Prince George's County intends to loan the proceeds from the sale of about $10 million in industrial revenue bonds to several nonprofit organizations as initial financing for a proposed Agricultural Trade Complex near the county's Foreign Trade Zone.
County Executive Lawrence J. Hogan recently asked County Council Chairman Gerard McDonough to sign a letter to Peter Nelsen, president of the nonprofit Agricultural Research and Development Institute Inc., expressing the county's intent to assist in the financing of a trade and research complex which could provide market exposure to agricultural export companies.
The complex would be located on the Seaton Belt property on Route 214.
Nelsen said the center would include space for about 5,000 exhibitors to display agricultural production materials. A proposed educational institute would hold monthly conferences on farm technology, in addition to offering a graduate studies program in international economics and development technology and vocational training programs in eight languages.
The "agri-complex" would employ about 1,000 people after three years, according to Nelsen.
"The education, research and trade center aspects of ARDI are all devoted to increasing agribusiness exports for the United States and to fostering development in Third World countries," Nelsen said.
Before the industrial revenue bonds are sold, the county must pass a bond authorization ordinance for the sale. The ordinance must then be signed into law by the county executive.