[HISTORY: Adopted by the Levy Court of Kent County 3-23-1999 by Ord. No. 99-05. Amendments noted where applicable.]
The Kent County Levy Court finds that Kent County previously has lacked development finance programs necessary to compete for new and existing businesses.
A special fund to be known as the "Kent County Strategic Development Fund" shall be created.
The fund initially consisted of $368,400 as authorized in Ordinance No. 98-08. Funds appropriated pursuant to this or subsequent ordinances are to be used for fund activities as defined in the following sections. The fund shall consist of the present balance plus any future allocations as may be authorized by the Levy Court.
Moneys appropriated to the fund may be loaned, granted or used in other financing mechanisms, as may be recommended by the Strategic Development Fund Advisory Committee and authorized by the Levy Court. The fund may be used for the following purposes:
Moneys appropriated to the fund may be used for the following activities:
Renovation, construction or any other type of improvements to roads, utilities, related infrastructure and public facilities, lands and parks.
Assistance for equipment, machinery, land and building acquisition and development.
Assistance with relocation expenses.
Loans or loan guaranties.
Assistance for development of start-up strategies such as seed capital and incubator programs.
Assistance for the development of reuse strategies and implementation plans for sites located in Kent County and targeted for development by the Levy Court or appropriate municipality in Kent County.
Assistance for the development and implementation of modernization strategies for existing manufacturing firms to strengthen their competitive position in regional, national and international markets.
To develop and implement strategies to maintain or enhance important economic sectors in the county.
To develop and implement strategies to attract new economic sectors to the county.
The amount and type of assistance provided through the Strategic Development Fund will be based upon the following criteria:
Consistency with Kent County's economic development strategies.
Number of jobs created or retained.
Competitiveness of Kent County versus other locations under consideration as measured by tax comparison and relative site location factors.
Quality of jobs using measures such as the average usage and benefits of the jobs to be created or retained as compared to labor force characteristics of the community in which the project will be located.
Comparative overall economic impact of the project as measured by job creation and retention, private investment leverage and revenue generation.
Feasibility of the project as determined by the applicant's business plan, business history and collateral or other financial resources available to adequately secure assistance.
Any environmental consideration related to siting decisions, manufacturing processes or by-products.
An advisory committee to be known as the "Strategic Development Fund Advisory Committee" ("the Committee") is hereby established for the purpose of reviewing proposals for the use of moneys appropriated to the fund and making recommendations to Kent County Levy Court concerning the same. The Committee shall be composed of the following members, as appointed by the Levy Court:
One representative from each of the municipalities of Smyrna, Dover, Milford and Harrington.
One representative from the Levy Court who shall serve as Chair of the Committee.
One representative from the Delaware Economic Development Office.
One representative from the Central Delaware Chamber of Commerce.
The Director of the Central Delaware Economic Development Council, who shall serve as an ex officio member.
Any member of the Committee appointed as a representative of a municipality shall reside within the municipality which he or she is appointed to represent, and all other members of the Committee shall reside in the unincorporated areas of Kent County.
The Committee shall adopt bylaws, subject to the review and approval of the Levy Court, providing for the orderly conduct of the business of the Committee. The bylaws shall require a minimum of six members to constitute a quorum and shall require the affirmative vote of at least five members in order to forward any recommendation to the Levy Court.
The Committee shall meet regularly, and in any event no less than twice annually, for the purpose of reviewing proposals for the use of moneys appropriated to the fund and making recommendations to Kent County Levy Court concerning the same.
All staff and administrative requirements of the Committee shall be provided by the Central Delaware Economic Development Council.