DOVER – The Delaware Department of Transportation (DelDOT) has launched that the Transportation Infrastructure Investment Fund (TIIF), an initiative supported by Gov. John Carney last year.
The fund was established to provide economic assistance for renovation, construction, or any other type of improvements to roads and related transportation infrastructure in order to attract new businesses to this state, or expand existing in-state businesses, when such an economic development opportunity would create a significant number of direct, permanent, quality full-time jobs.
At the bill signing last summer, Carney said, “This legislation is really about creating good-paying jobs for Delaware workers and their families. TIIF will allow us to react quickly to important economic development projects that require upgrades to roads or other infrastructure. Investments in our transportation infrastructure make it easier and safer to travel across Delaware, and help us attract development from new and existing businesses.”
In a statement, Delaware Secretary of Transportation Jennifer Cohan called the fund “an important step in our ongoing efforts to expedite our processes to ensure we are encouraging economic development projects that will help businesses in our state grow.”
TIIF is funded with $5 million from the state’s general fund and $5 million from DelDOT’s fiscal year 2020 budget. The fund will be managed by the TIIF Council, a nine-member council established by the legislation with seven appointments made by the governor. The council will consider applications and make funding recommendations to Delaware’s Transportation Secretary and the Secretary of State.
Carney has appointed Rob Book, Michael Casson, Cornelia Johnson, Mona Parikh, John Riley, Bill Strickland, and Joe Westcott as the first members of the TIIF Council, which met for the first time on Jan. 27. State Rep. Bill Bush and Sen. David Sokola were appointed by their respective chambers to represent the General Assembly on the council.
The fund is now live and accepting submissions.
By Jacob Owens
jowens@delawarebusinesstimes.com
