Bill > SB33

This bill expands the existing Downtown Development Districts Act by introducing a new concept of "Downtown Development Corridors" for municipalities with populations of 30,000 or more, which currently includes Wilmington, Dover, and Newark. The bill allows these municipalities to designate an area as a Downtown Development Corridor, similar to the existing Downtown Development Districts program. Key provisions include establishing definitions for corridors, creating an application process through the Office of State Planning Coordination, and setting guidelines for local incentives, grant eligibility, and program administration. The bill modifies several sections of Delaware law to incorporate corridors alongside existing districts, including provisions for grant funding, investor qualifications, and investment thresholds. Municipalities can receive grants up to 20% of qualified real property investments exceeding a minimum threshold, with the Delaware State Housing Authority (DSHA) responsible for administering the grant program. The bill also limits the number of corridors to one per qualifying municipality and ensures that any corridor or district designation is subject to performance review and potential renewal or termination. Importantly, the initial round of applications must result in at least one Downtown Development Corridor being designated, signaling the state's commitment to expanding economic development strategies for larger municipalities.

Government Affairs

https://legis.delaware.gov/BillDetail?LegislationId=141746