Prince George’s County Council members voiced their approval Wednesday of a plan to bring new jobs and businesses to the county after plans were revised to provide additional oversight.

The Economic Development Incentive Fund, which has been a top priority of County Executive Rushern L. Baker III (D), received a favorable 4 to 1 vote from the council’s Public Safety and Fiscal Management Committee on Wednesday, four months after the council removed the measure from Baker’s proposed fiscal 2012 budget.

Council members argued they needed more control over how to spend the fund, which would use $50 million in surplus dollars to provide grants and loans to draw new businesses to the county and help existing businesses expand.

A revised proposal, presented to the committee by David Iannucci, Baker’s assistant deputy chief administrative officer for economic development, included several new provisions aimed at giving the council a stronger voice.

The council will now be able to select three members of a seven-person review committee — to be made up of independent financial professional who live in the county — that would review applications from businesses to receive money from the fund. The council will also have seven days to object to the disbursement of grants and some loans of over $250,000, Iannucci said.

A similar program in Montgomery County requires council approval for disbursements over $100,000.

“I truly believe this fund will help us attract businesses [to Prince George’s],” said Council Chair Ingrid Turner (D-Dist. 4) of Bowie, adding that while adjustments may need to be made to the program in the future, “we have to start somewhere.”

Turner previously called for the $250,000 threshold to be included in the bill, explaining that having setting the oversight at that level would keep the county competitive with other jurisdictions.

Some committee members felt the additional oversight didn’t go far enough.

Councilman Obie Patterson (D-Dist. 8) of Fort Washington, voted against the bill because the $250,000 council approval level only applied to grants and conditional loans—which don’t need to be paid back if certain conditions, such as construction projects or a minimum number of jobs created, are met. Traditional loans, which would be paid back with interest, could be issued without the consent of the council.

Theoretically, the entire balance of the fund could be dispersed without council approval, Patterson said.

Iannucci argued that businesses seeking to borrow money might be put off by the additional approval process.

Councilwoman Karen Toles (D-Dist. 7) of Suitland, who ultimately voted in favor of the bill, and Councilwoman Andrea Harrison (D-Dist. 5) of Springdale, who is not a member of the committee, echoed Patterson’s concern, but Toles felt that the council’s role in approving the budget gave it the ability to control the fund.

Councilman Eric Olson (D-Dist. 3) of College Park, who is not on the committee, also voiced his support for the bill.

With affirmative votes from Olson and the four committee members—also including Mel Franklin (D-Dist 9) of Upper Marlboro who supported it, the bill would have enough votes to be passed when it comes before the full council.

“The EDI fund is the county executive’s ‘jobs bill,’” Scott Peterson, Baker’s spokesman, said after the vote, adding that Baker was confident the bill’s eventual passage would spur job growth in the county.

dleaderman@gazette.net