MD SB409

Expands acceptable names for local economic development authorities to include "Revenue Authority," "Redevelopment Authority," or other similarly named entities, beyond just "Industrial Development Authority"

Grants authorities broad new powers including owning and managing real and personal property, entering contracts, making loans, issuing bonds, borrowing money, and acquiring property through purchase, gift, or grant

Requires authorities created on or after October 1, 2025 to be subject to legislative body auditing and oversight, maintain separate financial records, and issue annual reports detailing activities, property holdings, and finances

Significantly expands authorized uses of tax increment financing proceeds to include infrastructure improvements (streets, utilities, stormwater facilities, trails, sidewalks), affordable housing development, environmental remediation, convention centers, and administrative expenses

Allows legislative bodies to designate project areas, establish project area plans, and identify which authority actions require prior approval; prohibits authorities from acquiring property by eminent domain