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Statutes Text

Article - Economic Development




§5–1401.

    (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.



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