Delaware Business Now

Suez seeks water rate increase

Delaware Business Now — Sat, 28 Sep 2019 12:56:56 +0000

Suez is seeking a rate increase from customers as it seeks to continue a $60 million investment program that began in 2016 in its Delaware water operations.

Suez, once known as United Water, serves a large portion of northern New Castle County.

The program includes completed, ongoing and future investments that improve the customer experience, water quality, and service reliability for over 38,000 homes, businesses, and industrial operations.

“As part of our continued commitment to improving the customer experience, we have tripled our investment in new water infrastructure in Delaware in recent years,” said Larry Finnicum, operations director, Delaware Operations. “These investments help ensure that our customers receive exceptional water service and quality for years to come.”

If granted, the $60 million plan filed with the Delaware Public Service Commission Friday would increase by about $7.50 a month.

Finnicum stated, “If the commission accepts the proposal in whole, Suez rates in Delaware will still remain significantly lower than the other major water utilities in the State. Our goal is to make investments that benefit our customers while remaining sensitive to their budgets.” The commission has up to 7 months to accept, reject or modify the plan.”

Suez gets its supplies from surface water, which is less expensive to extract and process than well water.

New Investments from Suez

Residents served by some of the oldest pipes in the Delaware system will benefit from a $26 million investment to replace 61,000 feet of water mains. These areas include Ashbourne Hills, Radnor Green and the Belleview Business Park, which has companies that employ up to 2,000.
SUEZ has invested nearly $20 million in the Stanton Water Treatment Plant, the heart of the water system in the company’s Delaware operations. The project adds four million gallons of treated water storage on site – a five-fold increase- and a 6,000 square foot pumping facility that can deliver up to 24 million gallons of drinking water daily. This ensures the reliability of supply and maximizes water safety through enhanced disinfection. New, “green” pumps will decrease the plant’s carbon footprint by the equivalent of removing 120 cars from the road every day.
Construction is underway for the first new water storage tank to serve 15,000 SUEZ customers in north Wilmington in 50 years. The $3.2 million, three million gallon ground storage tank will help meet needs for water supply and pressure.
The 544 miles of pipes that deliver water to customers in Delaware every day rely on pumping equipment located throughout the system.
The installation of a $1.4 million state-of-the-art meter reading system, called Advanced Metering Infrastructure (AMI), will lead to hourly updates on water consumption and help customers better manage their water bills.

Finnicum added, “Not only do these strategic investments help improve quality of life for our customers, they align directly with leading state policymakers’ actions to strengthen the economy by investing in infrastructure.”

Suez noted that it spends $1.5 million on local goods and services each year, and the company contributes over $1.7 million in annual school, property and other local taxes.

Suez offers assistance to customers who may need help paying their water bills at suezcares.org or by dialing 1-800-668-0856.

Suez North America operates across all 50 states and Canada with 2,825 employees. It manages $4.1 billion in total assets. The company posted revenues of $1.1 billion in 2018 and is a subsidiary of Paris-based Suez.

The company employs 90,000 on the five continents, Suez generated total revenues of $19.36 billion in 2018.

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Researchers find sunscreen chemicals in Chesapeake oysters

Delaware Business Now — Fri, 27 Sep 2019 17:49:31 +0000

Antibiotics, natural and synthetic hormones also detected in water, sediment and bivalve tissue

By Timothy B. Wheeler, Bay Journal News Service

The Chesapeake Bay’s oysters already have plenty of challenges to deal with — nutrient and sediment pollution, parasitic diseases and harvest pressure, to name a few.

One thing they won’t have to worry about is getting sunburned. A new study finds Bay bivalves are apparently ingesting sunscreen ingredients from the water and sediment around them.

A team led by researchers from the University of Maryland, Baltimore County found ultraviolet-ray filtering chemicals used in commercial sunscreens, along with antibiotics and endocrine-disrupting hormones, in Bay water, bottom sediments and oyster tissue taken from the mouth of the Chester River and three water bodies on the Lower Eastern Shore.

The study, produced in collaboration with researchers from the University of Maryland School of Medicine, U.S. Forest Service and Maryland Department of Natural Resources, appeared in the August issue of the journal, Science of the Total Environment.

“Every day, we use these specialty chemicals, like antibiotics, like sunscreens, to improve our personal health, and these molecules go down the drain and eventually get discharged out into the Chesapeake Bay,” said Lee Blaney, the study’s lead author and an associate professor of chemical, biochemical and environmental engineering.

“Until recently, no one has tried to measure them in the Bay and see if they’re at levels that could have impacts…,” he added. “We found that indeed these chemicals are out there and at levels that have presented concerns in other places.”

The impacts on the Bay’s critters as well as human health are unknown. But one antibiotic was measured in at least one place at a level high enough to make potentially disease-causing bacteria resistant to treatment, researchers found. And the sunscreen chemicals reached levels that have been implicated in the die-off of corals in tropical waters.

“Are there environmental impacts on oysters? We don’t know that,” Blaney said. But, he added, “we figure it’s better to get out ahead of the issue” and determine if these contaminants are accumulating in sediment or living creatures and warrant further investigation.

Researchers collected water, sediment and oysters and mussels from two sites in the Chester River in 2016, and then sampled 12 sites the following year at the mouth of the Manokin River and in Holland Straits and Kitts Creek. The research work has been funded by grants from the National Science Foundation and Maryland Sea Grant.

Other studies have found pharmaceuticals and sunscreen ingredients in more populated watersheds, especially downstream from wastewater treatment plants. In an earlier study, Blaney said he found those contaminants in sediment and crayfish in Baltimore’s Gwynns Falls, a stream that doesn’t get any intentional wastewater discharges. The sources there could include sewage leaks as well as runoff, he suggested.

It’s not especially surprising that these chemicals turned up in the Chester, with a wastewater plant upriver discharging 2 million gallons daily. But Blaney said he and his colleagues hadn’t expected to spot the same contaminants in more rural areas like the Lower Shore. The sample sites there are downstream from a smaller wastewater plant in Princess Anne, which discharges 1.26 million gallons daily.

But there are also 29 large chicken farms in the watershed that produce about 3.7 million birds annually, the paper noted. It suggested that farm runoff contaminated with animal manure might be a source, or household septic systems leaching into groundwater and streams.

At least one of the antibiotics found in the Manokin is not given to people, the paper noted. Two of the drugs detected have been found in poultry litter in other countries; though they’re banned for use in chickens in the United States, they are permitted for limited use in cattle and swine.

“We’re not trying to point fingers, just saying we’re detecting things,” Blaney said. In addition to farm runoff, sources could include household septic systems, he said.

The sunscreen levels measured in the Bay were generally lower than what his earlier study found in the Gwynns Falls, Blaney said, but researchers were still surprised by the concentrations they found on the Lower Shore. One sunscreen ingredient they found reached levels that other studies have shown can harm water fleas and corals. The researchers suggested such findings warranted further study to see if sunscreen contaminants could affect Bay creatures, including the economically important blue crab population.

“These results emphasize the need to investigate the potential toxicity of estrogenic hormones and UV-filters to ensure the sustainability of not only oyster populations, but also restoration efforts in the Chesapeake Bay,” their paper concluded. “As Chesapeake Bay oysters are widely consumed by humans, the occurrence of these priority in oyster tissue, along with the continuous exposure to diverse antibiotics, also raises potential human health concerns.”

Blaney said technology exists that could filter out or chemically treat all these contaminants from wastewater. “But these things cost a lot of money,” he added.

The UMBC researcher said other as-yet unpublished data he’s gathered from samples taken elsewhere around the Bay find sunscreen chemicals as well. “We find these everywhere,” he said.

Though sunscreen ingredients aren’t as persistent as some other contaminants impacting the Bay watershed, like polychlorinated biphenyls (PCBs), or per- and poly-fluoroalkyl substances (PFAS), Blaney said it’s clear they do linger in the ecosystem at least for a while, and more are getting into the water all the time.

“We’re not trying to tell people, ‘Hey, don’t wear sunscreen!’” Blaney said, because those compounds help prevent skin cancer. Rather, he said, he hopes research will prompt the public and policymakers to consider the environmental and health implications of chemicals used widely in food, cosmetics and other personal care products.

“Ultimately, they go down the drain,” he said. “It makes sense to start thinking about them now.”

Timothy B. Wheeler is associate editor and senior writer for the Bay Journal. He has more than two decades of experience covering the environment for The Baltimore Sun and other media outlets.

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Food and drink: Grain on track to operate ferry terminal restaurant; Dogfish innovation heads to Smithsonian; Lucky’s focuses on breakfast, lunch

Delaware Business Now — Fri, 27 Sep 2019 17:37:44 +0000

Grain Craft Bar + Kitchen has been selected by the Delaware River and Bay Authority to redevelop, reposition and operate the restaurant and associated facilities located at the Cape May-Lewes Ferry Terminal in Lewes.

Negotiations regarding the partnership/lease agreement are expected to take four to six weeks. The restaurant, tentatively known as Grain On The Rocks, will renovate the current site during the winter of 2019-2020 and be ready for the summer of 2020.

“When we began this process in May, we were looking to find a partner who could take our food and retail business at the Lewes Terminal to the next level,” said Heath Gehrke, director of ferry operations at the DRBA. “Grain’s brand, menu, and focus on creating a dining destination for families align perfectly with our goals for the location. We’re looking forward to the start of what we believe will be a very successful partnership.”

Grain intends to work with the existing restaurant team to create a year-round dining destination in the Lewes-Rehoboth resort area. “We are very excited about the location and the team. Our goal is to open up the layout and strengthen the relationship between the internal structure and the beautiful outdoor surroundings so that the design feels both authentic and natural, which is a big part of the Grain brand,” stated Grain co-owner, Jim O’Donoghue.

The location offers a mix of indoor and outdoor seating options with views of the water and the ferry operations. In addition to dining, the authority recently renovated an adjacent activity area to include a fire-pit, pier, pergola, picnic tables, benches open green space, and children’s play structure. The ferry operates year-round, transporting nearly 1 million passengers annually between the Delaware and South Jersey resort areas.

Grain has locations in Newark, Bear and Kennett Square, PA.

Dogfish brewing move makes its way to the Smithsonian

Dogfish Head’s process of continual hopping – the brewing method used to make our iconic 60 Minute IPA, 90 Minute IPA and 120 Minute IPA – is being recognized by the Smithsonian’s National Museum of American History.

The original boil kettle and continual hopping device – an old school vibrating football game company founder Sam Calagione picked up at a local thrift store and tweaked for that purpose – has been acquired and accepted into the permanent collection of homebrewing and craft beer history that is being built by the museum’s American Brewing History Initiative.

“My Dogfish Head co-workers and I could not be more proud of this amazing recognition that will stand the test of time (well beyond 60, 90 or even 120 minutes;-). We are truly honored that the folks at the Smithsonian are allowing us to help preserve the history and heritage of the vibrant, indigenous craft brewing community,” Calagione stated in an Email message.

Calagione and his wife Mariah, ecently sold Dogfish Head to Boston Beer (Sam Adams).

Click on the link below for the story from the Smithsonian magazine.

https://www.smithsonianmag.com/smithsonian-institution/heres-whats-brewing-new-smithsonian-beer-collections-180973134/

Lucky’s to focus on breakfast and lunch, with dinner from time to time

Lucky’s Coffee Shop is joining the trend toward breakfast and lunch only service.

The diner on Concord Pike in north Wilmington will now have only breakfast and lunch service, but will have pop-up dinners, including an event early next month.

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Bar Association president, TransPerfect group fire off dueling messages

Delaware Business Now — Fri, 27 Sep 2019 14:20:21 +0000

The President of the Delaware State Bar Association is taking aim at a marketing and public relations effort aimed at Delaware Chancellor Andre Bouchard.

William Brady issued a message to members that is harshly critical of the effort by Citizens for a Pro-Business Delaware. The group has spent hundreds of thousands of dollars on advertisements targeting Bouchard and Chancery Court while also calling for judicial reforms and a more diverse judiciary.

“The Citizens group, using a high profile public relations firm, has now renewed and ramped up its attacks on the Court, repeatedly calling it “corrupt”, as well as personally attacking Chancellor Bouchard and his family. The Chancellor could not respond to the unwarranted personal attacks, then or now, because he, like all Delaware judges, is bound by a Judicial Code of Conduct that forbids such response. On the other hand, we, as a Bar Association, are not bound by such restrictions and the recent renewal of the disrespectful attacks on the Chancellor has reached the point where we can no longer remain silent,” Brady wrote.

The Bar Association also scheduled a press conference on Oct. 1 to discuss the issue.

Chris Coffey, who serves as a spokesman for Citizens for a Pro-Business Delaware fired back with a letter that defends the group, which is described as being comprised of TransPerfect employees and concerned Delaware citizens.

“We are highly disappointed that the Bar Association’s immediate response to calls for transparency and diversity are to circle the wagons and attack the credibility of the organization as opposed to hearing the valid concerns of thousands of Delaware residents. Your conclusions are correct, that we believe that the Chancery Court acted in an unprecedented way to force the sale of a company without the approval of shareholders, and cost over $250 million dollars in unnecessary legal fees to the company and more importantly, its employees. However, thousands of Citizens for a Pro-Business Delaware members are also concerned that their courts can force the sale of a person’s company and spend tens of millions of dollars without any documentation,” Coffey wrote.

TransPerfect ended up being sold under an agreement approved by Chancery Court with 50-50 founding partner Philip Shawe, buying out the stake of Elizabeth Elting.

Before and after Shawe’s victory, Citizens and the TransPerfect owner continued a public relations and advertising campaign that started during the battle for TransPerfect. Shawe moved TransPerfect’s state of incorporation from Nevada to Delaware. Litigation over fees in the TransPerfect case is now taking place in Clark County, NV.

Below are the messages from Brady and Coffey:

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Personnel file: UD, Realtor of Year, Easterseals, Nanticoke Health, SoDel, Fox & Roach

Delaware Business Now — Fri, 27 Sep 2019 12:41:56 +0000

[See image gallery at delawarebusinessnow.com] Gore engineering chair named

Marianthi Ierapetritou, distinguished professor of Chemical and Biochemical Engineering at Rutgers University, joined the University of Delaware as the Bob and Jane Gore Centennial Chair of Chemical and Biomolecular Engineering.

Ierapetritou has served as a departmental leader and role model for young faculty, most recently as the associate vice president for the promotion of women in science, engineering, and mathematics.

The endowed named professorship was made possible by a gift from Robert W. Gore, a 1959 graduate and 2010 honorary doctor of science recipient, and his wife Jane. He served as president of W.L. Gore and Associates, Inc., from 1976 until 2000 and was a member of the UD Board of Trustees from 1992 until 2010.

Ierapetritou received her doctoral degree in 1995 from the Imperial College, London, and completed post-doctoral research at Princeton University. She joined Rutgers in 1998 as an assistant professor and spent 21 years at the university.

Delaware Realtor of the Year announced

Monica LeBlanc (Kent County) has been named the 2019 Delaware Realtor of the Year. The award was presented by Beau Zebley, 2019 president of the Delaware Association of Realtors.

The award honors the Delaware Realtor whose service has delivered a positive impact to Realtor organizations on the national, state and local levels as well as the real estate industry and community.

LeBlanc has been a broker since 2014 and is the owner of Diamond State Realty in Dover. She currently is president-elect of the Kent County Association of Realtors and serves on the Government Affairs committee. She is a member of the DAR Board of Directors, serves on their Strategic Planning and DelPAC (Delaware Political Action) Committees, and represents DAR on the National Association of Realtors (NAR) Housing Committee.

She holds numerous certifications and designations granted by the NAR, including e-Pro (Advanced Digital Marketing) and Graduate Realtor Institute. She also holds a Home Builders designation as a New Construction Sales Professional.

Three other Realtors were honored with 2019 Good Neighbor Awards, honoring their commitment to volunteer efforts that made a positive impact in their local communities.

Kim Rochford of the Kent County Association of Realtors was recognized for her work with the Girl Scouts of the Chesapeake Bay, serving more than 200 young women and raising more than $15,000 for the group.

Bonnie Sherr, New Castle County Association of Realtors, served on the board of the Alzheimer’s Association Delaware Chapter, helping to both raise funds and advise caregivers.

Kristina Lingo, Sussex County Association of Realtors, logged more than 1,000 hours as a volunteer for Sussex Strong, including the October Gala that brought in more than $50,000 to assist nearly 300 underprivileged children.

DAR also recognized the work of Kent County Code Purple, Good Neighbors Home Repair in New Castle County, and Crises House in Sussex County. A donation was made by DAR to each of the six community organizations.

Easterseals names board member

Easterseals Delaware & Maryland’s Eastern Shore welcomed Rotary District Governor, William Ferguson Sr., of Salisbury, MD, and Jen Mathews, of Hockessin, DE, to its Board of Directors.

Ferguson is District Governor for Rotary District 7630, which includes the areas served by Easterseals. He is very active in the Salisbury Sunrise Rotary Club and has been a longtime volunteer at Rotary Work Days at Easterseals Camp Fairlee, as well as contributing to many other Rotary projects benefitting Easterseals. He earned his Bachelor’s degree in Accounting from the University of Baltimore. A veteran of the U.S. Navy, he worked at Royster Company for 25 years before moving to Salisbury, MD and joining Choptank Electric. He retired in 2015. Ferguson and his wife have one son and two grandchildren.

Mathews is a Marketing Director for CSC. She earned her Bachelor’s degree from the University of Delaware. She has been very actively involved with Easterseals, spearheading CSC’s 2015 initiative to build and donate 10 ride-on cars modified for children with disabilities. In 2016, Mathews helped establish an Adapted Toy Library as part of the Easterseals Resource and Technology Demonstration Center through CSC’s donation.

Gonzalez joins Nanticoke Physician Network

The Nanticoke Physician Network welcomed Aaron Herrera Gonzalez, MD, to its active medical staff. Gonzalez specializes in Obstetrics and Gynecology.

Gonzalez completed medical school at the Universidad De Monterrey Medical School in Monterrey, Mexico. He completed his residency within the St. Luke’s University Health Network in Bethlehem, PA.

SoDel Concepts names executive chef

SoDel Concepts announced that Ray Kumm was named executive chef at Lupo Italian Kitchen in Rehoboth Beach. Lupo is one of the hospitality company’s 11 restaurants in coastal Delaware.

Krumm, a native of Baltimore County, Maryland, has more than 10 years of experience in high-end restaurants, including establishments in Baltimore and Chicago.

Kumm was previously the sous chef at Sotto Sopra, a top-rated Italian restaurant in Baltimore. He was also executive sous chef at Bad Hunter, a produce-focused concept in Chicago. Kumm also spent time in Philadelphia, where he was a produce buyer and cheese program manager for a food distribution company.

SoDel Concepts is currently building its 12th restaurant, Thompson Island Brewing Company, in Rehoboth Beach.

Whalen named sales associate

Berkshire Hathaway HomeServices Fox & Roach, Realtors Hockessin-Pike Creek Home Marketing Center, welcomed Paige Whalen as a sales associate. Formerly with Patterson-Schwartz Real Estate, she has been licensed since 2014. Whalen serves the state of Delaware, Chester and Delaware Counties.

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Lighthouse Cove opens new public Baywalk in Dewey

Delaware Business Now — Fri, 27 Sep 2019 11:45:41 +0000

The Lighthouse Cove Development Company announced that public amenities constructed as part of its ongoing mixed-use Lighthouse Cove redevelopment in Dewey Beach are now open to the public.

The amenities include a first-ever ADA-compliant public Baywalk, a replenished beach along Rehoboth Bay and a recreational pier. The areas are now open for public use 365 days a year (except periods when inclement weather may pose a danger). Construction of a sunset gazebo to complement the newly restored beach is nearing completion.

“The Town of Dewey Beach has a state-required Comprehensive Plan that outlines a future with enhanced bayside recreation for residents and visitors alike, and these amenities at Lighthouse Cove are a tremendous step forward,” said Dewey Beach Mayor T.J. Redefer. “These public amenities will enhance Dewey Beach as a family-friendly resort destination, and we are very proud of the hard work done by all to get us to this point.”

The public Baywalk structure will be the first of its kind in the Rehoboth Bay area, and will ensure continued public access to Rehoboth Bay for Dewey Beach residents and visitors, providing a venue for recreational activities such as crabbing, fishing, bird watching, and plant and habitat study. It will also allow access to the newly-replenished beach for families and others who prefer calmer waters for swimming and other recreation.

Lighthouse Cove is also exploring a partnership with East of Maui Surf Shop and their popular bayside sports recreation kiosk, which would provide guests with kayak and paddleboard rentals, lessons and eco-tours on Rehoboth Bay.

The amenities complement the Lighthouse Cove Event Center, which is set to open later this month. The venue includes 14,600-square feet of flexible indoor and outdoor event space overlooking Rehoboth Bay, including a 4,340-square foot ballroom and a 3,020-square foot pre-event space for cocktail hours and other gatherings. The outdoor patio space will offer beautiful sunsets over the bay. The Event Center will also include large, state-of-the-art conference room space, making it an ideal spot for professional events. Both the Lighthouse Cove Event Center and the new Lighthouse Restaurant will be operated and managed by TKo Hospitality.

The amenities are the latest addition to the Lighthouse Cove redevelopment alongDewey Beach’s Coastal Highway. Once scheduled to become a private, gated townhouse community that would have eliminated public access to the Rehoboth Bay between Van Dyke and Dickinson Streets , it now stands as a mixed-use destination that includes Delaware’s first-ever Hyatt-branded hotel, a soon-to-be remodeled Lighthouse Restaurant, a refurbished lighthouse and The Residences at Lighthouse Cove – a collection of 83 current and future luxury condominiums.

Construction on the final phase of The Residences, which includes access to a rooftop pool, on-site parking garage and private balconies and terraces overlooking Rehoboth Bay and the Atlantic Ocean, is expected to be completed by year-end.

“Since beginning work on Lighthouse Cove more than a decade ago, we always envisioned it as a true resort destination that would serve not only as a vital source of tourism and economic activity, but also serve as an asset to every member of this community,” said Thomas J. Hanna, president of Harvey Hanna & Associates, the company overseeing the redevelopment. “The opening of these amenities to the public marks yet another important step toward the realization of that vision, and we formally invite Dewey Beach residents and visitors alike to experience them first-hand.”

To date, Lighthouse Cove has generated nearly $6 million in transfer, property, hotel lodging and accommodations taxes, building permits and other revenues, as well as hundreds of permanent and construction jobs, with more to come.

For more information on the Event Center at Lighthouse Cove, visit LighthouseCoveEvents.com. For inquiries and information on The Residences at Lighthouse Cove, visit TheResidencesDE.com or call (302) 212-0002.

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Trash Tech partners with Haul Away Removal

Delaware Business Now — Thu, 26 Sep 2019 19:37:31 +0000

Trash Tech, New Castle, has announced it has partnered with Haul Away Removal, a local waste hauler servicing New Castle County.

The partnership will operate under the Trash Tech name and be based at Trash Tech’s existing Governor Lea Road facility.

“Haul Away is a company that has always shared our same dedication to providing exceptional customer service” said E. Thomas Harvey III, Trash Tech CEO. “We are fortunate to partner with Haul Away and look forward to the many possibilities our combined companies will offer.”

Haul Away Removal, Inc. has operated in New Castle County for over 20 years. Owners Pat Connor and Mike Connor have agreed to stay involved to help the newly combined business continue to grow, a release stated.

“Trash Tech is excited for the opportunity to provide the same exceptional service that Haul Away has provided for over 20 years.” stated Harvey.

Trash Tech is a locally owned business, providing trash removal services in Delaware, Maryland and southeast Pennsylvania.

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River & Bay Authority maintains debt ratings

Delaware Business Now — Thu, 26 Sep 2019 18:52:58 +0000

Delaware River and Bay Authority (DRBA) officials announced that independent credit agencies, S&P Global Ratings (S&P) and Moody’s Investors Service (Moody’s), affirmed the bi-state agency’s bond ratings of ‘A’ and ‘A1’ respectively on both the DRBA’s long-term underlying rating on revenue bonds outstanding and the proposed $180 million Series 2019 Revenue Bonds.

The DRBA issued its Series 2019 Revenue Bonds on Wednesday, September 11. Both credit reports indicated a stable outlook.

The authority experienced a brief setback when New Jersey Gov. Phil Murphy vetoed a toll increase. The agreement was later modified with Murphy signing off on a modified increase.

“These bond rating reports reflect our organizational strength and steadfast commitment to fiscal responsibility,” said DRBA Chief Financial Officer Victor Ferzetti. “We annually prepare a comprehensive financial plan that serves as the foundation for operating and capital budget decisions. We’re pleased to have independent financial analysts affirm our overall approach to financial planning.”

According to the S&P report, “The management team, in our opinion, has considerable expertise and experience, with a long history of operating theauthority’s major lines of business with consistent results of outperforming budgets and forecasts.”

These rating reports on the revenue bonds also reflect both S&P and Moody’s view of the following credit strengths:

Ownership of critical transportation asset
Strong competitive position versus alternative crossing routes
Very strong liquidity and financial flexibility
Strong financial performance, reflecting debt service coverage exceeding 2x

With the proceeds from the debt offering, the DRBA plans to fund two years of the agency’s Capital Improvement Program. Some of the significant projects in this CIP at Delaware Memorial Bridge and Cape May – Lewes Ferry include: Bridge Paint Removal and Recoating ($48.2 million); Suspension Rope Replacement ($24.5 million); Bridge Steelwork Repairs ($40.5 million); Pin and Link Rehabilitation on Both Structures of DMB ($19.7 million); Ship Collision Protection System ($45.2 million); Bridge Deck Repair ($50 million); Replace Transfer Bridges at the Cape May – Lewes Ferry ($7.8 million); and Ferry Repowering Program ($9.5 million).

“Millions of people depend on our transportation facilities – whether moving goods and services, traveling for a family vacation or commuting to work every day,” added DRBA Executive Director Tom Cook. “We have some important regional transportation assets and the bond proceeds will be invested to make sure that these transportation facilities are available in good condition for the benefit of future generations.”

Moody’s and S&P’s affirmation points to the Authority’s financial strength and fiscal stewardship of its resources during the past two decades. Throughout its history, the Authority has maintained a conservative approach to the issuance of debt, managed expenses below budgeted levels, and strengthened investment policies. After the proposed bonds are issued, the DRBA will have approximately $456 million outstanding, all of which will be fixed-rate debt.

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Trending: State rolls out program that allows businesses to pay for energy efficiency projects via assessment on property tax bill

Delaware Business Now — Thu, 26 Sep 2019 17:50:55 +0000

(L to R) Tony DePrima, executive director, Energize Delaware; Timothy Sheldon, county councilman; Matt Meyer, New Castle County Executive.

Energize Delaware and New Castle County officials announced the launch of an initiative that will allow commercial and industrial property owners to finance energy-efficient and clean energy projects.

Projects that qualify under the statewide Delaware Property Assessed Clean Energy (D-PACE) program will be financed through a voluntary assessment on property tax bills similar to a sewer or other benefit assessment.

D-PACE will use private capital to finance all projects; no taxpayer dollars will be used to finance projects. Additionally, projects must be located in a specific county that has opted into the program to be eligible for PACE financing. New Castle is the first county to opt-in. Complete background information is available at www.delawarecpace.org.

“The D-PACE program will be good for the economy and good for the environment,” said New Castle County Executive Matt Meyer. “This initiative will encourage green investment in our county, including solar, wind and geothermal energy production. In addition, it will help put people to work, while reducing carbon emissions and saving money.”

D-PACE is designed to help qualifying commercial, industrial, agricultural, nonprofit and multifamily (with five or more units) property owners access long term financing for the installation of qualifying energy improvements.

Improvements may include any construction, renovation or retrofitting of energy-efficient technology, clean energy systems, or qualifying waste heat recovery technologies that are permanently fixed to qualifying commercial property.

D-PACE financing is provided by private capital providers in an open market. The financing is secured through a voluntary benefit assessment and assignable lien that is levied against the owner’s property.

The financing term is based on the useful life of the improvements and can extend up to 25 years. The financing can cover up to 100 percent of a building’s project cost and often requires no money down. In many cases the project’s annual energy savings will outweigh the annual payments, creating positive cash flow for the owner.

“As we worked to develop the PACE program for Delaware, we placed a particular emphasis on minimizing the administrative hurdles that a county or businesses would face,” said Tony DePrima, Executive Director for Energize Delaware. “The result is a program that will allow each county to participate without adding a substantial administrative burden and makes it easy for interested business owners to finance energy efficiency and renewable energy projects. We welcome New Castle as the first participating county.”

Energize Delaware is a unique non-profit that helps Delawareans save money through clean energy and energy efficiency. Energize Delaware programs provide energy education and financial incentives to Delaware residents, businesses, nonprofits, government facilities, farms, faith organizations and schools. Find a program to fit your needs at www.EnergizeDelaware.org.

Wilmington Trust adds investment management brand as investors seek downside protection

Delaware Business Now — Thu, 26 Sep 2019 17:14:13 +0000

Wilmington Trust announced today a new brand, Wilmington Investment Management (WIM), to help expand access to its proprietary suite of asset management solutions, including alternative funds, separately managed accounts, and mutual funds, to retail and institutional investors.

The new channel builds on the firm’s economics-led investment approach and addresses a need for opportunities for growth with downside protection amid heightened market volatility, a release stated.

Findings from the inaugural Wilmington Investment Management Investor Confidence Survey, which surveyed 500 investors with more than $225,000 in household income and an active investment portfolio, revealed strong consumer sentiment for strategies that offer the opportunity for growth with enhanced downside protection and low fees.

Key survey findings include:

Two-thirds of investors (65 percent) are concerned a downturn or recession could impact their retirement.
An almost equal percentage (61 percent) say they would give up growth for downside protection.
Among investors with HHI of at least $500,000, 76 percent of them agree that they would make this trade-off.

“We’re in a different economic environment than just a few years ago. We’re seeing now that the upside on many investments is limited and the yield environment is challenged,” said Tony Roth, chief investment officer. “As a result, we know investors need differentiated strategies that are risk-adjusted and fee sensitive in order to meet their specific needs. Our deeper understanding of global opportunities means we can offer a wider range of investors solutions and access to institutional-quality separate account managers around the world.”

Wilmington Investment Management has $97.6 billion in assets under management and offers over 20 equity, fixed income, multi-asset, and alternative solutions. It also has third party sub-advisory relationships with leading asset management firms that are designed to deliver strong performance and downside protection, the release stated.

“At Wilmington Investment Management, we use our own investment strategies as well as outside managers that represent the best fit for a particular portfolio,” said Matt Glaser, group vice president and head of equity, alternative investments and manager research. “We look for partners that have a demonstrated expertise in delivering successful outcomes, the highest caliber people and processes, strong risk management cultures, and who have a clear alignment of interest with our clients. Our philosophy and approach are centered around delivering high-quality solutions that advisors and their clients need today.”

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