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UPPER MARLBORO, Md. (AP) — The Prince George’s County Council has approved a proposal by County Executive Rushern Baker III to set up a $50 million fund to attract businesses.

After months of delays, the council voted unanimously Tuesday to create the Economic Development Incentive Fund, a major initiative by Baker to create and retain jobs in the county.

Under the plan, the county would provide loans to businesses that would have to be repaid within 10 years. The rates and terms would be determined by the county chief administrative officer or that person’s designee.

David Iannucci, a member of Baker’s economic development team, says the first $7 million of the fund should be made available for application by January.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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