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County Executive Leopold Announces Award of Stimulus Bonds to Add New Jobs

Annapolis (November 30, 2009)

County Executive John R. Leopold today announced that four projects have been granted tax-exempt Stimulus Recovery Zone Facility Bonds totaling more than $32 million that will generate more than 1,700 new jobs.

“In order for federal stimulus dollars to have a real economic impact by creating new jobs, the funding must be targeted to the right projects,” County Executive Leopold said.  “These four projects will generate economic activity around them because of their diverse offerings of jobs in construction, retail, technology, and health care.”

The County received 12 applications requests totaling $153 million in assistance.  Each applicant provided Anne Arundel Economic Development Corporation with a detailed project plan that covered the mix of uses, scope of construction activity and a projection of employment expected from development and operations.  The projects include:

Buckingham (Merritt Properties) – Awarded an allocation of $5 million in tax-exempt financing for proposed $68 million mixed-use development in Hanover, creating 325 jobs, and includes two four-story office buildings, four retail/restaurant buildings, an athletic club and 106 townhomes. 

Dynasplint – Awarded an allocation of $11 million in tax-exempt financing for proposed construction of a 70,000-80,000 square foot $25 million world headquarters for its general operations in Pasadena, creating 800 new jobs.

Meade Center (Fortis Odenton, LLC) – Awarded an allocation of $7.4 million in tax-exempt financing for a proposed 65,000 square foot, $14 million mixed-use development in Odenton, creating 220 new jobs, and includes 25,000 square feet of office, 17,000 square feet of retail and 18,000 square feet for corporate apartments.

Odenton Health/Tech Campus (AJ Properties) – Awarded an allocation of $8.8 million in tax-exempt financing for two proposed buildings in Odenton totaling $12.7 million (one 32,000 square feet, one 25,000 square feet), creating 370 new jobs.


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