Delaware designates five cities for downtown development

The downtown areas of Milford, Georgetown, Laurel, Harrington and Smyrna will all get a boost from Delaware after Gov. Jack Markell announced Wednesday that they will be recognized as downtown development districts.

The designation allows developers to get up 20 percent in reimbursements  for money spent on hard cost, also known as brick and mortar costs, for residential buildings, commercial buildings and restaurants.

Smyrna Mayor Joanne Masten says one of the projects she hopes will benefit from the grant money is the historic Wright Mansion.

“We’re excited about that because that’s one of the few buildings left in the downtown Smyrna area that hasn’t been rehabbed,” Masten said.

Those like Masten have confidence this program can succeed because it’s already had success in places like Dover, Wilmington and Seaford the initial three cities granted the designation when the program first started 18 months ago.

State officials say in those cities alone  $14 million in grant money have already leveraged $200 million in private investment. 

Now that the cities have been announced the clock starts ticking for private investors to come up with plans and present them to state.
   
“We’re planning on opening the funding round in early September and having applications due in December so that announcements can be made in January,” said  Susan Eliason with the state housing authority.

To qualify for the reimbursement funding projects must be well underway within the first year and completed within three years.