The New York Times reports that Delaware Governor Jack Markell is pushing a fresh effort to redevelop the state's urban areas. He is reportedly asking the legislature to make $7 million in development grants available during the next fiscal year, to cover up to 20 percent of the construction costs for development in designated areas.
"Reorienting state growth strategies to incentivize urban living is especially important in a small state," Markell said. "The more spread out we are, the more costly it is for taxpayers."
The governor unveiled his plan at a former vaudeville theater in central Wilmington that was vacant for more than 50 years before being revitalized in 2011. Today, the live music venue is one of many properties in the area that have been given new life by redevelopment projects.
Markell also highlighted the success of the Christina riverfront. According to the governor, by investing about $150 million in the project over the course of several years, the state was able to attract "hundreds and hundreds of millions of dollars" from private investors.
The new plan would allow municipalities to apply to establish Downtown Development Districts. Stakeholders involved in redevelopment projects in those areas would then be able to apply for grants from the Delaware State Housing Authority.
With the government making fresh efforts to spur economic growth in the state, it may be a great time for you to incorporate your business in Delaware. In addition to the standard benefits of incorporating, companies based in the First State enjoy a stable regulatory and legal environment, thanks to Delaware's well-developed body of corporate law.