Project Highlights
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Higher Education Projects
Maryland's public institutions of higher education work with MEDCO on a number of projects ranging from development and acquisition of student housing facilities, to financing of academic buildings and infrastructure projects. MEDCO gives the State's universities and colleges flexibility in financing projects important to the continuing educational needs of Maryland's citizens. View Examples >
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University of Maryland College Park Energy Project: MEDCO leased the pre-existing utility systems serving the campus at College Park and contracted for renovations and expansions to and operations of those systems. Tax-exempt bonds were issued to finance the improvements, which include new gas turbines for increased electric generation. College Park Energy, LLC is MEDCO's contractor for the project and Sebesta Blomberg is MEDCO's consultant/advisor on technical issues. The University expects to save millions of dollars in energy costs as a result of the new state-of-the-art energy equipment. |
Student Housing Projects: MEDCO, through the issuance of student housing revenue bonds, has aided institutes of higher learning throughout Maryland by financing and owning student housing projects. Institutions that have sought MEDCO's financing for such student housing projects include:
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Chesapeake College Industrial Training Center: In September of 1995, MEDCO purchased from the County Commissioners of Dorchester County a fully renovated former two-story department store in downtown Cambridge, Maryland using a $ 1,013,962 .51 loan from the MICRF program of DBED. The facility is leased to Chesapeake College for use as an adult education and industrial training center as an adjunct to its academic program. MEDCO's purchase completed more than two years of extensive state and local development efforts to utilize a large, empty structure in the downtown area and to stimulate job creation by providing an attractive workforce. |
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Assistance to Government Projects
MEDCO works with the State government to create advantageous ownership and financial structures for many of Maryland's infrastructure projects. This provides the State agencies with a degree of flexibility and expediency on infrastructure projects, and creates savings for Maryland's taxpayers. View Examples >
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Maryland Department of Transportation (MDOT) Headquarters Building: To make room for a new 8000 vehicle-parking garage to serve BWI Airport, MDOT moved to a new headquarters building in Hanover, Maryland. MEDCO financed the MDOT lease for the new facility to pay for construction of its new headquarters building in Hanover, Maryland.
Southwest Airline Terminal/BWI Airport Expansion: Working with the Maryland Aviation Authority of MDOT, MEDCO issued bonds and financed the MAA household expansion and renovation of the Thurgood Marshall Baltimore Washington International Airport to accommodate both expanded airline operations of Southwest Airlines and special airport expansion. MEDCO has seen the project through its initial financing in 2003 to its opening. |
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Business Incubators
The General Assembly of Maryland finds that the State’s economy continues to experience technological change and that such change may result in economic contraction and dislocation, but affords opportunities to expand productive employment and expand the State’s economy and tax base. MEDCO capitalizes on these opportunities through its continued ownership of and involvement in information and biological technology incubator projects. View Examples >
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Maryland Technology Development Center
(MTDC, recently renamed the Shady Grove Innovation Center): Originally funded in July 1998, by way of a combination of MEDCO bonds and State grants, the MTDC was refinanced under a commercial loan to MEDCO from PNC Bank in March 2009. The MTDC contains approximately 57,000 square feet of space and is specifically designed to meet the requirements of both information technology and biological technology startup companies. MTDC companies have access to business resources including training, development, and best practices seminars led by industry experts, and free counseling and legal services through the Maryland Intellectual Property Legal Resource Center. The MTDC is backed by an operational grant agreement by and between MEDCO and Montgomery County. MEDCO is the owner (by way of a ground lease with Montgomery County) and conduit manager of the MTDC.
Since its inception, the MTDC has successfully graduated over 85 companies. The 85 successful graduates, still in business in the State of Maryland, support over 1500 jobs.
Currently the MTDC accommodates approximately 49 companies and is home to Maryland’s Biotechnology Center. Companies within the MTDC presently support over 150 employees.
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Silver Spring Innovation Center (SSIC): The SSIC is a 40,000 square foot building located in and owned by Montgomery County. The SSIC is an information technology incubator and excels in providing fast and efficient telecommunication connections for all of its companies. SSIC companies have access to business resources including training, development, and best practices seminars led by industry experts, and free counseling and legal services through the Maryland Intellectual Property Legal Resource Center. MEDCO is the conduit manager of the SSIC.
Since its inception in the summer of 2004, the SSIC has graduated 3 info tech companies that currently support 40 employees. Currently, the SSIC accommodates 21 companies and supports over 75 employees.
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Rockville Innovation Center (RIC): On July 12, 2007 MEDCO obtained a loan in the amount of $4,700,000.00 from Mercantile Potomac Bank (now PNC Bank) for the construction of a two story information technology incubator as part of a five story mixed use building in Rockville, Maryland. RIC companies have access to business resources including training, development, and best practices seminars led by industry experts, free counseling and legal services through the Maryland Intellectual Property Legal Resource Center. The RIC is backed by an operational grant agreement by and between MEDCO and Montgomery County. MEDCO is the owner and conduit manager of the RIC.
Currently the RIC accommodates 24 companies which support 75 employees.
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Montgomery College Germantown Innovation Center (GIC): In September 2008, Montgomery College and Montgomery County Department of Economic Development renovated a vacant 67,000 square foot commercial building adjacent to Montgomery College’s Germantown Campus. The County subleases the second floor (roughly 35,000 SF) from the College for the GIC. The GIC includes 12 labs, two clean room facilities and 8,500 square feet of office. GIC companies have access to business resources including training, development, and best practices seminars led by industry experts, free counseling and legal services through the Maryland Intellectual Property Legal Resource Center. MEDCO assisted in the construction of the GIC and continues to assist the GIC as its conduit manager.
Currently the GIC accommodates 22 companies.
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Techcenter @ UMBC: The Techcenter@UMBC contains approximately 170,000 square feet of space, including 75,000 square feet of specialized laboratory space. Techcenter@UMBC offers a variety of office and business support services. The Techcenter@UMBC is managed by the University, owned by MEDCO, and focuses on creating collaborative relationships between incubator businesses and the University.
Techcenter@UMBC has graduated 38 companies from its incubator program and has accommodated over 110 tenants since its inception. Two of the most successful graduates are Celsis In Vitro Technologies, winner of a Maryland Technology Development Corporation (TEDCO) Award as Best Incubator Graduate, and Receptor Biology, which was sold to another life science company. Overall, Techcenter@UMBC graduates support 310 jobs.
Currently the Techcenter@UMBC accommodates 35 companies and supports 294 jobs. Techcenter@UMBC also operates an Idea Lab to help UMBC students and faculty develop businesses.
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Emerging Technology Center @ Johns Hopkins Eastern (ETC Eastern): MEDCO received financial commitments from DBED, the Maryland Technology Development Corporation, US Department of Commerce-Economic Development Administration, U.S. and Maryland Historic Tax Credits, Baltimore Development Corporation, and The Johns Hopkins University to assist MEDCO in building out space located in Baltimore City. MEDCO leases one floor of the facility from Johns Hopkins University to accommodate the ETC Eastern and is also the conduit manager for the ETC Eastern.
The ETC Eastern facility contains approximately 45,000 square feet of office space, distributed over 37 separate offices. ETC Eastern is managed and financially supported by the Baltimore Development Corporation and provides its information technology companies with an assortment of business assistance services.
Currently the ETC Eastern accommodates 24 companies and supports 141 employees. ETC Eastern has successfully graduated 84 companies that support 141 employees.
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Emerging Technology Center @ Canton (ETC Can): Early in 1999, renovation began on improvements at the Emerging Technology Center at the old Can Company building on Boston Street in Baltimore City. ETC Can contains approximately 48,909 square feet of office space, distributed over 27 separate offices. ETC Can is managed and financially supported by the Baltimore Development Corporation and provides its companies with the same business assistance services that are made available at ETC Eastern, including NASA fast tracking. MEDCO leases one floor of the facility from Struever Brothers, Ecceles & Rouse to accommodate the ETC Can and is the conduit manager of the ETC Can.
Currently ETC Can has 27 companies licensing space at the facility. Those 27 companies presently support 283 employees. ETC Can has graduated 41 companies which currently support 385 employees.
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Wheaton Business Innovation Center (WBIC): The WBIC opened in 2006 and contains approximately 10,000 square feet of office space and conference rooms. WBIC companies have access to business resources including training, development, and best practices seminars led by industry experts, free counseling and legal services through the Maryland Intellectual Property Legal Resource Center, networking conferences, and business counseling. MEDCO is the conduit manager of the WBIC.
Currently the WBIC accommodates 18 companies which support 100 employees.
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Virtual Licensees: In the spirit of Great Britain’s HUB concept, MEDCO and Montgomery County collectively designed a concept that would allow researchers, scientist and entrepreneurs with limited capital the usage of certain incubator resources on a scheduled basis for a minimal monthly fee. Such resources include mailbox space, shared office resources (phone, fax, copy machine, computers, etc.), conference rooms and access to programs offer at the various incubators located in Montgomery County.
There are currently 21 virtual licensees. |
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Non-Profit Projects
Non-profit organizations which enhance the lives of Maryland citizens turn to MEDCO to provide financing through the issuance of tax-exempt bonds. View Examples >
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Baltimore Association for Retarded Citizens (BARC)
On February 11, 2000, MEDCO issued its non-recourse, tax-exempt revenue bonds and taxable bonds on behalf of BARC. BARC used the proceeds of the bonds to:
- Acquire land, construct renovations and improvements to the BARC Employment Center, located in Baltimore City;
- Acquire and renovate its Walbrook Center in Baltimore City; and
- Pay the capital improvement cost of a York Road facility which provides adult medical day care facilities.
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Opportunity Builders
On October 17, 2007, MEDCO issued its non-recourse, tax-exempt revenue bonds on behalf of Opportunity Builders, Inc.. Opportunity Builders, Inc. used the proceeds of the bonds to:
- finance the costs of the acquisition of approximately 14 acres of land located at 8855 Veterans Highway, Millersville, Maryland;
- construct a building containing approximately 41,000 square feet of space, which serves as Opportunity Builders, Inc. headquarters and service facility; and
- acquire other necessary or useful furnishings, fixtures, equipment and machinery for said building.
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Your Public Radio (YPR)
On November 27, 2007, MEDCO issued its non-recourse, tax-exempt revenue bonds on behalf of Your Public Radio Corporation. Your Public Radio used the proceeds of the bonds to:
- acquire radio stations, including radio broadcasting licenses, transmitting equipment and facilities, and other real and personal property used in the broadcasting business;
- acquire and install certain necessary or useful furnishings, fixtures, equipment and machinery to be installed in those radio stations;
- acquire appurtenances, rights-of-way, franchises, easements, and other interests in land associated with those radio stations; and
- acquire land and facilities which are functionally related to the radio stations.
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Maryland Manufacturing Projects
MEDCO assists qualifying small businesses with financing equipment and acquisitions of facilities that aid in adding and retaining manufacturing jobs in Maryland. View Examples >
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Acadia Todds Lane/ Acadia Windows and Doors
On September 22, 2006, MEDCO issued its non-recourse revenue bonds on behalf of Acadia Todds Lane, LLC (the “Borrower”). Acadia Todds Lane used the proceeds of the bonds to:
- acquire real property in Baltimore County, containing approximately 13 acres and a single story (51,683 sq/ft) industrial building;
- construct improvements to the industrial building;
- acquire various items of equipment, furnishings and fixtures for the industrial building.
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Tulkoff Holabird
On September 27, 2007, MEDCO issued a non-recourse, tax-exempt revenue bonds on behalf of Tulkoff Holabird LLC. Tulkoff Holabird, LLC used the proceeds of the bonds to:
- acquire, construct and equip of a building, containing approximately 79,255 square feet of space on a parcel of land containing approximately 5.9 acres located in Baltimore City;
- acquire such other rights related to the Land including appurtenances, rights of way, franchises, easements and other interests in said land.
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Maryland Tourism Projects
Maryland continues to be a popular tourist destination. MEDCO is helping to expand the geographic scope of Maryland's tourism economy, drawing tourists to areas of the State beyond frequently visited locations in the region like Baltimore, Ocean City, and Washington, DC. New resorts made possible by MEDCO help create jobs, provide opportunities for local merchants, and create awareness among Marylanders and people throughout the Mid-Atlantic. View Examples >
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Maryland Science Center: More than 500,000 people visit the Maryland Science Center each year. The Maryland Science Center, with MEDCO’s bond financing assistance, in May of 2004 finished a major expansion and renovation of the entire facility. |
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Hyatt Regency Chesapeake Bay: This world-class golf resort, spa and marina is located in Cambridge on the Eastern Shore of the Chesapeake Bay. The luxury resort offers 400 rooms, 35,000 square feet of meeting and banquet space, six food and beverage outlets, an 18-hole championship golf course, a 150-slip marina, an 18,000 square foot spa, an extensive swimming pool and children's recreation center. MEDCO has retained Hyatt Corporation as manager. |
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Rocky Gap Lodge & Golf Resort: Situated in Maryland's picturesque Alleghany Mountains, Rocky Gap boasts an 18 hole Jack Nicklaus signature golf course, a 243-acre lake, and a AAA 4-diamond resort lodge. Guests from Baltimore, Washington, and Pittsburgh regularly make the short, scenic drive to this mountain retreat. MEDCO has seen the project through its initial financing phases, beginning in 1996, through its grand opening in 1998, currently retaining Crestline Hotels & Resorts, Inc. as manager. |
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One Maryland Projects
The General Assembly intends that MEDCO assist governmental units as well as State and local economic development agencies to contribute to the expansion, modernization, and retention of existing enterprises in the State as well as the attraction of new business to the State. MEDCO follows through on these intentions through its continued involvement with One Maryland projects. The One Maryland Program is funded by DBED and provides economic development assistance to economically distressed jurisdictions. MEDCO assisted One Maryland projects have been completed in Allegany County, Garrett County, Dorchester County, Worcester County, Caroline County, Somerset County and Baltimore City. View Examples >
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Barton Farms Business Park, Allegany County: Developed by MEDCO and located south of Cumberland on US Route 220. The project included land acquisition, permitting, providing utilities and site preparation. In June of 2004, approximately 40 acres of this land were sold to American Woodmark. MEDCO, Allegany County and DBED are actively marketing the remaining property to technology based businesses looking to relocate to the Western Maryland region. |
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Pocomoke Flex Building, Worchester County: Constructed by MEDCO in 2002, this 43,000 square foot industrial shell building provides the County with marketable flex space. Mid-Atlantic Institute for Space and Technology (MIST) master leases the entire building. In 2007, MEDCO applied for and MIST was awarded an EDA grant totaling $200,000.00. The award will provide for interior improvements to expand existing work space. MIST continues to make interior improvements and infrastructure upgrades to the facility in order to assist companies needing space in the area that complement the aerospace industry. |
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Southern Garrett Flex Building, Garrett County: Constructed by MEDCO in 2005, this 30,000 square foot building (expandable to 50,000) assists in providing marketable flex space to the County. MEDCO, the County and DBED are currently in discussions with several companies interested in expanding into the building. |
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Keyser’s Ridge Business Park, Garrett County: In 2003, MEDCO assisted the County by purchasing land for the purpose of developing a business park. The development of this park assisted in attracting American Woodmark to an adjacent parcel accessed by way of the property. MEDCO continues to work with the County and DBED to attract other industrial and commercial users to the park. |
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Dorchester Cambridge Flex Building, Dorchester County: In 2004 MEDCO constructed this 30,000 square foot (expandable to 80,000) building. MEDCO, the County and DBED continue to market the building to companies interested in initiating a lease or purchase in December 2009, when the current tenant’s lease expires. |
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Dorchester Technology Park, Dorchester County: In 2004, MEDCO and the County secured financing to initiate the development of a technology park. MEDCO received initial funds to begin predevelopment tasks on a County identified property suitable for the proposed park. MEDCO continues to work at addressing the project’s predevelopment requirements. |
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Advisory Capacity
MEDCO, through the involvement of its executive director, directly promotes economic development in the State and assists in maximizing new economic opportunities in the State by active service in board memberships and advisory positions within various organizations throughout the State. View Examples >
Maryland Industrial Partnership (MIPS) - MIPS promotes the development and commercialization of products and processes through research partnerships between universities and industries. MEDCO’s executive director is a member of MIPS’ advisory board. http://www.mips.umd.edu
Maryland Technology Development Corporation (TEDCO) - TEDCO facilitates the creation of businesses and fosters their growth through the commercialization of technology. MEDCO’s executive director serves as a member of TEDCO’s Technical Advisory Board for Small Business Incubation. http://www.marylandtedco.org
PenMar Development Corporation - The PenMar Development Corporation is solely focused on the redevelopment of the Fort Richie site. MEDCO’s executive director serves as an ex-officio member of the board of directors. http://www.msa.md.gov
Bainbridge Development Corporation - The purpose of the Bainbridge Development Corporation is to develop the Bainbridge Naval Training Center and to accelerate the transfer of the site to the private sector. MEDCO’s executive director is an ex-officio member of the board of directors. http://www.msa.md.gov
Emerging Technology Centers (ETC) - The ETC is a non-profit business incubator venture of the Baltimore Development Corporation that helps early-stage companies grow and prosper. MEDCO’s executive director serves as a member of the ETC’s advisory board. http://www.etcbaltimore.com
Adventure Sports Center International (ASCI) - ASCI was created in order to establish an International Adventure Sports Center as a focal point in the emerging and expanding adventure sports industry worldwide. MEDCO’s executive director serves as a member of the ASCI board of directors. http://www.adventuresportscenter.com
Matapeake Business Park - Queen Anne’s County requested MEDCO’s assistance in preparing and selecting prospective developers for the Matapeake Business Park. MEDCO’s executive director continues to assist with ongoing inquiries, financing, and design concerns, as well as serving on the selection committee.
Tri-County Council for the Lower Eastern Shore - Tri-County requested MEDCO’s assistance in the purchase of an existing building for the use by the Tri County Council’s Shore Transit headquarters and One Stop Job Market in Salisbury. MEDCO has applied for and accepted federal funding on behalf of the Council for the purchase and provides development consulting.
Bay Bridge Airport - Queen Anne’s County requested MEDCO’s assistance with appraisals and marketing studies for County owned property surrounding the Bay Bridge Airport. MEDCO has agreed to assist the County with its request.
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