Better late than never would seem to be an appropriate phrase to describe Northrop Grumman Corp.’s (NYSE: NOC) $20 million loan from Maryland’s Sunny Day fund.
Senate President Thomas V. Mike Miller, Jr. and House Speaker Michael E. Busch, both Democrats, announced late Tuesday they have reached an agreement with Gov. Larry Hogan to support a conditional loan for Northrop, another for Marriott, and legislation in 2017 to provide additional funding to counties in Maryland for public schools.
Miller confirmed the deal in a phone call Tuesday evening, explaining Northrop will receive the $20 million loan and Marriott International Inc. (NASDAQ: MAR) will receive a $22 million loan (one it doesn’t have to pay back if it meets certain conditions) for its new headquarters in Bethesda in return for Hogan, a Republican, agreeing to allocate $20 million to teacher pensions in the 2017 budget.