Today, Governor Markell has visited Wilmington, Dover and Bridgeville to announce the
Downtown Development Initiative. You'll remember that he discussed this in the State of the State Address and it is one of the multiple revitalization initiatives proposed by the Governor this year. The goal of this plan is to have 3 municipalities (to start, one in each county) propose and apply for a Downtown Development District, where development projects in line with the plan would be eligible for up to a 20% grant-in-aid rebate on investment. Investments could be for a single home -- or for larger, transformative projects. The pool of funds available for this is proposed at $7M, shared by those doing the development. If the pool is oversubscribed, then developers would get a smaller share, but all developers would get some rebate. In addition, the Governor proposes to reserve $1.5M in the state's Historic Tax Credits for use in the Downtown Development Districts, adding some additional incentive to help re-create the State's Downtowns.
By
6 Comments
