Page 14 - Delaware Lawyer - Spring 2019

FEATURE
a number of states driven by economic- growth imperatives were making laws and decisions that made it more and more at- tractive for companies to settle there.
Enter forward-thinking, business- savvy public officials. Then-Governor Jack Markell combined his talents with strong bipartisan leadership in the Dela- ware General Assembly to craft and pass legislation (the Delaware Competes Act) that reformed and modernized the state’s corporate tax structure. The legislation, which policymakers agreed was critical to position Delaware to remain competi- tive with other states in the Mid-Atlantic region, helped level the playing field for Chemours from a long-term financial perspective. With near-term benefits from the city, and state incentives added to the impact of the tax law change, Chemours was able to follow our head and our heart and publicly declare Wilmington our per-
With near-term benefits from the city, state incentives and the tax law change, Chemours was able to follow our head and our heart and publicly declare Wilmington our permanent global headquarters.
manent global headquarters. Still and all, one must ask: “Was it worth it?”
In December 2015, the Wilmington News Journal asked “How Much Should Delaware Invest in Chemours?”
“Chemours’ layoffs announced this week and two quarters of steep losses have some asking whether Delaware can justify an incentive-laden package to keep the company here,” the paper wrote.
Moreover, much was made in the Del- aware press of a Citron report that label- led Chemours a “bankruptcy waiting to happen.”
At this point, our stock was languish- ing in the single digits, so maybe it was fair to ask why the city should take a chance on us. But isn’t that what eco- nomic development is all about — tak- ing a chance that homegrown creativity and sheer will to succeed will ultimately lead to a better outcome for all? We were
Directors Peter Kennedy, Loretta Manning , Eric Williams, Marie Holliday and Jennifer Pacilli
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