No word yet on financial package for Chemours R&D project

0

Nothing appears to be on the immediate horizon regarding a financial package for the Chemours research and development center to be built on the University of Delaware STAR Campus.

Michael Chesney, spokesman for the Delaware Division of Small Business Development and Tourism, said the company is not on the agenda of any upcoming meeting of the Council of Development Finance.

A meeting of the council is not planned until next year. The Council on Development Finance issues recommendations on financial packages for companies.

In a release today, Chemours stated that more details of the project would be released at a groundbreaking ceremony next month at the STAR Campus at the site of the former Chrysler Assembly plant in Newark.

Advertisement

Assistance for the project could take many forms including paying for a small percentage of the project. UD could also aid in the effort in terms of the ground lease or other areas.

The Chemours R&D project at UD had long been rumored in real estate circles as part of a successful effort to keep the company in Delaware. Chemours had earlier struck a deal to remain at its headquarters at the former head office of DuPont Co. on Rodney Square.

The downtown Wilmington building housing Chemours and the Hotel duPont will undergo a major renovation project under new owner The Buccini/Pollin Group.

The Council on Development Finance falls under the umbrella of the small business division, which came out of the dissolution of the Delaware Economic Development Office.

The other component of the state’s economic development strategy is the Delaware Prosperity Partnership, a public-private group that aims to provide a more responsive approach to current and prospective businesses in the state.

There have been lingering concerns about the transparency of the partnership and the possibility of a pay to play environment favoring companies that pay for a third of the partnership’s funding.

Chemours, UD to build $150 million R&D site on STAR Campus

Facebook Comments
Advertisement
Advertisement