The DRBA Compact enables the Authority to support economic development and the creation of new jobs in Delaware and New Jersey by investing in transportation or terminal facilities as well as facilities that will generate commerce in the states. Examples of this effort include the successful Riverfront Marketplace in Wilmington and the Salem Business Centre in New Jersey.
DRBA follows a process outlined in Resolution 94-16 to determine the eligibility and review of funding requests. Following is a summary of the process. (Please refer to the resolution for the complete procedure.)
DRBA Economic Development Funding Guidelines
- There are no funding application due dates. DRBA reviews funding requests as they are received.
Areas of Focus:
- DRBA has prioritized its involvement in commerce facilities based on their end use connection to the Authority's primary missions: crossings, terminals or transportation facilities.
- The Authority does not make grants. It invests in facilities that meet its guidelines and requirements. The investments are limited for any single project to $500,000 for each new 50 jobs created by the investment as certified by a business plan.
- Facility must be in sound financial condition.
- If DRBA funding is used for capital improvements, those improvements must directly generate enough revenue to provide the associated debt service.
- The investment must help the facility to increase jobs and economic growth in the area.
- A complete application must be submitted to the DRBA
- After review by the DRBA staff, qualified applications are forwarded to the Commission's Economic Development committee, which makes a recommendation to the full Commission. The Commission will then vote on the funding request.
How to Apply
For more information, contact Frank W. Minor at email@example.com or by phone at (302) 571-6474.