147th
GENERAL ASSEMBLY
FISCAL
NOTE
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DESCRIPTION: AN ACT TO AMEND TITLES 22, 29, 30, AND 31 OF THE DELAWARE
CODE RELATING TO DOWNTOWN DEVELOPMENT DISTRICTS.
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ASSUMPTIONS:
1.
This
Act is effective upon signature of the Governor.
2. This Act establishes Downtown
Development Districts in municipalities and unincorporated areas of the State
where non-profit and for-profit investors will be eligible for grants of up to
20% of the hard costs (interior, exterior, structural improvements) invested in
a District less an initial minimum investment of $25,000. For example:
($50,000
total costs - $25,000 minimum investment = $25,000 eligible costs x 20 percent)
3.
Municipalities
and counties (on behalf of unincorporated areas) request areas to be designated
as Downtown Development Districts by making application to the Cabinet
Committee on State Planning Issues, who make a recommendation to the Governor
for final approval.
4.
The
Governor must designate at least 1 but no more than 3 Downtown Development
Districts after the first round of applications. The first three Districts must
include 1 from each county. No more than 15 Districts can be designated at any
one time.
5.
The
availability of Downtown Development District Grants is subject to
appropriation. The Governor’s Fiscal Year 2015 Recommended Capital Budget
includes $7.0 million for Downtown Development District Grants.
Cost:
Fiscal Year 2015 Subject to appropriation ($7,000,000
in proposed capital budget)
Fiscal Year 2016 Subject to appropriation ($7,000,000
in proposed capital budget)
Fiscal Year 2017 Subject to appropriation ($7,000,000
in proposed capital budget)
Office of
Controller General
(Amounts are shown in whole dollars)
April 04,
2014
MJ:MJ
0271470018