§ 10-204

(a) The General Assembly finds that:

(1) (i) the marketing of food is a matter of public interest and the maintenance of wholesale market places is and has always been recognized as a public function;

(ii) public health and safety are adversely affected by the unsafe, obsolete, and unsanitary conditions of existing food markets;

(iii) the vast quantities of food and related food products brought annually from all parts of the United States into the wholesale markets in the State must pass through market facilities that are obsolete and inadequate to meet present needs;

(iv) the scattered locations of and difficulty of access to wholesale markets constitute an economic loss, and the obsolescence of markets is responsible for much of the high cost of food handling and for deterioration that takes place both in the wholesale markets and between the markets and the consumer’s doorstep;

(v) modern consolidated facilities would result in an annual saving; and

(vi) there is a need for a consolidated wholesale food market in the State, and, in spite of this need, efforts on the part of the State, the City of Baltimore, the wholesale food trade, growers, and the transportation industry have failed to effect the consolidation of wholesale markets satisfactorily;

(2) (i) constructing, operating, and maintaining wholesale markets, and in particular a consolidated market for the State, would require the expenditure of a large sum of money; and

(ii) the financial systems of the political subdivisions of the State are not designed to undertake projects described under item (i) of this item on a nonprofit, self–liquidating basis, and the best method of creating a market is to establish and authorize a market authority as a public corporation to:

1. acquire land for a market development;

2. construct and operate a market development; and

3. make loans to and otherwise assist persons engaged in the wholesale food industry who want to locate in a market development;

(3) it is in the public interest to:

(i) eliminate or correct the conditions described in item (1) of this subsection regarding the marketing of food; and

(ii) establish an economical and modern method of marketing wholesale food in the State by constructing a modern, sanitary, and accessible market development that may include:

1. warehouse facilities used by wholesalers or retailers principally engaged in the sale of food and used for storage of food and beverages and nonfood products sold from time to time in connection with the sale of food at retail; and

2. any ancillary or appurtenant facility that the Authority determines will enhance the public convenience or attractiveness of the market development including:

A. a bank;

B. a parking or other transportation facility;

C. a restaurant;

D. a store; or

E. any other commercial enterprise; and

(4) (i) there exists a need and the opportunity to capitalize on the vast resources of finfish and shellfish that can be found in the State’s coastal waters;

(ii) development of the seafood industry on the Eastern Shore could:

1. provide an opportunity for the State to capitalize on these resources;

2. create new jobs; and

3. produce other economic benefit to the State;

(iii) a centralized seafood project is needed for the development of these resources and resulting economic benefit; and

(iv) the development of the project and these resources would be in the public interest and can best be accomplished through the Authority.

(b) The General Assembly finds that it is desirable that, when sufficient revenue will be derived from the operation of a project or development to amortize its cost within a reasonable period, the cost be defrayed if practicable by issuing bonds or other debt instruments payable from the revenue derived from project operations.