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Explore Dover's Downtown Development District, offering cash rebates, fee waivers, tax benefits, homeownership incentives, and more to encourage revitalization efforts. The plan includes benefits for businesses and historic properties, aimed at boosting economic growth and community development.
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Downtown Development District Act • Approved unanimously by General Assembly in June 2014 • Designation of Downtown Development Districts (no more than 3 in first year) • Funding of Downtown Development District Grants ($7 million appropriated for FY15)
Selection of Districts • Application Process • Need and Impact • District Plan • Local Incentives • Reviewed by Cabinet Committee on State Planning Issues
Dover’s Downtown Development District • Includes Central Business District and Adjacent Neighborhoods • Need demonstrated • 84% rental rate • High crime concentrations • Vacancy • Condemned Buildings
What Does This Mean? • Cash Rebates on Construction Costs • Fee Waivers • Tax Abatements and Credits • Façade Improvement and Architectural Grants And More!!!
Cash Rebates • State of Delaware - 20% cash rebates (once rebate amount reaches $500,000, percentage decreases) • Kent County will match State rebate up to $10,000 • Capital construction costs only • Rebate eligible for costs over $25,000
Fee Waivers – City of Dover • Building Permit Fees • Sewer and Water Impact Fees (City only) • Business License Fees for New Businesses (3 years)
Tax Benefits • Rebate of buyer transfer tax at Certificate of Occupancy • Tax abatement on the value of improvements for 10 years • State Historic Preservation Tax Credits • City Tax Credits for Historic Properties
Homeownership Incentives • Property tax waiver for owner-occupied homes • Phase in over 5 years • Must stay in home for 4-year period • Transfer tax waiver for first-time buyers • Seller also eligible in District • May be eligible for Dover First Start down payment assistance
Other Incentives • Downtown Dover Partnership • Architectural assistance up to $5,000 • Façade Improvement Grant Program • Sustainable Energy Utility • Reduced cost energy audits • High rebates for energy efficiency improvements