Richards Layton & Finger
 

New Downtown Development Districts

June 24, 2014

On June 5, 2014, Governor Markell signed into law Senate Bill No. 191, which established a program for municipalities and counties to file for designation as a Downtown Development District with the State of Delaware. The purpose of a Downtown Development District is to attract real estate investment for the development of that community through tax and other local development incentives as well as grants available from the State for eligible improvements. Initially, the Governor will only be authorized to designate three such districts, one in each of the counties. In addition, a significant portion of the State’s share of historic tax credits will be earmarked to be used in Downtown Development Districts. This program can be an important tool for economic revitalization in many of our communities. The Act was effective when signed by the Governor.

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