County Offers Stimulus Bond Allocation to Municipalities

The Frederick Board of County Commissioners is offering federal stimulus bond financing allocations to the 12 local municipalities. Part of the Federal American Recovery and Reinvestment Act of 2009 (ARRA) created Recovery Zone Economic Development bonds and Recovery Zone Facility bonds that provide tax incentives for state and local governmental borrowing at potentially lower costs. The bond allocations are aimed at promoting job creation and economic recovery in targeted, economically distressed areas.

Frederick County has been given the opportunity to utilize a $5.7 million Recovery Zone Economic Development Bond allocation and an $8.6 million Recovery Zone Facility Bond allocation. While the county government does not believe it can utilize the bond allocations, based on the established IRS criteria, the Board of County Commissioners has solicited requests of interest from each of the 12 municipalities to determine if any of the incorporated areas would like to pursue utilizing the bonds.