Delaware residents who are interested in real estate may want to learn about the recent news that Georgetown and Dagsboro are conducting planning towards gaining designation from the state as Downtown Development Districts. The project is intended to get the two towns prepared for applying for the designation under the Downtown Development District Act of 2014, and if they are successful, economic growth could be spurred.
AECOM, a consulting company with offices in Wilmington and Millsboro, is helping with the application process, using grant funding provided by JP Morgan Chase. Georgetown received $45,000 of grant funding, and Dagsboro received a lesser amount. In 2015, the legislature selected Wilmington, Dover and Seaford as designated cities under the act, providing $7 million in funds to them. Georgetown and Dagsboro are hoping that they are able to get the designation in 2016.
If the applications are successful, people who invest in real estate in the downtown areas will be provided with grants of up to 20 percent of the amount they pay for their investments. The towns are trying to create areas downtown that will draw people there to shop and dine. Around 84 acres are being earmarked for the project in Georgetown.
Real estate investors may want to follow the progress of Georgetown and Dagsboro as they move towards getting the state designation. The potential grants could make investing in the area attractive. Those who are considering making an investment will want to make certain to check the towns’ zoning laws and land use ordinances before initiating their projects, and a real estate attorney can be of assistance in this regard.
Source: State of Delaware, “Downtown Development Grants program,” accessed on Dec. 9, 2015.
Source: Sussex County Post, “Survey says: Georgetown, Dagsboro mapping Downtown Development District plans,” Glenn Rolfe, Dec. 5, 2015.