A financial package for companies that plan to manufacture and distribute vinyl fencing in Dover was endorsed by the Delaware Council on Development Finance.
The council endorsed the following Strategic Fund grants.
- Duratec, LLC, $185,745 to establish operations in Dover.
- 1886 Dover LLC, $72,728 to establish operations in Dover.
- Shoreline Vinyl Systems, Inc. $10,350 to establish operations in Dover.
The grants will be used to launch operations in Dover at the former PPG Industries site. PPG closed the paint/finishes plant as part of a restructuring effort.
Also approved was a $10 million revenue bond to Duratec and related entities to finance the plant project. The bonds do not involve any financial risk to the state, with investors carrying those liabilities.
The site for the operations is below.
A total of 166,000 square feet will be used for manufacturing and 13,000 square feet for office space on 51.01 acres. The Project Site will initially be owned by 1886 Dover, LLC and leased to Duratec, LLC, Shoreline Vinyl Systems, Inc., and USA Fulfillment, Inc. The site will initially be operated by Duratec, LLC.
The council also endorsed the refinancing of bonds by NRG Energy used to reduce pollution and handle waste at Indian River, the state’s only coal-fired generation site.
There have been calls to close the plant. A reduction in interest rates is expected to help the generation site remain competitive at a time when many such plants are shutting down as alternative energy sources and natural gas become more competitive.
Plants like Indian River, have larger workforces than natural gas generators, due in part to the process of transferring coal from rail cars to the coal-fired unit.
The recommendations from the Council on Development Finance go to the state’s Division of Small Business Director for final action.