Governor John Carney on Tuesday signed Senate Bill 127, a measure that creates a site readiness fund.
Senate Bill 127 offers assistance in the development or improvement of commercial and industrial sites to attract businesses.
The fund will provide grants, loans, or other economic assistance to qualified businesses or local governments that invest in constructing, renovating, or improving infrastructure for sites that will attract new businesses or expand existing businesses.
Delaware has lagged behind other states in creating “shovel-ready” sites for businesses that often have short timeframes for opening new operations.
“We are competing for jobs every day, and we are working hard to ensure Delaware’s future and ongoing economic success,” said Carney. “This legislation will allow us to quickly convert existing properties to meet the needs of prospective employers, spurring growth and new business investment. It’s just another way we are making Delaware a top choice for businesses to start here and stay here. Thank you to all the members of the General Assembly, the Delaware Prosperity Partnership, and the Division of Small Business for their work on this legislation.”
“Businesses who are considering locating in Delaware often need to make significant infrastructure investments, whether by constructing a new site or renovating an existing one. The Site Readiness Fund provides us the opportunity to offer those businesses an added incentive that can give us an advantage over other states,” said Secretary of State Jeffrey Bullock. “In today’s economic climate where competition among states and globally is heavy, this fund is a critical piece in expanding and sustaining economic growth in Delaware.”
“This measure furthers the efforts of Delaware Prosperity Partnership and its many statewide partners because the improvements it will fund will help businesses choose Delaware for their location or expansion,” said Kurt Forman, CEO of the Delaware Prosperity Partnership. “DPP is grateful to the General Assembly for its support of this legislation and for its investment in ensuring that sites throughout the state are ready for the kinds of investment and job growth we all value.”
The bill signing took place at First State Brewing, a microbrewery restaurant in Middletown.