City of Wilmington Strategic Fund

The Strategic Fund is used to make contractually-based job creation and job retention incentive offers to private businesses. The Fund’s incentive expenditures are recouped by the City’s General Fund in two or three years by the wage taxes generated form the new or retained jobs. Each incentive is contractually memorialized and contains performance requirements and claw-back terms. Relocation assistance and/or workforce development grants, advances, or loans are available to businesses that establish operations in the City, incur relocation or workforce training costs in doing so, and are judged to have a significant positive economic development impact. The amount of the relocation and workforce development assistance will vary according to the number of new jobs brought into the City, the average salary of these jobs, and the costs incurred by the business as a result of its relocation to, or in certain circumstances expansion within, the City.