The City of Milford recently received approval for their Site Readiness Fund application from the State of Delaware Council on Development Finance. The application totaled $100,000.
According to the Delaware Division of Small Business, the Site Readiness Fund, established through Senate Bill 127, “promotes economic growth and stability by investing in the development or improvement of commercial and industrial sites to attract job-creating businesses.”
The City of Milford will utilize their funds to support planning for the development of the 182-acre proposed industrial/business park on the corner of Rt. 14 and Rt. 15 (Canterbury Road). Funding will be used to off-set costs related to master plan development, a traffic impact study, and engineering design.
“The State of Delaware’s Site Readiness Fund provides opportunities to expand economic development within the State,” stated Mark Whitfield, City Manager. “We are pleased that Delaware Division of Small Business shares the vision of Milford City Council in the creation of the Milford Corporate Center and has provided this funding.”
The FY 2022 Bond Bill included $10 million to support the Site Readiness Fund. Grantees were either awarded $100,000 (Level 1) or $1 million (Level 2). The City of Milford intends to apply for a Level 2 grant in FY23, which will off-set some of the infrastructure costs.
“By investing in these projects, we can ensure that Delaware remains competitive in attracting and retaining vital businesses that create opportunities for employment,” said Jordan Schulties, Director of the Division of Small Business. “In today’s competitive economy, it is more important than ever that we have tools like the Site Readiness Fund to help expand and sustain economic growth in our state.”
The addition of an industrial/business park will centralize such businesses and fulfill the current and future needs of manufacturing, light industrial, warehousing and employment in the greater Milford area. The property, which is adjacent to the present Milford Business Park, will also be evaluated for potential drinking water wells and possible water tower for the northwest section of the City. The creation of an industrial park was included in the 2018 Strategic Plan.
About the City of Milford: (www.cityofmilford.com) The City of Milford, incorporated in 1807 and located in Kent and Sussex Counties along the Mispillion River, is home to 11,000+ year-round residents, 500+ retail businesses and non-profits, local restaurants, parks, trails, small town events, major healthcare providers, an historic shipyard, and its own school district. Known throughout the state as River Town, Art Town, Home Town, the City celebrates the beauty of its natural resources, the ingenuity of its people and its commitment to quality of life.
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