June 17, 2014
Delaware Downtown Districts Could Benefit from Revitalization Plan
Governor Markell signed his $7 million plan, Senate Bill 191, on Thursday, June 5, 2014. The plan’s aim is to promote revitalization of Delaware’s downtown districts.
“The bill passed unanimously in the General Assembly after receiving support from various municipalities and community organizations”, according the article ‘Governor Signs Downtown Economic Bill’ by online publication delaware business daily.
This plan allows for up to 15 Downtown Development Districts, which will give tax credits and other incentives for those investors who make an investment of at least $25,000.
The hope is that Senate Bill 191 will spur on downtown development overall. The incentive is a grant that will subsidize up to 20% of construction cost for all types of projects. This bill not only supports commercial projects, but residential and non-profit projects, as well. The main aim is to attract investors to build in the approved designated downtown districts (DDD), spurring economic growth. (DelawareOnline)
Municipalities have to apply to become one of the DDD, which will be determined initially by the state planning office and ultimately by Governor Markell. One district from each county needs to be designated before a county can receive a second designation.
“It is my hope that this innovative new program to revitalize our downtowns will bring much-needed energy and resources to areas of our state that have been overlooked for too long,’ said the Governor –(delawarebusinessdaily)