The Baltimore County Council is poised to support a $2 million loan from the state to McCormick & Co. Inc. as part of a deal made in 2015 to keep the spice and seasoning maker's corporate offices in the county.
The council is expected to approve a resolution endorsing the state loan at its April 3 meeting.
The County Council heard details of the financing — which would come from the Maryland Department of Commerce, Maryland Economic Development Assistance Authority and Fund — at a work session Tuesday.
The incentives were first announced in 2015. At the time, McCormick had been considering moving its Sparks-based headquarters out of the county and state. The company decided to move employees from the headquarters and other buildings to a new corporate campus at 99 Shawan Road in Hunt Valley.
The loan is to be used for relocation and renovation costs.
McCormick is also receiving a $200,0000 loan from the county. In addition, the county agreed to spend $1.8 million for improvements to Shawan and Schilling roads so that vehicles and pedestrians can access the building.
According to a fiscal analysis prepared by the county auditor's office, both the state and county loans have 7-year terms and 3 percent interest rates. The loans will be forgiven if the company keeps 800 workers at the corporate headquarters and 1,900 jobs in Maryland.
Renovations began last year and the relocation is expected to finish up in 2018, according to the fiscal analysis.