Nearly 40 percent of businesses receiving those incentives have left Montgomery County or have closed, the report—requested by the Montgomery County Council and compiled by the county's Office of Legislative Oversight—said.
The report was briefly discussed by the County Council Tuesday and is scheduled to be fully examined by the council's Planning, Housing and Economic Development Committee on March 7, according to The Washington Examiner.
Despite the low retention rate, The Washington Examiner highlighted the following statistics from the report:
- Incentive awards provided a $1.24 billion return in private investment
- Incentive awards provided $38 million in annual net economic benefit
- Incentive awards created about 26,775 jobs as of December
Social & Scientific Systems, Inc., a public health research business, received $1 million in loan and grant funds from the state and county to keep its headquarters in Silver Spring last November.
See More on Patch
- Top Maryland Headlines: Twitter Trouble, House of Cards in MD, First Lady Inspires
- Top MD Headlines: Demise of Death Penalty, Jayson Blair 10 Years Later, Hogwarts Express
- Top Maryland Headlines: Uncles in Montgomery, Michelle Obama Comes to Town
- Top Maryland Headlines: Uncles in Montgomery, Landlord Guilty of Peeping, Michelle Obama Comes to Town
- Montgomery County Government Pays $63 Million in Overtime in 18-Month Span
Most Popular articles
- UPDATE: Silver Spring Postal Worker Sexually Assaulted During Lunch Break
- Foodie News: 90-Year-Old Restaurant Closes, List Announced for Hometown Holidays
- Can Silver Spring Nightlife Compete with Hanging in DC?
- Naked Shooting Suspect on PCP Climbs Fire Truck in Calverton (Graphic Video)
- Police Find Radio Shack Robbery Suspect Inside Taxi