The reuse authority at Fort Ritchie has a new name, a new budget and a new governing structure.
The fort will be called the Lakeside Corporate Center at PenMar, said Robert Sweeney, the executive director of the Local Redevelopment Authority, which is in the process of becoming the PenMar Development Corp. under state legislation signed into law last week.
Sweeney briefed the Washington County Commissioners on Tuesday.
Sweeney said the first corporation board meeting will be June 9, when interim lease agreements for reuse of Army buildings will be signed.
The County Commissioners approved the $562,000 budget for next year for the corporation.
The budget includes about $66,000 in county in-kind services, $75,000 in state money and $421,000 in federal money.
The Local Redevelopment Authority's budget for this year includes $836,000 in spending, about half of which went toward one-time consultant fees. The county's cash contribution was $13,300.