New Castle County joins in on efforts to retain DuPont
New Castle County Council is considering a measure that would provide DowDuPont $7.5 million in incentives.
Legislation creating a strategic economic development fund to offer incentives to companies to stay or move to the county was introduced Tuesday night. If approved, the $7.5 million, taken from the county’s operating budget, would be paid to DowDuPont over five years.
DowDuPont has committed to make New Castle County home to two companies that will spin off after its planned merger is completed.
Councilman George Smiley says the fund is necessary make that happen.
“DuPont had their bags packed. they just hadn’t buckled the suitcase closed yet," said Smiley. "If you can maintain their presence, you have a chance for growth. Once you lose a company, the chances of getting them back are… phenomenal that you’re ever going to see them again.”
Smiley adds that in fiscal year 2015, DuPont’s three current sites contributed over $7 million to the county’s economy. He also says that the fund is also necessary to lure more companies to the county.
“If there are businesses that want to come into town and could use some assistance, they will know what the parameters are to apply, instead of hurriedly put something together as we are now," said Smiley. "We will be ready to act and assist them when and where we can.”
The County Council will vote on the legislation at its next meeting in two weeks.
Earlier this week, a state panel approved a plan to give DowDuPont $9.6 million over the next five years from the state Strategic Fund.