MEDCO reports record financing, $54 million Elkton bond; says $11 billion pipeline is emerging

Elizabeth Wyble of the Department of Legislative Services outlined MEDCO's role as a non-budgeted economic development entity that issues bonds and manages operating and non-operating projects. DLS said MEDCO net income increased to about $30 million in FY25 and highlighted several projects, including $54 million in bonds issued for the Elkton Sports Park complex and student-housing projects meeting required debt-coverage ratios.

Tom Sadowski, MEDCO's executive director, told the committee MEDCO recorded more than $1 billion in project revenue bond financing in FY26, highlighted $50 million in spending directed to minority enterprise engagement, and described an $11 billion pipeline of potential new investment. He said two state-backed economic development programs launched recently'the Strategic Infrastructure Revolving Loan Fund and the Business Ready Sites program'are issuing loans and grants; MEDCO said it already awarded $3.2 million of a $3.5 million appropriation for certified sites.

DLS also described MEDCO's role as a successor to certain racetrack authority responsibilities and asked MEDCO to describe steps it is taking to avoid procurement and oversight issues found in a prior audit. MEDCO emphasized clean audits for its books and described partnerships with state transportation and commerce agencies and federal research partners.

Committee members asked about MEDCO's coordination with defense-related employers and installations; MEDCO said it is engaged in significant conversations and infrastructure work to support defense-related research missions.