New Castle County council members have approved giving DuPont Co. $7.5 million over five years in an effort to keep the company from leaving the state.
News outlets report that council members unanimously approved legislation Tuesday that will create a new economic development fund. The fund will allow the county to allocate money to retain or create jobs or improve its tax base. The money comes from tax reserves.
The legislation is an effort to keep the company in Delaware. DuPont Co. is currently undergoing a $130 billion merger with Dow Chemical Co.
Councilman George Smiley says millions in taxes would be lost if the company’s properties were knocked down. He also says the fund will be used to help attract businesses.