WILMINGTON, DELAWARE (1/11/2015) Seaford, Dover and Wilmington have been selected for Downtown Development Districts in a new state economic program, Gov. Jack Markell announced today.
Under the program, the districts will receive incentives to spur investment and community development.
The three cities were selected for the first such districts out of nine applicants for the program, which was proposed by the governor and passed by the General Assembly last year. One place in each county was required.
“The Downtown Development District program has generated a high level of enthusiasm and interest , and I was impressed by the overall quality of the applications submitted,” said Markell. “In addition to demonstrating significant need, each of the winning applicants submitted thoughtful plans with detailed strategies to strengthen neighborhoods, spur private investment, and improve housing opportunities for residents of all walks of life.”
The applications were evaluated, according to the governor’s office, for need and impact; the quality of the district plan submitted by the applicant; and local incentives offered.
Investors who make qualified real estate investments in Downtown Development Districts will be entitled to receive grants of up to 20 percent of the cost of their investments. The grant plan is modeled in part after a Virginia program that has proven successful in leveraging private investment in under-served areas, according to the governor’s office.
The $7 million Delaware program will be administered by the Delaware State Housing Authority. DSHA will begin accepting grant applications next week.
Events to celebrate the designations are planned:
- Monday, January 12th at 9:30 a.m., Seaford City Hall, 414 High Street, Seaford
- Tuesday, January 13th at 11 a.m., Bayard Plaza, 200 W. Loockerman Street, Dover
- Wednesday, January 14th at 9 a.m., DCAD, 600 N. Market Street, Wilmington