Sussex County to offer economic incentives to new, expanding businesses
Georgetown, Del., Nov. 29, 2011: The local economy could get a jump start with an incentive-based program aimed at bringing more jobs to Sussex County.
Sussex County Council, at its Tuesday, Nov. 29, 2011, meeting, agreed to implement a plan that would offer incentives to new or current county businesses that are considering expanding, or to out-of-county companies contemplating a move to southern Delaware. The primary incentive would be a graduated property tax abatement on the County portion of taxes for new construction or renovations for up to 10 years, with a maximum of $800 per job added.
The incentives would be offered on a case-by-case basis to those businesses adding or creating at least 10 jobs, and subject to approval from an economic development committee and the County Council. The incentive program is intended to kick-start new economic development in Sussex County, and could represent thousands of dollars of savings.
“It’s no secret that that this economy the last couple of years has been very trying, especially for small businesses,” County Administrator David B. Baker said. “We believe these incentives might provide that nudge for those businesses that are beginning to see the light at the end of the tunnel, but have been on the fence about whether to expand or add jobs.”
To qualify, businesses would have to meet various criteria, be subject to a review of their financial plan, and agree to pay back any waived taxes if they fail to add the requisite minimum of 10 new jobs with benefits within the first three years.