Legislation creates Site Readiness Fund to promote job creation, economic growth
MIDDLETOWN, Del. – Governor John Carney on Tuesday signed Senate Bill 127 alongside members of the General Assembly, the Delaware Prosperity Partnership, business owners, and local elected officials. This legislation was laid out in the Governor’s 2021 State of the State Address.
Senate Bill 127 creates a Site Readiness Fund that will promote economic growth and stability by investing in the development or improvement of commercial and industrial sites to attract job-creating 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 within the State.
“We are competing for jobs every day, and we are working hard to ensure Delaware’s future and ongoing economic success,” said Governor 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 makingDelaware 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.”
“A good-paying job can change lives,” said Senator Jack Walsh. “But in today’s highly competitive environment, you can’t just sit back and hope your state will attract major employers. You got to work at it every day. Thankfully, Governor Carney, the Delaware Prosperity Partnership and the Division of Small Business are doing exactly that, and this legislation gives them another tool in their tool belt to help attract the kinds of companies and construction projects that will put our neighbors to work for years to come.”
“To ensure Delaware’s future and ongoing economic success, we need sites that can accommodate businesses and expedite the start-up time for new companies,” said Representative Bill Bush. “By taking this proactive approach in developing a ready supply of sites, we’re keeping Delaware competitive with surrounding states by attracting and retaining businesses with high-quality jobs.”
“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.”
“At a time when there is significant competition from other states, the Site Readiness Fund is an important tool in our economic development toolbox that we can use to stay competitive and incentivize businesses to locate in Delaware,” said Jordan Schulties, Director of the Division of Small Business. “The fund will go a long way in helping our state attract and retain businesses that will create quality jobs for Delawareans.”
“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, President and 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.”
Photos from today’s bill signing can be found here.
Rewatch the bill signing ceremony here.