Governor Carney Announces Interactive Website for Opportunity Zones Initiative

New tool to attract private investments in economically-distressed areas

WILMINGTON, Del. – Governor John Carney announced on Thursday a new interactive website highlighting Delaware’s Opportunity Zones across the state. Opportunity Zones are an economic development tool designed to attract private investment and create economic opportunity in economically-distressed communities across Delaware.

In April 2018, Governor Carney announced 25 census tracts as Opportunity Zones in which communities and economically-distressed properties across Delaware could see additional private sector investment. These Opportunity Zones were designated by the U.S. Department of the Treasury. Private investments in Opportunity Zones may qualify for tax incentives.

“Strengthening neighborhoods and communities across Delaware helps improve our economy, stabilize families, and make our state an even better place to live, work and visit,” said Governor Carney. “This Opportunity Zones resource highlights the options in Delaware for additional private investment in areas where it can have the most impact – in economically-distressed communities.”

The interactive website also features a visual StoryMap for visitors to explore Delaware’s Opportunity Zones and learn more about project sites. The website was developed in collaboration with the Office of the Governor, the Delaware Division of Small Business, the Office of State Planning Coordination, the Government Information Center, and the Delaware Prosperity Partnership.

“Opportunity Zones are going to help expand the amount of available capital for developers and businesses, providing them with the resources they need to be successful,” said Damian DeStefano, Director of the Division of Small Business. “We look forward to helping entrepreneurs access Opportunity Zones, especially as a way to help strengthen the state’s downtowns.”

Delaware’s Opportunity Zone tracts include neighborhoods in Wilmington; properties along the Route 9 Corridor in New Castle; areas in Dover, Milford, Georgetown, and Seaford, including the Seaford Nylon Capital Shopping Center; the STAR campus in Newark; and aging industrial sites along the Delaware River in northern New Castle County that are eligible for additional development and cleanup under the Coastal Zone Act.

“Delaware features a tremendous range of Opportunity Zones statewide. These designated areas provide truly attractive investment opportunities that both can benefit investors and build or enhance more vibrant communities,” explained Delaware Prosperity Partnership President Kurt Foreman.

Many of the designated Opportunity Zone tracts are located within Downtown Development Districts, where investors may already qualify for state investment rebates, local tax abatements, affordable bridge loans, and other state and local incentives. Since the downtown program launched in 2015, roughly $24 million in state-funded investment rebates has leveraged $420 million of additional public and private investment in Dover, Georgetown, Harrington, Laurel, Milford, Seaford, Smyrna and Wilmington. Governor Carney’s Fiscal Year 2019 budget included an additional $8.5 million for the program.

The new website also will serve as a resource for the upcoming Opportunity Zone Summit on December 5 at the University of Delaware’s STAR Campus. The Summit, hosted in partnership with the Biden Institute and the Office of the Governor, will engage government officials, developers, investors and business leaders in discussions about Delaware’s Opportunity Zones.

Attendees can register for the summit by clicking here.

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Delaware Angel Investor Tax Credit Applications Now Available

Refundable tax credit to encourage job creation, innovation

WILMINGTON, Del. – Qualified investors and high-tech small businesses can now make use of Delaware’s newest program aimed at encouraging job creation and innovation.

The Delaware Division of Small Business began Thursday accepting certification applications for the Angel Investor Tax Credit (AITC) at www.business.delaware.gov/incentives.

“We are excited to have the Angel Investor program up and running,” said Governor John Carney. “Now the state’s most cutting-edge small businesses can connect with much needed sources of capital investment. The influx of funds Angel Investor will create will help these companies and Delaware’s new economy to grow.”

Once a business or investor has submitted a certification application, the Division begins its review process. In January, certified companies and investors will be able to submit credit allocation requests.

“Angel Investor is a great way for the state to spur economic development and another useful tool for our Division as we work to help small businesses succeed in Delaware,” said Damian DeStefano, Director of the Division of Small Business.

The AITC is a refundable tax credit worth up to 25 percent of the investment in a qualified, Delaware-based company. Those businesses must pay decent wages, employ fewer than 25 people and engage in innovation in one of several areas as its primary business activity. More information on investor and business qualifications is also available at www.business.delaware.gov/incentives.

“Delaware’s new angel investor tax credit is a win/win for high-tech and science start-ups as well as investors. Delaware is home to some of the nation’s most innovative start-ups and now with Delaware’s new Angel Investor Tax Credit, science and high-tech entrepreneurs have even more incentive to choose Delaware to grow their businesses,” said Kurt Foreman, President and CEO of Delaware Prosperity Partnership.

“Growing entrepreneurial startups is a key success factor for the growth of the life sciences industry in Delaware,” said Helen Stimson, President and CEO of Delaware BioScience Association. “Having an Angel Investor Tax Credit program improves our competitiveness for entrepreneurial retention. Coupling the program with our unique technical grant writing support from the SBDC, and Delaware’s very attractive R&D tax credit program creates a strong value proposition for why startups should stay in Delaware.”

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Related news:
Governor Carney Signs Angel Investor Job Creation and Innovation Act


ICYMI: Governor Carney Highlights $4 Billion Infrastructure Investment Plan

DOVER, Del.— Governor John Carney joined Secretary of Transportation Jennifer Cohan on Monday to highlight infrastructure investments that will be made throughout the state as part of the FY20 – FY25 Capital Transportation Program. Currently, more than $3.2 billion in infrastructure work is planned for Delaware’s transportation network over the next six years. When including FY19 in the total, the investments total $4 billion.

Notable projects include the widening of SR 1 north and south from Route 273 to the Roth Bridge in New Castle County, the US 13 Camden Widening project in Kent County, and the SR 1 Minos Conaway Grade Separated Intersection in Sussex County.

“With these investments, we are modernizing our transportation system statewide,” said Governor Carney. “This is the kind of smart, infrastructure investment that will create jobs, alleviate congestion, and lead to real economic growth statewide. Thank you to members of the General Assembly for helping us fund these important investments.”

 
“While we have many large infrastructure projects scheduled around the state, we’ll are also investing more than $100 million in public transportation and rail, $80 million in road paving and rehabilitation projects, as well as $20 million in sidewalk improvements to meet Americans with Disabilities Act (ADA) standards,” added Secretary Cohan.

“Today’s announcement sends a clear to message to Delawareans: our state is growing and improving rapidly and all of us in state government are serious about making the kinds of infrastructure investments to support that growth,” said Senator Stephanie Hansen, Chair of the Senate Transportation Committee. “Our state prides itself in working together to get things done, and infrastructure is one of the key tests of how well a government functions. I think we are passing that test here and it will make for a safer, more efficient state and a stronger economy in the years and decades to come.”

“These infrastructure investments will impact communities throughout Delaware, creating jobs, easing congestion and improving the lives of Delawareans by fostering an efficient transportation system,” said Representative Ed Osienski, Chair of the House Transportation, Land Use and Infrastructure Committee. “These investments are substantial, and I look forward to seeing the continued progress.”

Each year, DelDOT develops a 6-year Capital Transportation Plan (CTP) that identifies anticipated capital investments. This plan is developed in cooperation with the Wilmington Area Planning Council (WILMAPCO), Dover/Kent County Metropolitan Planning Organization and Sussex County government. The plan provides information on the actual cost expenditures for each project phase that are anticipated in each specific fiscal year. The Council on Transportation provides final approval of the CTP by March 1st of the following year. For more information visit the DelDOT website.

Video from Monday’s event can be found here.

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Governor Carney, Diamond State Port Corporation, Gulftainer Sign Agreement to Expand Port of Wilmington

Lease agreement expected to create jobs, generate as much as $600 million in new investment

WILMINGTON, Del. – On Tuesday, Governor John Carney, the Diamond State Port Corporation, and GT USA Wilmington, LLC finalized an agreement that will significantly expand the Port of Wilmington, create jobs, and lead to as much as $600 million of new investment at one of Delaware’s most important industrial sites. Earlier this year, Governor Carney announced the agreement with Gulftainer to lease the Port of Wilmington from the State, construct a new container shipping facility on the Delaware River, and significantly expand jobs at the Port over the next decade.

 

“This historic agreement will result in significant new investment in the Port of Wilmington, which has long been one of Delaware’s most important industrial job centers,” said Governor Carney. “For decades, jobs at the Port have helped stabilize Delaware families and the communities where they live. I was proud to help make our partnership with Gulftainer official today, and I want to thank members of the General Assembly, the Diamond State Port Corporation, Gulftainer, the International Longshoremen’s Association, and all of our partners who have helped make this agreement a reality.”

 

Under terms of the agreement finalized on Tuesday, Gulftainer’s subsidiary GT USA Wilmington, LLC will make annual royalty payments to the State of Delaware reaching an estimated $13 million over the next decade. The company plans to invest as much as $600 million in the Port over the next decade, including approximately $410 million for a new container facility at DuPont’s former Edgemoor site, which was acquired by the Diamond State Port Corporation in 2016.

 

The agreement is expected to create thousands of new jobs.

 

“We are proud to be making this long-term commitment to the State of Delaware, its community and its economy,” said Badr Jafar, Chairman of Gulftainer’s Executive Board. “This landmark agreement builds on Gulftainer’s 43-year track record of delivering excellence and dependability in ports and logistics operations around the world, and will create thousands of new jobs, enhanced links and sustainable value for Wilmington and the State. We are confident that this public-private partnership will propel the Port of Wilmington towards becoming the principal gateway of the Eastern Seaboard.”

 

“This is truly a remarkable partnership for the State of Delaware, the City of Wilmington, our Port and the thousands of families whose livelihoods depend on this facility,” said Secretary of State Jeff Bullock, Chairman of the Diamond State Port Corporation. “The agreement signed today represents many months of very hard work on the part of many people, all of whom were dedicated to achieving a result that benefits all sides. It has been a privilege to be a part of this effort; I’m proud of the work we’ve done, and I’m excited for the future of this partnership and what it will mean for our state.”

 

“This is a great day for the State of Delaware,” said William Ashe, President of International Longshoremen’s Association Local 1694. “We’re strengthening the Port and local job creation. I was very happy to be a part of this celebration and agreement signing today.”

 

“The UAE and U.S. have a strong, vibrant investment relationship that delivers meaningful and measurable benefits to businesses, and creates jobs in both countries,” said H.E. Yousef Al Otaiba, Ambassador of the United Arab Emirates to the United States. “Gulftainer’s investment in the Port of Wilmington is a perfect example of this important economic partnership. This deal will create new jobs in Wilmington, and generate additional  economic benefits to other communities across Delaware.”

 

“This project is a win for everyone involved, creating increased trade capacity at the port, economic development for Delaware, growth opportunities for Gulftainer, and jobs for hardworking Americans,” said Ian Steff, Deputy Assistant Secretary for Manufacturing at the U.S. Department of Commerce. “We at SelectUSA and the International Trade Administration are proud to have supported this endeavor, and we look forward to seeing the partnership grow in the years to come.”

 

Click here to download a photo from Tuesday’s signing event.

 

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Related news:

Statements from Governor Carney and Secretary of State Bullock on the Completed Federal Review of Wilmington Port Agreement

Governor Carney’s Statement on General Assembly Approval of Port of Wilmington Expansion

Governor Carney’s Statement on Bond Bill Committee Approval of Port of Wilmington Transaction

Governor Carney’s Statement on Diamond State Port Corporation Board Approval of Gulftainer Agreement

Governor Carney Announces Preliminary Agreement with Gulftainer to Expand the Port of Wilmington


TUESDAY: Signing of Port of Wilmington Expansion Agreement

WILMINGTON, Del. – At noon on Tuesday, September 18, Governor Carney, the Diamond State Port Corporation and GT USA Wilmington, LLC will finalize the concession agreement to lease and significantly expand the Port of Wilmington. In March, Governor Carney announced the agreement with Gulftainer to lease the Port of Wilmington from the State, construct a new container shipping facility on the Delaware River, and significantly expand jobs at the Port over the next decade.

Under terms of the agreement, Gulftainer’s subsidiary GT USA Wilmington, LLC will make annual royalty payments to the State of Delaware reaching an estimated $13 million over the next decade. The company also plans to invest up to $600 million in the Port over the next nine years, including approximately $410 million for a new container facility at DuPont’s former Edgemoor site, which was acquired by the Diamond State Port Corporation (DSPC) in 2016.

“This historic agreement will result in significant new investment in the Port of Wilmington, which has long been one of Delaware’s most important industrial job centers,” said Governor Carney. “For decades, jobs at the Port have helped stabilize Delaware families and the communities where they live. We look forward to making this agreement official on Tuesday, and I want to thank members of the General Assembly, the Diamond State Port Corporation, Gulftainer, and all of our partners who have helped make this agreement a reality.”

Media planning to attend Tuesday’s signing ceremony must RSVP by Friday, September 14, to Emily.David@delaware.gov. For media who RSVP, we will follow up with additional event details, including directions and parking information.

Concession Agreement Signing – Port of Wilmington

WHAT: Governor Carney, the Diamond State Port Corporation and GT USA Wilmington, LLC will sign a concession agreement for the Port of Wilmington.

WHO:   Governor Carney
Jeff Bullock, Secretary, Delaware Department of State
Rick Geisenberger, Secretary, Delaware Department of Finance
Members of Diamond State Port Corporation
Members of GT USA Wilmington, LLC
Members of the General Assembly
Port of Wilmington Employees
Members of ILA Local 1694

WHEN: Tuesday, September 18, 2018
11 a.m.
 *Media setup will begin at the Port at 11 a.m. The signing ceremony will begin at noon.

WHERE: Port of Wilmington
1 Hausel Road
Wilmington, DE 19801

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