BRTB Seeks Input on Amendments to Long-Range Transportation Plan
After recent legislation targeted the Baltimore Regional Transportation Board (BRTB) with nearly $340 million in revenue enhancements during the next 20 years, the organization followed that announcement with the release of “Transportation Outlook 2035,” the region’s long-range transportation plan.

But in response to public input and amid concerns about escalating costs, the BRTB has determined that additional funds for capital expansion should be directed toward a combination of short- and long-term transit projects.

“Our transportation network is a crucial element in our region’s quality of life,” said Howard County Executive Ken Ulman, the BRTB chair. “Our citizens feel the pinch at the gas pump, and suffer the consequences of increasing traffic congestion. There is growing concern about dependence on fossil fuels and the emissions that contribute to air pollution. It only makes sense to give citizens an opportunity to share not only their concerns, but their suggestions for improving our transportation network, at the beginning of the process.”

The public input period begins on Aug. 1, and will include several meetings and workshops from Aug. 6 to Aug. 26. They will be held at the Baltimore Metropolitan Council, 2700 Lighthouse Point East (or the 2700 block of Boston Street), Suite 310, in the Canton area of Baltimore City. The public input period closes on Sept. 2.

The public review and approval phase will occur from December 2008 through February 2009. For more information, contact Monica Haines at 410-732-0500, ext. 1047, or comments@baltometro.org. Comments also may be submitted using an online comment form at www.baltometro.org.

Magna Gets Reprieve on Debt
Canadian-based Magna Entertainment Corp. (MEC), owner of Laurel Park and Pimlico Racecourse, announced that it has extended the maturity date of a $40 million line of credit with a Canadian bank to August 15. The due date has been extended three previous times, most recently from May 23 to July 30.

The same May financing agreement allowed Magna to extend two additional loans from May 31 to August 31. These included a $100 million repayment requirement under the Gulfstream Park project financing with a subsidiary of MI Developments, MEC’s company, and an $80 million loan from the same lender, which also increased the maximum commitment available to $110 million.

NACM’s Credit Manager’s Index for July 2008 Nudges Up
The seasonally adjusted Credit Manager’s Index, which was released by the Columbia-based National Association of Credit Management (NACM), rebounded slightly in July, gaining 0.8%, as the manufacturing sector index rose 1.6% and the service sector index crept up 0.2%. All three indexes — combined, manufacturing and service — are hovering just above the crucial 50 value at 50.9, indicating a slight degree of economic expansion.

“There was little in the data to provide a compelling picture of credit conditions one way or another,” said Daniel North, chief economist for credit insurer Euler Hermes ACI who evaluates the data and issues the report for NACM. “For instance, for the combined index, six of the 10 components fell and six remain below 50, yet the index itself rose and remained above 50. Similarly, comments from the participants were a mix of good news, bad news and price increase news.”

“The report actually reflects very closely the state of the business cycle and the Federal Reserve’s dilemma,” North said. “The Fed faces six straight months (probably seven as of Aug. 2) of job losses, but also faces consumer price inflation of 4.9%. Given that, either a rate cut or increase could easily be the wrong move.

“The Fed’s assessment of the economy will probably be the same as those of credit managers as a whole; it’s somewhere right in the middle. And the best choice for right now might be to sit tight,” he said, noting that the seasonally adjusted manufacturing sector index rose above the 50% level in July, gaining 1.6%, but four of the 10 components fell and six remain below 50. Comments from survey participants were similarly mixed.
 
A complete index including results from the manufacturing and service sectors, along with the methodology, can be viewed at http://web.nacm.org/cmi/pdf/CMI_July2008.pdf. CMI archives may be viewed at http://web.nacm.org/cmi/cmi.asp.

Maryland to Receive $181M in Federal Foreclosure Prevention Assistance
The state of Maryland will receive foreclosure prevention and neighborhood stabilization assistance through the Housing and Economic Recovery Act of 2008, which was recently approved by the U.S. Senate by a vote of 72 to 13.

The bill was passed in the House of Representatives on July 23 by a vote of 272 to 152. “We heartily congratulate the Maryland delegation and members of Congress on the passage of H.R. 3221,” said Gov. Martin O’Malley. “This package helps address the needs created by the foreclosure crisis, and will begin the process of turning around the housing market. This means that we now have broader and more flexible tools to help sustain homeowners through these difficult times, and stabilize the communities in which they live. These tools will help us address the persistent shortage of affordable housing options in our communities.”

Maryland is slated to receive $181 million in Mortgage Revenue Bonds (MRB) funds and $1,123,669 in additional Low Income Housing Tax Credits, which will generate approximately $9 million in equity. The state and local subdivisions also will receive additional Community Development Block Grant (CDBG) funds to purchase and rehabilitate homes that already have been foreclosed upon to help revitalize and strengthen communities.

The resources provided in the bill will be invaluable for Maryland, which saw foreclosure events in the first quarter grow by 617% over the same period last year. H.R. 3221 will shore up the housing market and ensure the availability of affordable home loans and strengthen neighborhoods hardest hit by the foreclosure crisis by providing resources to allow cities and states to buy and rehabilitate foreclosed properties.

PharmAthene Submits Response to DHHS Request
Annapolis-based PharmAthene, a biodefense company specializing in the development and commercialization of medical countermeasures against chemical and biological threats, has submitted a response to a Request for Proposals for an Anthrax Recombinant Protective Antigen Vaccine for the Strategic National Stockpile for SparVax, the company’s rPA anthrax vaccine.

On Feb. 28, the Department of Health and Human Services issued a formal solicitation, referred to as a Request for Proposals, for an Anthrax Recombinant Protective Antigen Vaccine for the Strategic National Stockpile. The solicitation outlined a requirement to procure 25 million doses of an anthrax rPA vaccine.

GP Completes Hydrogen Fueling Station in L.A.
Elkridge-based General Physics Corp. (GP) recently completed the construction of a Shell Hydrogen fuel station on Santa Monica Boulevard in Los Angeles. This station is the first gaseous fuel station with generation, compression and high-pressure storage equipment installed on top of a fuel island canopy.

This is only the second station in the United States and the first on the West Coast to provide both gasoline and hydrogen in a retail format; both stations are Shell branded facilities.

In addition to constructing the hydrogen fuel station, GP expanded the food mart and renovated the existing garage bays into a large information center. Shell Hydrogen executives hope the information center will attract visiting students and other patrons to the station.

“We think it’s very important at Shell to supply hydrogen to the public, environmentally, safely, reliably, regularly and all the time,” said Shell Hydrogen Vice President Duncan Macleod. “Most hydrogen fuel stations are not accessible to the public and are typically designed to service corporation hydrogen fuel-cell fleets. As a result, the regular gas station customer rarely sees hydrogen pumps at refueling stations.”

Tecore, EGC International Partner to Bring Wireless to Latin America
Columbia-based Tecore Networks, a leading provider of GSM, CDMA, 3G and multi-protocol mobile networks, and EGC International, a global systems integrator specializing in telecommunications and information technology, have partnered to enable EGC to distribute Tecore’s wireless infrastructure products throughout Latin America.

EGC’s presence in eight Latin American countries and its deep relationships with Tier 1 and Tier 2 mobile operators, in combination with Tecore’s 17-year track record in delivering core and radio access network (RAN) solutions across all major wireless technologies, ensure that this growing marketplace now has access to wireless networking solutions.

MAVA Survey Finds Outlook for Region Is Strong
In the third quarter of 2008, more than 90% of the funds responding to the second quarter survey of the area’s capital firms expect to make one or more investments in companies with ties to the mid-Atlantic region, according the Mid-Atlantic Venture Association (MAVA).

The positive forecast in regional investment is expected after a dip in local deals, as reported in the second quarter of 2008 in MAVA’s quarterly survey of the region’s leading investment firms.

“With investments steady despite tough public market conditions, our members tell us they anticipate private equity capital will have more impact on liquidity for the remainder of the year,” said Julia Spicer, executive director of MAVA.

The survey noted that local deals declined in the second quarter, though they are forecasted to increase in the third quarter; that second quarter deal momentum maintained a steady pace; and that the pipeline is flowing, with 91% of members to close deals in the third quarter.

bwtech@UMBC’s Newest Building Welcomes First Tenant
bwtech@UMBC Research Park Corp. has signed the first tenant in its newest building, 5520 Research Park Drive. RMF Engineering, a Baltimore-based firm with expertise in mechanical, electrical, civil, structural, infrastructure and aquacultural engineering, will make 28,000 square feet in the building its headquarters.

RMF is nationally recognized for the analysis, planning and design of complex buildings and campus utility generation and distribution systems, and has expertise in the evaluation of renewable energy strategies, alternative energy solutions and green initiatives. The company currently employs about 100 people at its Baltimore headquarters and plans to expand its staff to 130 by the end of 2009.

Enterprise Announces Harvey Enterprise Fellowship
Doris Koo, president and CEO of Columbia-based Enterprise Community Partners, has announced the selection of three social entrepreneurs to fill an inaugural slate of organizational fellowships. They are the Bart Harvey Enterprise Fellowship, the Terwilliger Enterprise Fellowship and the Freddie Mac Enterprise Fellowship, which were all made possible through private contributions.

Two of the three fellowships are named after distinguished leaders in the community development field: former Enterprise Chairman and current Board Trustee Barton Harvey, III, and Enterprise Board Trustee and Trammell Crow Residential Chairman and CEO Ronald Terwilliger. The third fellowship was established in honor of the longtime partnership between Enterprise and Freddie Mac, one of America’s biggest buyers of home mortgages and a strong supporter of affordable rental housing.