2018-03-14T15:21:04-05:00 2017-06-30 205991824 SC&H Tax & Advisory Services LLC 910 Ridgebrook Road Sparks MD 21152 990 2016-07-01 521376562 Maryland Economic Development Corporation MARY 4106250051 300 E Lombard Street No 1000 Baltimore MD 21202 ROBERT BRENNAN EXECUTIVE DIRECTOR 4106250051 2018-03-05 1 Lori S Burghauser P00370694 4104031500 2018-03-05 50.206.141.66 2018-03-05 10:38:29 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 D598169B7B70477E3779F4FD99F3BFF6A447919F 2016 2021-01-29 14:40:06Z ROBERT BRENNAN 300 E Lombard Street No 1000 Baltimore MD 21202 215797297 0 X WWW.MEDCO-CORP.COM X 1984 MD TO ATTRACT NEW BUSINESSES AND ENCOURAGE EXPANSION OF EXISTING BUSINESSES IN MARYLAND THROUGH DEVELOPMENT, EXPANSION, AND/OR MODERNIZATION OF FACILITIES. 12 12 10 12 0 0 4340569 1693363 136996476 137394148 -94221 28394513 263217 76840 141506041 167558864 0 0 0 0 1071638 1272796 0 0 0 153354263 150143092 154425901 151415888 -12919860 16142976 612904127 545732591 854140682 770826170 -241236555 -225093579 X MEDCO'S PRIMARY PURPOSE IS TO EXPAND PRODUCTIVE EMPLOYMENT AND THE STATE'S ECONOMY AND TAX BASE THROUGH THE DEVELOPMENT OF CERTAIN VACANT OR UNDER-UTILIZED INDUSTRIAL SITES AND FACILITIES AS WELL AS OTHER ECONOMIC RESOURCES. IN FULFILLING ITS PURPOSE, MEDCO PROVIDES FACILITIES AND FINANCING OF FACILITIES TO BUSINESSES AT FAVORABLE RATES. MEDCO ALSO PROVIDES MANAGEMENT AND CONSULTING EXPERTISE. 0 0 54063949 0 38731779 CHESAPEAKE BAY CONFERENCE CENTER IS A HOSPITALITY PROJECT LOCATED IN CAMBRIDGE, MARYLAND. 29045039 0 29193152 UMCP HOUSING IS A PROGRAM UNDER WHICH MEDCO LEASES LAND USED FOR THE SOUTH CAMPUS COMMONS AND THE COURTYARDS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND. 13895715 0 15783082 UMCP ENERGY IS A PROGRAM UNDER WHICH MEDCO LEASES LAND, CERTAIN ENERGY CONVERSION FACILITIES AND STEAM, ELECTRICITY AND CHILLED WATER DELIVERY SYSTEMS AT THE UMCP CAMPUS IN PRINCE GEORGE'S COUNTY, MARYLAND, AND PROVIDES ENERGY CONVERSION, DELIVERY AND RELATED SERVICES TO UMCP. 52547291 0 53686135 MEDCO PROVIDED FINANCING PACKAGES OR FAVORABLE LEASE TERMS FOR MANY PROJECTS THROUGHOUT THE STATE. IN ADDITION, MEDCO ASSISTED ORGANIZATIONS IN THEIR EFFORTS TO EXPAND OR MODERNIZE. 52547291 0 53686135 149551994 0 1 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7 0 10 1 0 0 0 0 0 0 0 0 0 0 X 12 12 0 1 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X James R Miller 4106250051 300 E Lombard Street No 1000 BALTIMORE MD 21202 SCOTT DORSEY CHAIRMAN 1.00 X X 0 0 0 THOMAS KINGSTON VICE CHAIRMAN 1.00 X X 0 0 0 RICHARD WOO BOARD OF DIRECTORS (Treasurer - PY) 1.00 X X 0 0 0 Nicole Alt-Myers BoarD OF DIRECTORS 1.00 X 0 0 0 BARBARA G BUEHL BOARD OF DIRECTORS - PART Year 1.00 X 0 0 0 SECRETARY MIKE GILL Board of Directors 1.00 X 0 0 0 BARRY GLASSMAN Board of Directors 1.00 X 0 0 0 Tehma Hallie-Smith BoarD OF DIRECTORS 1.00 X 0 0 0 LINDA MORAN BOARD OF DIRECTORS 1.00 X 0 0 0 SECRETARY PETER RAHN Board of Directors 1.00 X 0 0 0 DAVID SCHELLHARDT BOARD OF DIRECTORS 1.00 X 0 0 0 Harry Shasho BOARD OF DIRECTORS 1.00 X 0 0 0 WARREN WILLIAMS BOARD OF DIRECTORS 1.00 X 0 0 0 ROBERT C BRENNAN EXECUTIVE DIRECTOR and Secretary 40.00 X 250131 0 52210 JAMES R MILLER CFO 40.00 X 136897 0 21915 Jeffrey C Wilke Director of Bond Financing 40.00 X 116412 0 35045 LOUIS J NOCAR CONTROLLER 40.00 X 107740 0 17262 611180 0 126432 4 0 1 0 James G Davis Construction 12530 Parklawn Dr ste 100 Rockville MD 20852 Construction Contractor 4600515 CAPSTONE DEVELOPMENT CORP 431 OFFICE PARK DRIVE BIRMINGHAM AL 35223 MNGT AND DEVELOPMENT 1975680 BMO Capital Markets 3 Times Square 7th Floor New York NY 10036 Consultant 1739727 HYATT CORPORATION 71 SOUTH WACKER DRIVE CHICAGO IL 60606 MANAGEMENT FEEs 636167 CTSI 4151 Lafayette Ctr Dr Chantilly VA 20151 AV Equipment and Installation 594114 16 1693363 1693363 OPERATIONS OF CBCC 721000 38731779 38731779 OPERATIONS OF UMCP HOUSING 531110 29193152 29193152 ENERGY SERVICES CHARGES 532000 15783082 15783082 OPERATIONS OF TOWSON WEST 531110 9107048 9107048 OPERATIONS OF SALISBURY 531110 6978415 6978415 37600672 37600672 137394148 603413 603413 76029533 48238433 27791100 27791100 27791100 Settlement Income 900099 76840 76840 76840 167558864 137394148 0 28471353 X 299637 299637 750547 750547 97207 97207 51387 51387 74018 74018 18950 18950 129411 129411 12971 12971 47632 47632 99107 29897 69210 63015 925 62090 81306 81306 39602 39602 26653760 26653760 29314874 29271541 43333 57757 33553 24204 OPERATIONS OF CBCC 37425569 37425569 OPERATIONS OF UMCP STUD 18178692 18178692 ENERGY SERVICE EXPENSES 9561097 9561097 OPERATIONS OF SALISBURY 4578204 4578204 23881145 23771124 110021 151415888 149551994 1863894 0 30426007 21264368 8264121 7160641 819872 719388 446003 428721 1025044 1132877 726774062 316478988 471914815 410295074 7776687 7518557 92231578 97212965 612904127 545732591 56929169 60515239 3552386 3676743 681267272 599537526 27928208 22981644 84463647 84115018 854140682 770826170 X -204817816 -178899638 -36418739 -46193941 -241236555 -225093579 612904127 545732591 16142976 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 567742706 199443996 368298710 6010307 3947322 2062985 137500532 107675731 29824801 15520517 5411939 10108578 410295074 DEPOSITS WITH TRUSTEES 84428681 INTEREST RECEIVABLE 81886 RECEIVABLES UNDER DIRECT FINANCING LEASES 1568541 NON-CURRENT PREPAID GROUND LEASE 1605243 NON-CURRENT PREPAID INSURANCE 57369 NON-CURRENT DERIVATIVE 15936 DEFERRED OUTFLOW OF RESOURCES 9455309 97212965 INTEREST PAYABLE 26958562 ADVANCES FOR PROJECTS 3565782 ADVANCE DEPOSITS 2676539 ACCRUED GROUND RENT 49941022 NON-CURRENT DERIVATIVE 15936 OTHER LIABILITIES 114874 SECURITY DEPOSITS 842303 84115018 167558864 0 167558864 0 167558864 151415888 0 151415888 0 151415888 X X X 0 0 0 0 0 0 0 0 0 ROBERT C BRENNAN EXECUTIVE DIRECTOR and Secretary 223427 0 0 0 26704 0 37294 0 14916 0 302341 0 0 0 JAMES R MILLER CFO 127499 0 0 0 9398 0 20535 0 1380 0 158812 0 0 0 Jeffrey C Wilke Director of Bond Financing 113812 0 0 0 2600 0 17796 0 17249 0 151457 0 0 0 A MEDCO 521376562 574205FL9 2006-10-11 166721158 DEFEASE 1999 BONDS AND PROVIDE CAPITAL FOR MARINA EXPANSION & FF&E UPGRADE. 0 1 0 B MEDCO 521376562 57420VHS5 2007-05-30 37314163 CONSTRUCTION AND EQUIPPING OF APPROX. 668 BED STUDENT HOUSING AT TU. 1 1 0 C MEDCO 521376562 57420VJBO 2008-08-28 37873075 CONSTRUCTION AND EQUIPPING OF APPROX. 368 BED STUDENT HOUSING AT UMCP. 1 1 0 D MEDCO 521376562 57420XBA6 2011-02-24 43805520 DEFEASE 2001 BONDS - UMCP ENERGY 0 1 0 A 12435000 166721158 1655064 2502791 6000000 156563303 2002 1 1 1 1 B 6955000 26530000 37314163 2334312 2721442 775493 1277576 28807039 1398301 2008 0 0 1 1 C 510000 37690000 37873075 3093306 3519437 577630 30682702 2010 0 0 1 1 D 26505000 43805520 4019500 532208 39253812 2002 0 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 1 TRINITY PLUS 5.700000000000 1 0 1 C 0 0 0 1 0 0 1 MonUMENTAL LIFE 1.800000000000 1 0 1 D 0 0 0 1 0 0 1 NatIXIS 8.300000000000 1 0 1 A 1 B 1 C 1 D 1 Date Rebate Computation Performed Issuer Name: MEDCO Date the Rebate Computation was Performed: 10/11/2016 Issuer Name: MEDCO Date the Rebate Computation was Performed: 07/01/2017 Issuer Name: MEDCO Date the Rebate Computation was Performed: 06/30/2016 Issuer Name: MEDCO Date the Rebate Computation was Performed: 06/30/2015 Issuer Name: meDCO Date the Rebate Computation was Performed: 06/30/2017 Issuer Name: MEDCO Date the Rebate Computation was Performed: 11/27/2016 Issuer Name: MEDCO Date the Rebate Computation was Performed: 12/19/2016 Issuer Name: MEDCO Date the Rebate Computation was Performed: 06/30/2017 Issuer Name: MEDCO Date the Rebate Computation was Performed: 06/30/2017 Issuer Name: MEDCO Date the Rebate Computation was Performed: 06/30/2017 Issuer Name: MEDCO Date the Rebate Computation was Performed: 06/30/2017 Issuer Name: MEDCO Date the Rebate Computation was Performed: 06/30/2017 Issuer Name: MEDCO Date the Rebate Computation was Performed: 07/01/2017 A meDCO 521376562 57420vkb8 2012-07-26 16492409 PURCHASE THE LEASEHOLD ESTATE OF 420 BED STUDENT HOUSING AT TU. 0 1 0 B mEDCO 521376562 57420vjp9 2012-07-26 14837506 PURCHASE THE LEASEHOLD ESTATE OF 578 BED STUDENT HOUSING AT SU. 0 1 0 C MEDCO 521376562 57420VKP7 2012-11-27 34717296 REFUND 2002 BONDS - MOR 0 1 0 D MEDCO 521376562 57420VLC5 2012-12-19 23783154 REFUND 2001 BONDS - UV 0 1 0 A 2830000 16492409 483170 463866 15545373 2000 1 0 1 1 B 3050000 14837506 428464 14409042 2000 1 0 1 1 C 3505000 34717296 475051 34242245 2003 1 0 1 1 D 2400000 23783155 330886 23452269 2002 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 0 0 1 Wells Fargo 16.900000000000 1 0 1 B 1 0 0 1 Portigon 17.800000000000 1 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 57420VLQ4 2013-06-03 13856146 REFUND 2003 BONDS - SAL 0 1 0 B MEDCO 521376562 57420VMD2 2013-06-20 15998739 REFUND 2002 BONDS - FRO 0 1 0 C MEDCO 521376562 2014-10-03 9200000 Acquisition of and improvements to real property for use by the MD State Arc 0 1 0 D MEDCO 521376562 57420VNG4 2015-03-31 28833670 REFUND 2003 BONDS - UMAB 0 1 0 A 1635000 13856146 314646 13541500 2004 1 0 1 1 B 1820000 15998739 339923 15658816 2003 1 0 1 1 C 710666 9200000 9200000 2004 0 0 1 1 D 625000 28833670 495952 28337718 2004 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 57420VNN9 2015-05-14 17563406 REFUND 2003 BONDS - BOW 0 1 0 B MEDCO 521376562 57420VPC1 2016-03-17 153854482 REFUND 2006 and 2008 BONDS - UMCP SH 0 1 0 C MEDCO 521376562 57420VPZ0 2016-04-05 23012542 REFUND 2006 BONDS - UMBC 0 1 0 D MEDCO 521376562 57420VQS5 2017-05-09 33678990 REFUND 2007A BONDS AND FUND CERTAIN IMPROVEMENTS TO THE FACILITY - TOW 0 1 0 A 1295000 17563406 359139 17204267 2004 1 0 1 1 B 3520000 153854482 41440725 1131698 1644697 109637362 2006 1 1 1 1 C 820000 23012542 22387749 380144 244649 2004 1 0 1 1 D 33678990 34337 26724966 419687 6500000 2008 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 1 0 0 0 0 1 wElls Fargo 12.100000000000 1 0 1 A 1 B 1 C 1 D 1 A MEDCO 521376562 57422FAC0 2017-06-22 32555663 Special Obligation Bond-2014 bond remarketed and re-designated as 2017 bond 0 1 0 A 32555663 2728682 1332643 28494338 2014 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 Form 990, Part VI, Section A, line 3 Maryland Economic Development Corporation, from time to time, enters into a management agreement (contract) delegating to the manager the authority to manage a project. The manager is an independent contractor subject to the terms and conditions set forth in the management agreement and all terms and conditions relating to the management of the project contained in other applicable documents (typically the ground lease and trust indenture). The management of the project commonly includes the marketing, leasing, managing, and operating of the project pursuant to, in accordance with, and subject to the terms and conditions contained in other applicable documents (typically the ground lease and trust indenture). During the taxable year, Maryland Economic Development Corporation had an agreement with Capstone On-Campus Management LLC, EDR Management Inc., ACC SC Management LLC, Scheer Partners Management Inc., and Hyatt Hotels Corporation of Maryland. Form 990, Part VI, Section A, line 7a THE GOVERNOR OF MARYLAND APPOINTS WHO WILL SERVE ON MEDCO'S BOARD OF DIRECTORS. Form 990, Part VI, Section A, line 7b DECISIONS OF THE BOARD OF DIRECTORS ARE SUBJECT TO THE GOVERNOR OF MARYLAND'S APPROVAL. Form 990, Part VI, Section B, line 11b A FULL COPY OF THE FORM 990 WAS SENT VIA EMAIL TO THE ENTIRE BOARD OF DIRECTORS FOR THEIR REVIEW PRIOR TO FILING. THE FORM 990 WAS ALSO PRESENTED TO THE BOARD OF DIRECTORS AT ITS SCHEDULED MONTHLY MEETING IN February 2018. Form 990, Part VI, Section B, line 12c AS A QUASI-STATE ENTITY, MEDCO ADHERES TO THE STATE OF MARYLAND'S ETHICS POLICY IN ADDITION TO HAVING ITS OWN SEPARATE POLICY. IN ACCORDANCE WITH THese policies, THE EXECUTIVE DIRECTOR AND EACH BOARD MEMBER SUBMIT DEFINED REPORTS AT APPOINTMENT AND ANNUALLY THEREAFTER WITH THE STATE ETHICS COMMISSION. MEDCO CONTACTS EACH BOARD MEMBER TO ASCERTAIN THAT THE REQUIRED FILING HAS BEEN COMPLETED. REGULAR AND CONSISTENT MONITORING IS DONE THROUGH THE FILINGS AND REQUIRED DISCLOSURES WITH THE STATE ETHICS COMMISSION AS REQUIRED. Form 990, Part VI, Section B, line 15 MEDCO RETAINS THE SERVICES OF HUMAN RESOURCES CONSULTANT TO REVIEW WRITTEN POSITION DESCRIPTIONS FOR ALL EMPLOYEES AND TO PREPARE A RANGE OF COMPENSATION FOR SIMILAR POSITIONS IN MEDCO'S MARKET. THE EXECUTIVE DIRECTOR AND ASSISTANT DIRECTOR REVIEW, APPROVE AND IMPLEMENT THE CONSULTANT'S REPORT. THE EXECUTIVE DIRECTOR'S PERFORMANCE AND COMPENSATION ARE REVIEWED AND SET ANNUALLY BY THE BOARD OF DIRECTORS. Form 990, Part VI, Section C, line 19 THE AUDITED FINANCIAL STATEMENTS OF MEDCO AND ITS PROJECTS ARE AVAILABLE ON THE CORPORATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE WEBSITE INCLUDES INFORMATION ON HOW TO CONTACT MEDCO. Form 990, Part IX, line 24e OPERATIONS OF UMB & UMBC STUDENT HOUSING: Program service expenses 4,446,349. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,446,349. OPERATIONS OF TOWSON WEST & MH: Program service expenses 4,425,978. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,425,978. OPERATIONS OF FROSTBURG, ROCKVILLE, NCCOE, METRO CENTER GARAGE, AND OTHER: Program service expenses 4,364,619. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,364,619. OPERATIONS OF UNIV. VILLAGE: Program service expenses 4,280,961. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,280,961. OPERATIONS OF MORGAN: Program service expenses 3,807,684. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,807,684. OPERATIONS OF BOWIE: Program service expenses 2,445,533. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,445,533. SPONSORSHIP/MEMBERSHIP: Program service expenses 0. Management and general expenses 95,200. Fundraising expenses 0. Total expenses 95,200. BAD DEBT: Program service expenses 0. Management and general expenses 14,821. Fundraising expenses 0. Total expenses 14,821. Form 990, Part XII, Line 2C, AUDIT OF FINANCIAL STATEMENTS: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.