Public funds are being used to help support HD Radio.
(And finally I get to work on a story that combines my past radio experience covering the halls of Maryland state government with my current radio tech gig.)
The state of Maryland has approved a loan for Ibiquity Digital to cover costs of its Maryland headquarter move and renovations, both of which were completed last spring just before the NAB convention.
The Maryland Department of Business & Economic Development approved a “conditional” $300,000 loan, to be combined with a $30,000 loan from Howard County.
In exchange for the funds, Ibiquity agreed to retain what were 38 Maryland jobs as of last spring and to add 82 more jobs by this time next year. The technology developer also pledged to retain those positions in the state through at least 2013.
While the bulk of the funds will go towards paying off the move/renovation, not all the monies have to be used for this purpose, Ibiquity confirmed.
The company declined comment on whether $300,000 was the amount it initially sought from the state.
Local lawmakers were happy that Ibiquity chose to remain in Maryland — and expand — its corporate headquarters. Howard County Executive Ken Ulman said Ibiquity’s decision “validates our strategy that targets national, regional and division headquarters.”
As we’ve reported, Ibiquity leased more than 18,000 square feet of space close to its former headquarters. It has a total of 130 employees now including its Columbia, Md., headquarters, and as well as offices in Basking Ridge, N.J., and Pontiac, Mich.
Ibiquity’s New Jersey office moved a little before the Maryland office last spring.
