UPPER MARLBORO, MD – Prince George's County Executive Rushern L. Baker was joined by the County Council, Economic Development Corporation and the county's Financial Services Corporation on Nov. 17 in a signing ceremony for the $50 Million Dollar Economic Development Incentive (EDI) Fund. The event took place in the parking lot of Hunter Memorial AME Church, 4719 Silver Hill Road, Suitland, Md.
The County Council unanimously passed legislation on Nov. 1 that was proposed by Baker.
In addition to establishing the EDI Fund, the bill specifies the purpose and uses of the Fund and provides for its financing and administration.
An appropriation of $50 million over the next five fiscal years has also been designated for the Fund. This includes $7 million that has been proposed for the Fund in FY 2012.
The Fund is intended to elevate the county's economic development profile and signal to the development community that Prince George's has turned a significant corner.