Tag: Tax Incentives and Financing

Delaware’s Top Bond Ratings Reaffirmed

Governor Carney Announces High Ratings from Moody’s Investors Service, Standard & Poor

29 August, 2022  | State of Delaware

DelDOT Maintains Strong Credit Position, Delaware’s AAA Rating Also Reaffirmed


(WILMINGTON, Del.) – Governor John Carney recently announced that Moody’s Investors Service has assigned an Aa1 rating to the Delaware Transportation Authority Series 2022 transportation system senior revenue bonds and Standard & Poor’s assigned its ‘AA+’ long-term rating to Delaware Transportation for the 2022 revenue bonds series. Both rating agencies affirmed credit ratings of Aa1 (Moody’s) and AA+ (S&P) for the Authority’s transportation system senior revenue bonds series outstanding, both agencies issued a stable outlook for the transportation system revenue bonds. Moody’s has also reaffirmed the State’s AAA rating, the highest rating available for any state.

“Delaware continues to receive high marks for fiscal management which allows us to sustain the important investments we’ve made in our schools, our infrastructure, our communities, and our economy, including efforts to address the impacts of COVID-19 and future public health crises,” said Governor Carney. “All Delawareans can be proud of the work we’ve done with the General Assembly to boost the State’s finances prior to COVID-19, and the sustainable budget we passed this legislative session. These steps will help ensure Delaware is the best place to live, work, and raise a family.”

The Moody’s opinion lists other strengths including “lower business costs and cost of living relative to neighboring states” and the recently enacted FY23 budget that increases State reserves, improves funding of post-retirement healthcare benefits, and “directs a large share of expected revenue to non-recurring items such as capital investments.”

Moody’s Investors Service and Standard & Poor’s provide independent rating opinions on the credit worthiness of public agencies and private organizations. These ratings are established to provide investors with information before the purchase of bonds from these public and private entities. The Delaware Transportation Authority (DTA) is the legal and financial authority under which the Department of Transportation issues its debt.

“We greatly appreciate the recognition of the Department’s strong financial and operational management particularly throughout the pandemic,” said Secretary of Transportation Nicole Majeski. “We will continue to work diligently to be good stewards of taxpayer dollars and use these savings to further invest in our state’s transportation system. The excellent work done by our finance team, led by Lanie Clymer, ensures our financial standing remains strong as we support the largest capital program in the Department’s history.”

DelDOT’s current Capital Transportation Program will invest more than $4.5 billion in infrastructure maintenance and projects over the next six years.

“Moody’s reaffirmation of the State’s Triple A rating recognizes continuing efforts of our Governor and General Assembly to build upon the sound fiscal practices that have served our State so well,” said Secretary of Finance Rick Geisenberger.  “Ultimately, these efforts benefit all citizens and taxpayers by providing the State with access to the lowest possible cost of capital.”

Kurt Foreman

PRESIDENT & CEO

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12 Ventures Sharing $170K in Startup302 Funds

12 Ventures With Underrepresented Founders Share More Than $170,000 in STARTUP302 Grant Prizes

May 27, 2022 (WILMINGTON, Del.) – Twelve tech-enabled startups with at least one team member from an underrepresented demographic are sharing more than $170,000 in funding from Delaware’s second Startup302 competition, which was organized by Delaware Prosperity Partnership (DPP) and local partners.

The 12 finalists competed in four primary categories and represented multiple industries in the final pitching round on May 25. The funding contest launched in February and attracted 125 overall competitors from throughout Delaware, the Philadelphia region, the United States and countries including Canada, Brazil, Colombia, Italy, Nigeria, Uganda and Bangladesh.

As part of its mission, DPP supports Delaware’s efforts to build a stronger entrepreneurial and innovation ecosystem throughout the state, the region and beyond. DPP and its partners also aim to advance a culture of innovation in Delaware.

Working with innovators and startups, DPP spotlights and celebrates their successes and connects them with the resources they need to succeed. According to DPP Director of Innovation Noah Olson, who coordinated the competition, Startup302 was created to do all of those things while focusing attention and funding toward groups typically underrepresented and underfunded in the startup arena.

2022 Winners of Startup302 Grant Prizes


New this year, all of the finalists in each category received a monetary award. These winning ventures are as follows:

  • ChemTech (Sponsored by The Innovation Space, DuPont and Delaware Prosperity Partnership)
    • 1st: Carbon Reform of Wilmington, Delaware – $15,000 plus Delaware Innovator Bonus of $11,250
    • 2nd: Globally Unified Air Quality (GUAQ) of Washington, D.C. – $10,000
    • 3rd: Muse Engine of New Orleans – $5,000
  • Open Innovation (Sponsored by Discover and JPMorgan Chase & Co.)
    • 1st: BestFit Inc. of New York City – $20,000
    • 2nd: OmniPotential Energy of Wilmington, Delaware – $10,000 plus Delaware Innovator Bonus of $7,500
    • 3rd: PodPal of Atlanta – $5,000
  • Early Stage (Sponsored by First Founders, Delaware State University, JPMorgan Chase & Co. and Delaware Prosperity Partnership)
    • 1st: Feather Health of Cambridge, Massachusetts – $8,500
    • 2nd: Tylmen Tech of Chicago – $4,000
    • 3rd: Empact Data Solutions of Philadelphia – $2,500
  • Life Sciences (Sponsored by FMC, Highmark Delaware, Labware, Delaware BioScience Association and ChristianaCare)
    • 1st: Resonate Forward of Newark, Delaware – $25,000 plus Delaware Innovator Bonus of $18,250
    • 2nd: PopCheck Technologies of Memphis, Tennessee – $10,000
    • 3rd: BioCurie of Wilmington, Delaware – $5,000 plus Delaware Innovator Bonus of $3,750

 All finalists with University of Delaware-affiliated founders also were considered for the Blue Hen Prize, which was sponsored by Horn Entrepreneurship at the University of Delaware. Winners were as follows:

    • 1st: Carbon Reform – $12,500
    • 2nd: Resonate Forward – $7,500
    • 3rd: OmniPotential Energy – $5,000

“These founders, while ‘underrepresented’ statistically, are poised to be another generation of business leaders, both in Delaware and beyond,” Olson said. “It’s an honor to play a small role in supporting their growth along the way.”

Joining Olson as principal coordinators of the event were Garry Johnson III, founder and executive director of First Founders Inc., and Mike Rinkunas, associate director, Commercialization Programs, at Horn Entrepreneurship.

The Startup302 finals were conducted virtually. Dr. Michael Casson, dean of the Delaware State University College of Business, delivered the event keynote, and Johnson and Mac Conwell, managing partner at RareBreed Ventures, held a fireside chat.

Also part of the program were educational sessions for the competitors. These included “Prospecting for Investors,” led by Andrew Ackerman of Dreamit Ventures; “Team Building,” led by Troy C. Farmer of the Garage Maker Space at Delaware State University; “IP Considerations from a Business Perspective,” led by Gordon McGregor of Horn Entrepreneurship; and “Value Pricing,” led by Dora Cheatham of the Delaware Sustainable Chemistry Alliance. 

In addition to Rinkunas, judges for Startup302 included Crystal Callahan, venture capitalist and mentor; Myungee Geerts, Geerts Advisory; Ariel Gruswitz, Facility Logix; Denita Henderson, Delaware Small Business Development Center; Dina Hollingsworth, Highmark Delaware; Frank Klemmens, Big Idea Ventures; James Massaquoi, Osage Venture Partners; Regina Mitchell, Delaware Division of Small Business; Pedro Moore, entrepreneur and venture capital analyst and advisor; Sara Olson, FMC Ventures; Peter Payne, Labware; Jac Rivers, JPMorgan Chase & Co.; Jae Sly, investor and Delaware Bioscience Association Board; Dr. Rani Singh-Patel, ChristianaCare; Tamara Smith, JPMorgan Chase & Co.; Deb Travers, The Innovation Space; Amy Walls, Discover; Shavonne White, Delaware Office of Supplier Diversity; and Joe Zilcosky, Delaware Division of Small Business.

Additional Startup302 organizers and supporters included Alysse Bortolotto and the New Castle County Chamber of CommerceLillie Crawford and DSU’s Delaware Center for Enterprise DevelopmentDan Freeman of Horn Entrepreneurshipthe Delaware Sustainable Chemistry Alliance, the Delaware Small Business Development Center, the State of Delaware, the Delaware Division of Small Business and the Office of New Castle County Executive Matt Meyer. 

“Our community coming together to organize, fund and host an event like Startup302,” Olson said, “is a testament to the nature of doing business in Delaware.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem, and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

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Delaware Has One of Lowest Tax Burdens in US

Delaware Has One of Lowest Tax Burdens in United States

May 19, 2022 –

(WILMINGTON, Del.) – According to WalletHub’s recently released 2022 Tax Burden by State report, Delaware has the distinctive advantage of having the third-lowest tax burden in the United States. Delaware also has a lower cost of living than most of its East Coast neighbors, a median household income 6.3% higher than the national median and high-wage job opportunities in the manufacturing and advanced manufacturing industries.

With a total tax burden of 6.22%, Delaware ranks near the top for tax favorability — only Alaska and Tennessee have lower tax burdens. The listing is formulated based on the three components of state tax burden – property taxes, individual income taxes and sales and excise taxes — as a share of personal income. Delaware is one of just five states in the nation – and the only state in the Mid-Atlantic region – with no sales tax.

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes. In addition to low total tax burden, Delaware is among the states with the lowest property tax burdens with a percentage of 1.77%. The Cost of Living Index Calculator shows how far salary goes for housing, utilities and more in Delaware.

Delaware also ranks among the top three states nationwide for favorable business tax. The comprehensive report Location Matters, sponsored by KPMG and The Tax Foundation, assesses the business tax burden in two categories of cities — major and mid-sized — throughout all 50 states, accounting for the wide range of tax impacts faced by businesses, such as property tax, income tax, sales tax and others. 

“Delaware’s favorable position in national tax burden rankings underscores our commitment to making sure that our tax structure is attractive to businesses and individuals and supports our growing economy,” said Governor John Carney. “That, along with Delaware’s low cost of living, plus top-notch healthcare, education and recreation, add up to one great place to live.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; build a stronger entrepreneurial and innovation ecosystem; and support employers in place marketing Delaware to potential employees, highlighting Delaware as a great place to work, live and play through its LiveLoveDelaware website. In partnership with economic development partners throughout the state, the DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

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Site Readiness Projects Funded

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

(NEW CASTLE, Del.) – On Monday, the Council on Development Finance (CDF) 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, and 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.

This article was originally posted on the Delaware Division of Small Business website at: https://news.delaware.gov/2022/03/28/council-on-development-finance-approves-eight-site-readiness-fund-projects-totaling-6-2-million/

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Delaware Tops in Overall Affordability

Delaware Among Top Places in U.S. For Overall Affordability

Delaware top overall affordability in US

WILMINGTON, Del. – Delaware, perhaps most well-known for having no statewide sales tax, continues to top the charts as one of the U.S.’s most affordable places to live. While most northeastern states rank among those with the highest property tax burdens, property taxes throughout Delaware remain among the lowest in the United States. Delaware is the sixth lowest, according to a 2021 report from WalletHub. These lower costs of homeownership result in 75% of the state’s households owning their own home.

Three-quarters of the state’s homeowners spend less than $2,000 a month on housing and about 85% of the state’s renters spend less than $1,500 a month on housing, according to Delaware Prosperity Partnership.

Over the last decade, Delaware also has the fastest-growing population along the nation’s northeast corridor. Delaware is located at the center of the U.S.’s largest consumer market. Its central geographic location and the presence of a diverse industrial base combine to create a wide variety of business and earning opportunities, contributing to a statewide median income of $68,287, based on the American Community Survey collected by the U.S. Census Bureau.

All of these attributes, combined with its business-friendly tax structure, make Delaware one of the most affordable choices for businesses looking to locate here and workers thinking of a move. 

“Since DPP began three years ago, we have closed 45 projects, which include businesses new to the Delaware market and Delaware-located businesses choosing to grow here,” explained DPP CEO and President Kurt Foreman. “Combined, these projects are expected to result in more than $1.39 billion in capital investment and nearly 5,000 new jobs in Delaware. These figures not only speak to the collaborative nature of the DPP model, but also underscore Delaware’s can’t-be-beat value proposition, from excellence in education and health care, easy access to one of the best coastlines in the U.S. and one of the most affordable places in the country.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying and developing talent. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

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Delaware Launches New Site Readiness Fund

Delaware Launches New Site Readiness Fund – Online Application Process

Site Readiness Fund Delaware Division of Small Business

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.”

Site Readiness Fund applications are available at business.delaware.gov/site-readiness-fund. Once completed, applications can be emailed to business_finance@delaware.gov.

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