intends to become a RISE Zone, including:

(i) A description of the projected amount and type of financial investment or commitment the qualified institution intends to make in the area to become a RISE Zone;

(ii) An explanation of why the financial investment or commitment is significant to the area; and

(iii) An explanation of where the financial investment or commitment will be made and for what purpose;

(b) Use the resources and expertise of the applicant to spur economic development and community revitalization in the area the applicant intends to become a RISE Zone, including:

(i) A list of the resources and expertise the applicant has in economic development and community revitalization; and

(ii) An explanation of how the applicant plans to apply its resources and expertise in the area it intends to become a RISE Zone;

(c) Create a significant number of new jobs within the area the applicant intends to become a RISE Zone, taking into account the geographic region and the business sectors located within that region, and including:

(i) An explanation of how the designation of the intended RISE Zone will create new jobs; and

(ii) A discussion of how many jobs and the types of jobs that will be created as a result of the designation of a RISE Zone;

(2) Evidence that demonstrates the applicant's history of community involvement and economic development within the communities that the applicant serves, by providing examples of the institution's involvement in the community or communities and with economic development, including descriptions of:

(a) The community or communities in which the applicant is involved;

(b) The applicant's involvement in the community, including specific programs and community outreach;

(c) The time and financial resources committed by the applicant in the community; and

(d) The outcomes of the applicant's community involvement, including job creation;

(3) Information necessary for the Department to determine if the applicant has the financial qualifications to accomplish its commitments set forth in its application, including:

(a) Evidence that the applicant has sufficient financial resources to make a significant financial investment or commitment in the proposed RISE Zone;

(b) Copies of the applicant's balance sheet and any financial plans or proposed budgets; and

(c) If the applicant intends to rely in whole or in part on fund raising, evidence of previous fund raising ability; and

(4) Any other information or documents required by the Secretary.

E. If the political subdivision in which the proposed RISE Zone is to be located supports the application, the applicant should include a letter of support from the chief executive or governing body of the political subdivision, as may be required by local law. If the intended RISE Zone is located in more than one political subdivision, the applicant should include a letter of support from each political subdivision that supports the intended RISE Zone.

Md. Code Regs. 24.05.21.05

Regulation .05 adopted effective 42:6 Md. R. 514, eff.3/30/2015