(a)      The General Assembly declares and finds that Maryland's economy continues to experience technological change and restructuring. The General Assembly recognizes that, while technological change sometimes results in economic contraction and dislocation, it also affords opportunities to expand productive employment and expand the State's economy and tax base.

      (b)      (1)      The General Assembly declares that the legislative purposes of the Corporation are to:

                  (i)      Relieve conditions of unemployment in the State;

                  (ii)      Encourage the increase of business activity and commerce and a balanced economy in the State;

                  (iii)      Assist in the retention of existing business activity and commerce and in the attraction of new business activity in the State;

                  (iv)      Promote economic development; and

                  (v)      Generally promote the present and prospective health, happiness, safety, right of gainful employment, and general welfare of the residents of each of the counties and municipalities of the State.

            (2)      The General Assembly further declares and finds that the establishment of a State public corporation to acquire, construct, reconstruct, equip, expand, extend, improve, rehabilitate, or remodel projects will:

                  (i)      Serve the public interest by accomplishing one or more of the Corporation's legislative purposes; and

                  (ii)      Complement existing State marketing programs administered by the Department and through the Department's financial assistance programs such as those of the Maryland Industrial Development Financing Authority and the Maryland Economic Development Assistance Authority.

            (3)      In addition, the General Assembly finds that the State lacks and needs direct property development capability for economic development purposes.

      (c)      The General Assembly intends that:

            (1)      The Corporation operate and exercise its corporate powers in all areas of the State;

            (2)      Without limiting its authority to otherwise exercise its corporate powers, the Corporation exercise its corporate powers to assist political subdivisions and State and local economic development agencies to contribute in the expansion, modernization, and retention of existing Maryland enterprises as well as the attraction of new business to the State;

            (3)      The Corporation cooperate with private industry councils, representatives of labor, and local governments in maximizing new economic opportunities for the citizens of this State;

            (4)      The Corporation accomplish at least one of the legislative purposes listed in subsection (b)(1) of this section and complement existing State marketing and financial assistance programs by:

                  (i)      Owning projects;

                  (ii)      Owning and leasing projects to one or more persons; or

                  (iii)      Lending the proceeds of bonds to one or more persons to finance or refinance the costs of acquiring, constructing, reconstructing, equipping, expanding, extending, improving, rehabilitating, or remodeling projects owned or to be owned by the person or persons or any combination of them; and

            (5)      The Corporation not own and operate a project unless:

                  (i)      The Board of Directors of the Corporation finds and determines by resolution that the private sector has not demonstrated serious and significant interest and development capacity to own and operate the project; or

                  (ii)      A representative of a political subdivision or a designated agency or instrumentality of the political subdivision has requested in writing that the Corporation own and operate the project.