QAC Awards $754,500 in Economic Development Incentive Fund Monies Over 118 New Full Time Jobs Projected to be Created Locally
The Queen Anne’s County Commissioners, upon the recommendation of the Economic Development Incentive Fund Committee, reinforced Queen Anne’s County’s commitment to business attraction and retention at its June 11th Public Meeting by awarding $754,500 in economic development incentive fund monies.
The results of the eight awards, which total approximately half of the existing fund, will generate 118 new full-time and 32 part-time employees. The recipients represent a broad spectrum of industry sectors including agriculture (2), manufacturing (2), medical/research and development, technology, service/retail and hospitality, and are geographically dispersed across the county.
Commission President Phil Dumenil said, “I believe one of the best aspects of this incentive fund program will be the new job creation in the county.”
The companies receiving funding in the first round of applications are: Power Electronics, Inc., in Millington received an expansion grant for site improvements. Chesapeake Farmers’ Cooperative, in Sudlersville received an expansion grant for equipment acquisition. Centreville Manufacturing, Inc., in Centreville was given an expansion grant for equipment acquisition. Harpoon Medical, Inc., in Stevensville was awarded a research and development grant. Kent Manor Inn, in Stevensville, was offered a loan for construction. Boyle Brothers Seed Processing in Queen Anne, was given an expansion grant for equipment acquisition. The Grooming Place Pet Shop, in Chester, is received a training grant. Authentik Solutions, Inc., in Chester, was given a research and development grant.
Authentik Solutions is graduating from the Chesapeake Innovation Center and will locate its corporate headquarters in Chester. The company’s product, AuthentikTime, is an easy-to-use, powerful, and highly customizable time and attendance system that includes remote biometric and geographic authentication with a job costing component. “Queen Anne’s County could not be more pleased that Authentik Solutions has chosen to locate here.
“As a vote of confidence, after reviewing the application and hearing a presentation, the Economic Development Incentive Fund Commission is providing a $50,000 grant to be used toward the continued product development phase,” said Dr. Faith Elliott Rossing, Queen Anne’s County Economic Development Director, “The attraction of start-up technology companies, like Authentik Time, is consistent with the county’s economic development plan. We welcome Rick Cira and his team and look forward to growing together.”
In October 2012, the county commissioners adopted Resolution 12-19 that provides for $.50 of every recordation tax transaction being dedicated to the Economic Development Incentive Fund as a replenishment source of monies for the fund. The original $750, 000 came from the sale of lands in the Chesapeake Bay Business Park. The recordation tax monies are expected to generate about $350,000 each year. Currently, the fund has approximately a $1.4 million balance. In May 2013, the county commissioners established the Economic Incentive Fund Commission to manage the Incentive Fund by encouraging new and existing businesses to invest in Queen Anne’s County under Resolution 13-05.
In the first round of the program, the county received seventeen applications requesting a total of $3.66 million from businesses representing technology and manufacturing firms as well as agriculture, medical, hospitality and mixed use commercial companies. The strength and completeness of the applications validates there is a need for programs such as this one to assist with economic development initiatives in Queen Anne’s County, right sized to fit the needs of the county’s businesses. Dieter Scherer, Chairman of the Economic Development Fund Commission, said, “I am pleased with the first round of applications and the commission is eager to see what other businesses future rounds of the program will bring forth.” It is anticipated another round of applications will be accepted before the end of calendar year 2014.
For more information about the Economic Development Incentive Fund Program, contact Dr. Faith Elliott-Rossing at 410.604.2100 or visit http://www.qactv.com/economic-development-incentive-fund.