MEDCO; Maryland Economic Development Corporation

Maryland Economic Development Corporation (MEDCO), which functions under the provisions of Article 83A , Title 5, Subtitle 2, Sections 5-201 through 5-217 of the Annotated Code of Maryland 1984, as amended in 2005, is a body politic and corporate and is constituted as a public instrumentality of the State of Maryland.

The purpose of MEDCO is to assist in the expansion, modernization and retention of existing Maryland business and to attract new business to the State. Businesses seeking to expand or relocate into Maryland regularly turn to MEDCO as a resource. MEDCO also assists, upon request, local jurisdiction projects. MEDCO borrows money and issues bonds for the purpose of providing financial assistance.

MEDCO structures its transactions on a non-recourse basis. Neither the State of Maryland, state agencies, nor MEDCO are responsible for the repayment of the bonds that are issued by MEDCO. MEDCO is an eligible borrower and recipient of funds from the Maryland Department of Business and Economic Development. MEDCO supports its operations from fee charges on its various projects and does not receive public funding for its operations.

MEDCO's projects seek to increase productive employment in Maryland and expand the State's economy and tax base. Since fiscal year 1995, there has been a significant increase in MEDCO business. Assets have increased as shown:

MEDCO Assets and Number of Projects Fiscal Years 1996-2007 bar graphic