Public-private partnerships produce infrastructure through a collaboration between the public and private sectors where risk and benefits can be allocated cost-effectively between the parties. MEDCO is committed to partnering with federal, State and local agencies to support the development, expansion and modernization of facilities.
I’ve had the opportunity to work with MEDCO while serving as a local elected official and while working in the private sector, and in both cases MEDCO has been a great partner because of their ability to work creatively to meet the needs of public and private sector stakeholders. MEDCO was able to renovate and re-purpose a facility to house the new National Cybersecurity Center of Excellence, where experts from industry, government and academia work together to address the nation’s most pressing cybersecurity issues.
-Mike Knapp, CEO of Orion Ventures
MEDCO at Work
Project Name: Maryland State Archives
Project Size/Type: $9.2 million non-recourse, tax-exempt revenue bond, plus $2.3 million-loan
Project description: Ownership and lease
Benefit: Centralization of material to better serve residents of the State
Maryland State Archives
On October 3, 2014, MEDCO issued $9.2 million in non-recourse, tax-exempt revenue bonds, and used the proceeds, along with $2.3 million of its own funds, to acquire nearly six acres of land and a 135,000 -square-foot building in Woodlawn, formerly leased by the Social Security Administration as a record-retention facility.
Maryland State Archives, the agency that serves as the State’s depository of permanent government records, approached MEDCO in its search for a property of sufficient size to house the State’s entire collection of archives, which at the time were stored at three separate facilities around the state.
The former Social Security Administration building was identified as a perfect fit for the Archives’ need of a climate-controlled facility of sufficient square footage. MEDCO expressed interest and quickly negotiated the purchase of the facility with the former building owner before the existing tenant improvements, shelving specific and essential to archival operations, were removed. MEDCO’s ability to work with the building owner in a timely basis expedited the transaction.
After the purchase, MEDCO leased the building to the Maryland State Archives, assisted in building improvements and facilitated the relocation and consolidation of the Maryland State Archive’ materials.
MEDCO’s ability to negotiate the lease and expedite the project allowed the Maryland State Archives to quickly consolidate and relocate to a re-purposed, well-conditioned building. MEDCO also saved the Maryland State Archives more than $10 million in project costs by acquiring an existing building.
For more information, contact Tom Sadowski at (410) 625-0051.