[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 special fund to be known as the "Kent County Strategic Development Fund" was established by Ordinance 99-05 on March 23, 1999.
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.
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:
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 in support of business development, 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, or as recommended by the Kent Economic Partnership.
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.
Submission for the fund shall be through the following process:
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.
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.
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.