Council on Development Finance Approves Eight Site Readiness Fund Projects Totaling $6.2 million

NEW CASTLE, DE (March 28, 2022) – The Council on Development Finance (CDF) on Monday approved eight Site Readiness Fund project applications totaling $6.2 million. The projects are located throughout the state with three each in New Castle County and Kent County and two in Sussex County.

Established through Senate Bill 127, the Site Readiness Fund promotes economic growth and stability by investing in the development or improvement of commercial and industrial sites to attract job-creating businesses.

“The Site Readiness Fund was created to help fund development or redevelopment of commercial and industrial sites across Delaware to spur economic growth and new business investment. With the funding approved today, these properties can be quickly converted to meet the needs of employers who will create quality jobs for Delawareans,” said Governor John Carney.

“By investing in these projects, we can ensure that Delaware remains competitive in attracting and retaining vital businesses that create opportunities for employment,” said Jordan Schulties, Director of the Division of Small Business. “In today’s competitive economy, it is more important than ever that we have tools like the Site Readiness Fund to help expand and sustain economic growth in our state.”

“The Site Readiness Fund allows us to be proactive in developing a ready supply of sites available to companies who choose to locate or expand in Delaware,” said Kurt Foreman, President and CEO of the Delaware Prosperity Partnership. “We are excited to see the projects receiving funding today develop over the coming months and look forward to the new jobs they will bring to Delaware.”

The Site Readiness Fund provides grants, loans or other economic assistance to qualified businesses or local governments that invest in constructing, renovating or improving commercial, industrial sites that are readily available to new businesses, established businesses that are considering moving to the state, or existing businesses within the state that need additional sites to remain or expand in Delaware.

The FY 2022 Bond Bill included $10 million to support the Site Readiness Fund. This is the first round of funding for the program.

The project applications approved for funding by the CDF on Monday include:

  • $1 million to the Chestnut Run Innovation and Science Park partners to modernize campus infrastructure of the Chestnut Run Innovation and Science Park, which was designed to combine research, advanced manufacturing operations and business incubation while cultivating relationships with local universities. Funding will be used to improve site lighting and utilities, paving and concrete, and for selective building demolition.
  • $1 million to the City of Harrington for proposed redevelopment of an industrial park on three properties on U.S. Route 13 totaling 131 acres. Funding will be used for engineering and planning of the project and roadway and utility work.
  • $1 million to Drawbridge Claymont to support the development of an industrial site on 58 acres at 6300 Philadelphia Pike in Claymont. Funding will be used for demolition and engineering services.
  • $1 million to E & D Holdings to support continued development of the Wyoming Business Center at 140 and 146 Southern Boulevard in Wyoming. Funding will be used to prepare the site, install infrastructure and utilities, and construct two new warehouse buildings.
  • $1 million to Martin Property Development to support development of 112,000 square feet of flexible industrial warehouse space on 10.9 acres of commercial property in the Frankford Business Park. Funding will be used for civil engineering, earthwork, sitework, and utilities.
  • $1 million to Sussex County to create new shovel-ready sites at the Delaware Coastal Business Park near Georgetown. Funding will be used for road improvements, utilities, and supporting infrastructure.
  • $100,000 to the City of Milford to support planning for the development of an industrial/business park on a recently purchased 182-acre lot on Milford Harrington Highway. Funding will be used to develop a master plan, conduct a traffic impact study, and complete engineering design.
  • $100,000 to Shanlan Corporation to support planning for the development of the St. Georges Logistics Center at 1870 Dupont Parkway in Middletown, which is conceptually designed to include three buildings totaling more than 2.5 million square feet of warehouse facilities. Funding will be used for engineering fees and transition surveying.

Three additional Site Readiness Fund project applications requesting a total of $3 million will be considered at the next CDF meeting on April 25. If those projects are approved, the first round of Site Readiness funding will support 11 projects at a total of $9.2 million.


Division of Small Business Now Accepting Applications for Site Readiness Fund

The Delaware Division of Small Business is now accepting applications for the Site Readiness Fund from qualified businesses or local governments. Established through Senate Bill 127, the fund promotes economic growth and stability by investing in the development or improvement of commercial and industrial sites to attract job-creating businesses.

The Site Readiness Fund provides grants, loans or other economic assistance to qualified businesses or local governments that invest in constructing, renovating or improving commercial, industrial sites that are readily available to new businesses, established businesses that are considering moving to the state, or existing businesses within the state that need additional sites to remain or expand in Delaware.

“There is significant competition between Delaware and surrounding states to attract and keep vital businesses that create and maintain employment opportunities,” said Jordan SchultiesDirector of the Division of Small Business. “The Site Readiness Fund is an important tool we can use to stay competitive and incentivize those businesses to locate in our state.”

“The Site Readiness Fund creates more viable options for companies looking to locate or expand right here in Delaware,” said Kurt Foreman, President and CEO of the Delaware Prosperity Partnership. “The fund provides an investment in ensuring that sites throughout the state are ready for the kinds of development and job growth we all value.”

An information session will be held for interested applicants on Wednesday, January 19, 2022 at 11 a.m. via Zoom. Pre-registration is required. Those interested in attending the webinar can register at this link. Site Readiness Fund applications are available at business.delaware.gov/site-readiness-fund. Once completed, applications can be emailed to business_finance@delaware.gov. Applications must be submitted by February 18, 2022.


Governor Carney Signs Senate Bill 127

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.

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