Governor John Carney signed legislation Tuesday creating a fund to attract businesses by facilitating the development or improvement of commercial and industrial sites.
Senate Bill 127 establishes the Site Readiness Fund to provide grants, loans or other economic assistance to qualified businesses or local governments. The money can be used to pay for constructing, renovating or improving infrastructure to attract new businesses or expand existing ones.
State Rep. Jeff Spiegelman (R-Clayton), one of the bill’s co-sponsors and a commercial real estate professional, said preparing prospective business sites in advance should fast-track projects, shaving months off the time needed to start operations. “That is a huge, huge difference when time is money in the corporate world,” he said. “This is a bill that will create economic opportunities and jobs for Delawareans.”
State Rep. Lyndon Yearick (R-Camden, Wyoming), a prime sponsor of the bill, said the new fund would give Delaware an edge over other suitors. "We compete in a worldwide economy where businesses have many options," he said. "We cannot expect a business to wait 18 to 24 months for a location. The legislation will help make us a more viable choice."
Sponsored by State Sen. Jack Walsh (D-Stanton), the bill had strong bipartisan support in the legislature, passing unanimously in the Senate and 37 to 3 in the House.
State Reps. Ruth Briggs King (R-Georgetown, Long Neck), Ron Gray (R-Selbyville), Danny Short (R-Seaford), and Michael Smith (R-Pike Creek Valley) were among the House Republicans supporting the measure as co-sponsors.
IN PHOTO, FROM LEFT: State Reps. Jeff Spiegelman & Mike Smith, State Sen. John Walsh, State Rep. Bill Bush, State Sens. Brian Pettyjohn & Stephanie Hansen. First State Brewing Company in Middletown hosted the signing ceremony.
