County Executive Ike Leggett has sent legislation to the County Council that would transfer the major functions of County economic development and business promotion to a private-sector-led, non-profit entity.
Under the proposed legislation (Bill 25-15), both the County’s Department of Economic Development (DED) and the non-profit Montgomery Business Development Corporation (MBDC), a non-profit funded by the County to assist with business marketing, would be folded into a new 501-C-3 non-profit corporation. That corporation would be directed by an 11-member board chosen from the private sector and appointed by the County Executive and confirmed by the County Council.
The new corporation would be funded by the County and have responsibility for business attraction and retention, marketing and fostering entrepreneurship.
Read more information in the news release.
See Frequently Asked Questions on the privatization of core County economic development functions.
