Company Research Report: Maryland Economic Development Corporation (MEDCO)

Company Overview

• Name: Maryland Economic Development Corporation (MEDCO)

• Mission: MEDCO's mission is to foster the growth and retention of current businesses, attract new business to the State, assist in the creation of new enterprise ventures, and generate employment opportunities throughout the State of Maryland.

• Founded By: MEDCO was created by the Maryland General Assembly in 1984.

• Key People:

• Tom Sadowski, Executive Director

• Jim Miller, Chief Financial Officer

• John Genakos, Director of Real Estate Development and Construction

• Sarah Horta, Director of Innovation & Strategic Partnerships

• Candace Dodson-Reed, Chief of Staff

• Fran Brinker, Assistant Director of Financing

• Headquartered: 7 St. Paul Street, Suite 940, Baltimore, MD 21202

• Number of Employees: No information is available.

• Revenue: No information is available.

• What is the company known for: MEDCO is known for providing financial and structural support to economic development projects that contribute to community growth and prosperity in Maryland.

Products and Services

MEDCO offers a range of services to support economic development projects:

• Financing: MEDCO provides secure bond issuance, tax-exempt and taxable, and tax increment financing.

• Bond Financing: As a bond-issuing authority, MEDCO channels funds to eligible borrowers.

• Tax Increment Financing (TIF): Supports cultural site preservation, infrastructure construction, and more.

• Development Management: Involves project planning, design, engineering, and delivery.

• Project Asset Management: Includes managing tenant needs and contracting day-to-day operational management.

• Advisory Services: Connecting partners with experienced consultants to guide projects and foresee challenges.

Recent Developments

Recent Projects:

1. National Parks Service C&O Canal Headquarters

• Location: Williamsport, MD

• Financing: $10 million

• Key Development: MEDCO facilitated the relocation of NPS headquarters closer to the C&O Canal, rejuvenating a historical site.

2. Morgan State University Student Housing

• Location: Baltimore City

• Financing: $180 million

• Key Development: Construction of two new residence halls adding 1,274 beds to accommodate a growing student population.

3. Noah Hillman Garage Rebuild

• Location: Annapolis, MD

• Financing: Over $70 million

• Key Development: Rebuilding a critical infrastructure to include 465 parking spaces and rooftop pickleball courts.

New Features and Developments:

• Morgan State University Project:

• Thurgood Marshall Hall includes amenities like a wellness center, fitness rooms, and a community store.

• MEDCO is financing Legacy Hall to support further student growth.

• Noah Hillman Garage Project:

• Includes solar panels, electronic vehicle charging stations, and community event spaces.

Partnerships:

• MEDCO fosters partnerships with entities like the Maryland Department of Commerce, Maryland Department of General Services, and other local departments to bolster economic development.

Conclusion

MEDCO is a pivotal entity designed to stimulate economic growth in Maryland through diverse services that include financing, real estate development, asset management, and strategic advisory services. The organization stands out for its ability to finance landmark projects, thus enhancing economic viability across various sectors within the state.