Delaware Code Title 22 Sec. 1921 – Qualifications for Downtown Development District Grants
(a) Subject to the limitations set forth in this subchapter, any qualified district investor making a qualified real property investment in a district shall be entitled to a grant in an amount up to 20% of the qualified real property investments made by such qualified district investor in excess of the minimum qualified investment threshold.
Terms Used In Delaware Code Title 22 Sec. 1921
- district: means an area within a municipality or unincorporated area designated as a Downtown Development District in accordance with the provisions of this chapter. See Delaware Code Title 22 Sec. 1902
- District plan: means the strategic plan or other detailed description of the overall strategy for the development of a proposed district submitted by the municipality or unincorporated area as part of its application for district designation. See Delaware Code Title 22 Sec. 1902
- Downtown: means that portion of a city, town, or unincorporated area that traditionally comprises its downtown or central business district, as determined by such city, town, or unincorporated area in accordance with guidelines promulgated by the Office. See Delaware Code Title 22 Sec. 1902
- DSHA: means the Delaware State Housing Authority. See Delaware Code Title 22 Sec. 1902
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) For purposes of this chapter:
(1) “DDD Grant” or “grant” shall mean a Downtown Development District Grant as set forth in subsection (a) of this section hereunder.
(2) “Facility” means a complex of buildings, co-located at a single physical location within a district, all of which are necessary to facilitate the conduct of the same residential, trade, or business use. This definition applies to new construction as well as to the rehabilitation and expansion of existing structures.
(3) “Minimum qualified investment threshold” means the minimum level of qualified real property investments required to be made by a qualified district investor in a building or facility in order to qualify for a DDD Grant, as determined by DSHA. Notwithstanding the foregoing, for the fiscal year ending June 30, 2015, the minimum qualified investment threshold shall be $25,000 with respect to a single residential or mixed-use building or a facility. No more often than once per year, DSHA may amend the minimum qualified investment threshold with respect to uses (residential, commercial, industrial, etc.), types of projects (rehabilitation, new construction, etc.), or other criteria determined by DSHA to be necessary or convenient to accomplish the purposes of this chapter.
(4) “Qualified district investor” means an owner or tenant of real property located within a district who expands, rehabilitates or constructs such real property for residential, commercial, industrial or mixed use. In the case of a tenant, the amounts of qualified real property investment specified in this section shall relate to the proportion of the building or facility for which the tenant holds a valid lease. In the case of an owner of an individual unit within a “common interest community,” as such term is defined in § 81-103 of Title 25, the amounts of qualified real property investments specified in this chapter shall relate to that proportion of the building for which the owner holds title and not to common elements.
(5) “Qualified real property investment” means the amount in excess of the minimum qualified investment threshold that is properly chargeable to a capital account for improvements to rehabilitate, expand or construct depreciable real property placed in service during the calendar year within a district. Specific inclusions and exclusions from the definition of “qualified real property investments” shall be determined by DSHA, but such definition shall generally include expenditures associated with:
a. Any exterior, interior, structural, mechanical or electrical improvements necessary to construct, expand or rehabilitate a building or facility for residential, commercial, industrial, or mixed use;
b. Excavations;
c. Grading and paving;
d. Installing driveways;
e. Landscaping or land improvements; and
f. Demolition.
Notwithstanding the foregoing, no investment in the rehabilitation, expansion, or construction of any building or facility in a district shall be a qualified real property investment unless it is performed in accordance with the district plan.