7 Named to FAC in Prince George's County
6/26/2012, 11:24 a.m.
The Office of Prince George's County Executive Rushern L. Baker recently announced seven imdividuals who will comprise the Financial Advisory Committee (FAC) for the $50 million Economic Development Incentive (EDI) Fund.
Under the law that created the EDI Fund, the Committee is responsible for reviewing and providing credit guidance to Brad Seamon, the County's Chief Administrative Officer (CAO), regarding financial assistance applications of loans and grants from the EDI Fund. The Committee members are all County residents with backgrounds in business and finance.
"I want to thank the members of the EDI Fund Financial Advisory Committee for volunteering their time and talents to help spur economic growth in Prince George's County," said Baker. "Now with the Financial Advisory Committee in place we can approve our first EDI loans and grants and allow this investment money to begin creating jobs and opportunities for County residents."
The EDI Fund, signed into law on November 17, 2011, became operational on March 1, 2012. Applications for financial assistance from the Fund are being accepted by the Economic Development Corporation and as of this date, 39 discrete applications have been received. Those applications have been undergoing review for consistency with the statutory goals and priorities of the EDI Fund law, as well as for credit underwriting.
The first applications are nearing the completion of internal review by the EDC, FSC First, and the Prince George's County Economic Development Team and CAO. FAC review is a necessary step prior to the submission of applications to the County Council for notice or approval.
By law, the seven-member FAC shall be comprised of independent financial services professionals experienced and skilled in banking, finance, real estate, commercial development, accounting, or business. Three of the members were recommended to the CAO by the County Council and serve at their pleasure. The remaining four members were nominated by the CAO from the business community and from the general public, and serve at the pleasure of the CAO. The members shall serve for a term of 5 years with no compensation.
"The individuals selected to serve on the EDI Fund Financial Advisory Committee bring a broad range of backgrounds and experiences to the important task of protecting the County's interests and ensuring responsible stewardship of EDI funds," said Prince George's County Council Chair Andrea C. Harrison. (District - 5) "We look forward to their insight and recommendations as we move the County forward in the area of economic development with new opportunities for residents and businesses."
Members of the Financial Advisory Committee are:
Rochelle S. Andrews was raised in Montclair, New Jersey. She received her B.S. Degree in Management from Rutgers University, and her MBA in Marketing and HR Management from Vanderbilt University. While at Vanderbilt; Rochelle co-founded a class called the Initiative for a Competitive Inner City (ICIC).
Earl W. Checkley A Controller in Deloitte Consulting's Federal Government Services Practice, Earl W. Checkley has almost 20 years of experience leading and transforming organizations in the military, commercial and public sectors. He currently serves as the Lead Controller for the Department of Defense Segment within the National Project Controller Practice.