§ 5-1401

Maryland § 5-1401

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 5

Text

(a) In this subtitle the following words have the meanings indicated.

(b) “Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.

(c) “Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 5–1408 of this subtitle.

(d) “Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code.

(e) “Qualified institution” means an entity that is designated as a qualified institution under § 5–1403 of this subtitle and may include:

(1) a regional higher education center as defined under § 10–101 of the Education Article;

(2) an institution of higher education as defined under § 10–101 of the Education Article; or

(3) a nonprofit organization that is affiliated with a federal agency.

(f) “RISE zone” means a geographic area in immediate proximity to a qualified institution that is targeted for increased economic and community development that meets the requirements of § 5–1404 of this subtitle and is designated as a Regional Institution Strategic Enterprise zone by the Secretary under § 5–1404 of this subtitle.