DE SB33

Expands the existing Downtown Development Districts Act to create a new "Downtown Development Corridor" designation available to municipalities with populations of 30,000 or more based on the 2020 census, which includes Wilmington, Dover, and Newark

Downtown Development Corridors receive the same benefits as Downtown Development Districts, including grants of up to 20% of qualified real property investments exceeding the minimum threshold for construction, rehabilitation, or expansion projects

Limits corridor designations to 1 per eligible municipality, while maintaining the existing cap of 15 districts statewide at any one time

Corridors and districts are designated for an initial 10-year period with possible renewal for up to two 5-year periods based on performance evaluations

Reserves $1.5 million annually in historic preservation tax credits for projects located in Downtown Development Corridors or Districts, with $500,000 of that reserved for smaller projects receiving credits of $300,000 or less