Delmarva Corrugated To Receive 10-Year Property Tax Abatement According to local media reports, officials in the city of Dover, Delaware have granted Delmarva Corrugated a 10-year property tax rebate in addition to similar county incentives. Under the city code, Delmarva Corrugated will receive full tax relief on the 497,000-square-foot building in the first full year after construction. Each following year for the following decade, the allowance decreases by 10 percent per year until it reaches the floor of 10 percent in the ninth year. Dover City Council unanimously approved the abatement on September 27. Dover officials estimate that by 2022, the company will pay $16,331.50 in property taxes and cut $64,592 in taxes. By the end of the decade, the company will pay approxi- mately $80,927.49 in property taxes.
This incentive is reserved for companies that invest a minimum of $3 million in a new or expanded facility in manufacturing areas and hire at least 15 employees. Del- marva Corrugated raised the value of the land to $3.93 million and the building is valued at $15.5 million, accord- ing to Dover officials.
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Fulfilling the other abatement require- ment, Delmarva Corrugated has hired or made job offers to 53 people, as of Sep- tember 27. Of that total, 22 were hired, 15 employees are from sister companies, and 16 offers were still pending. . “I would like to thank the team from Do- ver, Kent County and the State of Delaware who worked very closely and profession- ally with us on this project,” said Andreas Akaras, a lawyer who represents Delmarva Corrugated. “If you walk past this building, it’s beautiful and purpose-built for the light industrial manufacturing that will take place there and create good jobs. We can’t wait to be part of the community. Delmarva Corrugated plans to hire 145 employees in total, including 90 hourly em- ployees. Last week, the company launched a smooth start to operations, as most of the work inside the building was completed and the installation of the equipment was going smoothly. The Dover property tax cut is the latest in a series of incentives Delmarva Corrugat- ed and its parent company US Corrugated have received for building the $91 million plant in the heart of the First State. From day one, the company is also said to have made gains as the 40-acre plot sits in an op- portunity zone, a designation that prompts investors to put money into funds for long periods of time to benefit from tax breaks. Staying in an Opportunity Zone fund for at least five years could see 10 percent of the gain excluded from taxes, while 10 years translate to tax exempt gains.
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