Chesapeake Bay Recovery Fund summary, 2004

Governor Ehrlichs • Legislative Initiatives Chesapeake Bay Initiatives Chesapeake Bay Recovery Fund The Chesapeake Bay Recovery Fund will enable the Department of Natural Resources (DNR) to enter into agreements with non-profit, public charities to solicit and manage private contributions for large-scale Bay restoration projects, such as oyster restoration, cover crops, and Bay grasses. Contributions will come from private investors, corporations, foundations, and individuals. The Fund will encourage private investments by providing the following safeguards: • A public charity will seek gifts for Bay restoration and handle the Fund's administrative functions to ensure investor confidence. • The Governor will establish an advisory commission to develop and implement innovative fundraising — projects for Bay restoration. AdditidrtdlyY the commission will advise the Secretary of Natural Resources on the distribution of the Fund. • The donations will be used only for Bay restoration projects and in accordance with investors’ wishes. The Department of Natural Resources will direct donations to identified Bay restoration projects. DNR will enter into partnerships with organizations having similar Bay restoration goals, such as the Chesapeake Bay Foundation, Conservation Fund, Audubon Society, and Ducks Unlimited. The Fund will employ a wide variety of fundraising vehicles to involve corporations in project sponsorships as well as foundations and individuals in specific projects that are geared to large-scale restoration. Examples of fundraising opportunities include: concert events, sale of shares in the Bay, and partnerships with food and beverage industries.