ROCKVILLE, MD—Montgomery County Executive Ike Leggett announced last week that he would introduce legislation to privatize and consolidate the county's economic development and business promotion functions into a new private 501-C-3 non-profit entity.
The bill would fold the county's existing Department of Economic Development and the non-profit Montgomery Business Development Corp., a non-profit funded by the county to assist with business marketing, into the new non-profit corporation that would be directed by an 11-member board. The board members would be selected 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, county officials stated.
“This is an important decision that I believe is in the long-term best interests of Montgomery County's economic health and competitiveness,” says County Executive Leggett. “I believe that Montgomery County is highly competitive—but we need to be even more competitive. This structural change is part of a bigger move to better respond to the fast-changing economic dynamics and will greatly enhance private sector leadership in economic development as our local economy transitions from one driven largely by federally-spending to one that is increasingly driven by the market.”
Others who came out in support of the proposal included County Council president George Leventhal and Council vice president Nancy Floreen, as well as Georgette Godwin, president and CEO of the Montgomery County Chamber of Commerce.
“MCCC supports the County Executive's commitment to establish a focused, government-funded, business-led economic development effort because it will strengthen our Economic Ecosystem,” Godwin says. “It is an economic imperative for Montgomery County to attract new businesses and grow existing businesses in order to be regionally, nationally and globally competitive. When businesses grow, jobs are created, goods and services are bought and tax revenues are generated to support our public schools, public safety, transportation and services.”
Leggett hopes the County Council could ratify the measure before its August recess.
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