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(a) Moneys appropriated to the Fund may be loaned, granted or used in other financing mechanisms by the Authority within the State. The Fund may be used for the following purposes:
(1) Retention and expansion of existing firms;
(2) Recruitment of new firms;
(3) Formation of new businesses; and
(4) To the extent provided in subsection (c) of this section, and for 1 or more of the purposes set forth in paragraphs (a)(1) through (3) of this section, environmental assessment and remediation of certified brownfields and subchapter III of this chapter regarding the Delaware Technical Innovative Program.
For purposes other than stated above, the Co-Chairs of the Joint Legislative Committee on the Capital Improvement Program, Director of the Office of Management and Budget and Controller General shall be informed prior to any action by the Division.
(b) Moneys appropriated to the Fund may be used for the following activities:
(1) Working capital;
(2) Renovation, construction or any other type of improvements to roads, utilities and related infrastructure and public facilities;
(3) Assistance for equipment, machinery, land and building acquisition and development;
(4) Assistance with relocation expenses;
(5) Loans or loan guarantees;
(6) Assistance for the development of startup strategies such as seed capital and incubator programs;
(7) Assistance for the development of re-use strategies and implementation plans for sites located in the State and targeted for development by the Division;
(8) Assistance for the development and implementation of modernization strategies for existing manufacturing firms to strengthen their competitive position in regional, national and international markets; and
(9) To develop and implement strategies to maintain or enhance important economic sectors in the State.
(c) During any fiscal year of the State, up to $1,000,000, in aggregate, of the moneys appropriated to the Fund may be used to provide matching grants for the costs of environmental assessment and remediation at certified brownfields. The amount of a matching grant with respect to a certified brownfield shall not exceed the lesser of $100,000 or 50 percent of environmental assessment and remediation costs with respect to such certified brownfield. For purposes of this subsection, a “certified brownfield” is a brownfield, as defined in § 9103 of Title 7, that the Secretary of the Department of Natural Resources and Environmental Control has certified as a brownfield pursuant to regulations promulgated under § 9104(b)(2)p. of Title 7. The Chairperson of the Authority may at any time suspend the making of grants under this subsection if the Chairperson finds that moneys in the Fund would be better used for other Fund purposes consistent with this subchapter, and may resume the making of grants under this subsection at any time after previously suspending the making of such grants.
Cite this article: FindLaw.com - Delaware Code Title 29. State Government § 8728A. Fund purposes - last updated January 01, 2019 | https://codes.findlaw.com/de/title-29-state-government/de-code-sect-29-8728a.html
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