HAGERSTOWN — An estimated 35 new jobs will come to Hagerstown this summer when a local security company expands its operations.
Dynamark Monitoring LLC, a commercial and residential security and alarm company, will receive $70,000 from the Maryland Department of Business and Economic Development, and is expected to receive $25,000 from both Washington County and the City of Hagerstown in conditional loans for a project that will create the jobs, according to Timothy R. Troxell, executive director of the Hagerstown-Washington County Economic Development Commission.
Troxell said Monday that the company plans to build a 26,000-square-foot, state-of-the-art, UL-listed center on Northern Avenue for monitoring alarm signals nationwide.
As a condition of the loans, Dynamark Monitoring must invest $1.5 million in the project, Troxell said. It must also create 35 full-time jobs by the end of 2013 and keep those jobs for at least two years, he said.
“It’s always nice to work with our local developers and business people to create jobs in Hagerstown,” he said.
Troxell said he thought the new monitoring center eventually would bring more jobs to the county.
If all of the conditions of the loans are met by Dynamark Monitoring, Troxell said it was his understanding that the loans would be forgiven by the city, county and state.
Washington County Commissioners President Terry Baker said the commissioners discussed potential incentives for Dynamark Monitoring twice in closed session and expected to take a formal vote on the conditional loan in open session at a future meeting.
During the most-recent discussion, which took place at one of the first meetings of the new board, the commissioners reached a consensus in support of providing the conditional loan because of the jobs the project would create, Baker said.
He said he understood that a condition of the loan would be that the company must retain the jobs for at least two years.
Baker said news of the county’s intention to provide an incentive was not immediately made public because economic development officials had to take the offer back to the company to make sure everyone was comfortable with the terms.
Once the loan documents have been drafted, Troxell said he will go before the commissioners in open session to ask for formal approval.
Councilman William Breichner said the city also discussed and came to consensus on incentives for Dynamark Monitoring in closed session.
Mayor Robert E. Bruchey II said the council will vote on the loan in open session March 22.
In addition to a $25,000 conditional loan, Bruchey said the city plans to fast-track the permit process for the company to help its project start on time.
Trey Alter, president of Dynamark Monitoring LLC, did not respond to several calls for comment Monday.
Staff Writer Heather Keels contributed to this story.