[HISTORY: Adopted by the Levy Court of Kent
County 3-23-1999 by Ord. No. 99-05; amended 11-10-2020 by Ord. No. 20-10. Subsequent amendments noted where applicable.]
The Kent County Levy Court finds that, in order for the County
to be competitive in attracting and retaining businesses, a Strategic
Development Fund is necessary.
A.
A special fund to be known as the "Kent County Strategic Development
Fund" was established by Ordinance 99-05 on March 23, 1999.
B.
Funds appropriated pursuant to this or subsequent ordinances are
to be used for fund activities as defined in the following sections.
The fund consists of the present balance plus any future allocations
as may be authorized by the Levy Court through the annual budget process.
A.
Moneys appropriated to the fund may be loaned, granted or used in
other financing mechanisms established by the Levy Court, and as may
be recommended by the Kent Economic Partnership and approved by the
Levy Court. The fund may be used for the following purposes:
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, related infrastructure in support of business development,
and public facilities, lands and parks.
(3)
Assistance for equipment, machinery, land and building acquisition
and development.
(4)
Assistance with relocation expenses.
(5)
Loans or loan guaranties.
(6)
Assistance for development of start-up strategies such as seed capital
and incubator programs.
(7)
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, or as
recommended by the Kent Economic Partnership.
(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.
(9)
To develop and implement strategies to maintain or enhance important
economic sectors in the County.
(10)
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:
A.
Consistency with Kent County's economic development strategies.
B.
Number of jobs created or retained.
C.
Competitiveness of Kent County versus other locations under consideration
as measured by tax comparison and relative site location factors.
D.
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.
E.
Comparative overall economic impact of the project as measured by
job creation and retention, private investment leverage and revenue
generation.
F.
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.
G.
Any environmental consideration related to siting decisions, manufacturing
processes or by-products.
A.
Submission for the fund shall be through the following process:
(1)
At its sole discretion, the Levy Court may allocate strategic development
funds to any project it deems to be worthy and qualified under the
provisions of this chapter.
(2)
One or more Levy Court Commissioners may propose an allocation of
funding from the Strategic Development Fund by submitting such proposal
to Levy Court leadership for review and processing. Levy Court leadership
shall promptly schedule such submissions for review and consideration
by the Levy Court Administration Committee. The Administration Committee
shall determine if any such proposal shall advance to the Levy Court
for consideration of approval.
(3)
The Kent Economic Partnership may submit requests for allocations
from the Strategic Development Fund to Levy Court leadership for review
and processing in support of any business or economic development
proposal that conforms with the provisions of this chapter. Levy Court
leadership shall promptly schedule such submissions for review and
consideration by the Levy Court Administration Committee. The Administration
Committee shall determine if any such proposal shall advance to the
Levy Court for consideration of approval.
