Page 16 - Sussex County - 2019 Economic Development Guide

New Opportunity Zones in Sussex Ta Boon for Investors
hanks to a brand-new incentive, investors now have five new areas, known as Opportunity Zones, to put their money to work in Sussex County.
Opportunity Zones, designated by the U.S. Department of the Treasury, are federal tax incentives located in 25 economically distressed areas of Delaware, five of which are in Sussex County. They include Georgetown, Laurel and three different areas of Seaford. The 25 census tracts were recently identified as part of a federal program designed to revitalize these economically distressed communities.
In March, the Sussex County Office of Economic Development was the first county economic development office to host a workshop to provide additional information to potential investors. Close to 60 attendees came out to hear experts discuss the newly designated zones.
New Interactive Website
The State of Delaware has recently launched a new interactive website to make it easier to learn more about the designated census-tract areas (https://business.delaware.gov/ opportunity-zones).
”Designation of the zones will bolster ongoing community development efforts and encourage additional private investment,” said Bill Pfaff, Director of the Sussex County Office of Economic Development. “As a result, qualified investors will become eligible for federal tax incentives, and the end result will be improved communities and more jobs in Sussex County.”
“As growth continues to move westward in Sussex County,” Pfaff said, “these new incentives will help make central and western Sussex County the new frontier.” He noted that his office has been quite busy promoting the zones and responding to requests for information.
Stacked Incentives
Other incentives, such as the county’s new Economic Development Zones and the Downtown Development Districts, can be stacked to make investing in the designated areas even more beneficial.
“In my 25-plus years of working in business development in Sussex County, I cannot think of a more favorable time and a better incentive package that has existed,” Pfaff said. “In addition, the county has a new low-interest loan program that also could be accessed to help accelerate this growth where it is most needed in the county.”
For additional information, visit www.ExciteSussex.com or contact the Sussex County Office of Economic Development at 302-855-7770.
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Scott D. Swingle
Vice President – Business Banking
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traditional economic development engines have been
education and public works projects have all shown that they play an equally important role in making Sussex County the attractive community that it is to both live and such as beaches and parks and demographic trends position the county well for future economic growth.
to much larger regional and national institutions. Each bring a level of product and service commitment
to satisfy customer needs that range from more wealth management needs to more complex and communities help facilitate positive outcomes.
of everything we do. This unique approach to personal service has set us apart for nearly 200 years — and it’s what continues to fuel our growth today.

experienced. They advise and provide solutions to our partner for your business in Sussex County.
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