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Prince George's Creates $50M Development Fund

UPPER MARLBORO, Md. (AP) -- Prince George's County has established a $50 million fund aimed at creating jobs and
encouraging economic development.   

The fund is part of the $2.63 billion spending plan unveiled this week by County Executive Rushern Baker III. 

County budget director, Tom Himler, tells The Washington Post that the county plans to draw down $7 million from it this year and that more money could come during the fiscal year with legislative approval. 

The county would use the fund to make loans to businesses, including for land acquisition, start-up capital and mixed-use development projects. The county's chief administrative officer or a designee would work out the rates and terms, and recipients would have to pay back loans in less than 10 years. 

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

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