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Council told state has offered $1 million conditional loan to Newcomb; no city funds required
Summary
City staff told the Mayor and City Council that the Maryland Economic Development Assistance Authority Fund (MEDAAF) is considering a conditional $1 million loan to a cold‑storage firm called Newcomb that staff said would represent a $275 million private investment and create 125–150 jobs; the state asked for a city resolution of support and no city funds were required.
City staff said on July 15 that the State of Maryland has offered a conditional $1 million loan through the Maryland Economic Development Assistance Authority Fund (MEDAAF) to a private cold‑storage distribution firm identified in staff materials as Newcomb.
Staff told the Mayor and City Council the company proposes a high‑technology refrigerated warehouse at 45 West Oak Ridge Drive with a reported private investment of $275…
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