A service of Salisbury University and University of Maryland Eastern Shore
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Local Officials Oppose New Castle County Funds for Stock Exchange

New Castle County website

The New Castle County Council Executive Committee formally came out against using any county money for the private stock exchange in Wilmington.

It was a heated one-hour discussion.

And, Council member George Smiley who sponsored the resolution said he was bothered by any use of county funds.

The Wilmington News Journal reports that in July the council approved a $15 million revenue bond for a startup company to construct a stock exchange in Wilmington.

The then chief county administration officer David Grimaldi assured the county council that the project would not get any county money.

The company said that the First State was a good place for the exchange because it was the legal address for many businesses.

The paper reports that on Friday a $3 million loan was announced by county officials from a county controlled trust fund for the stock exchange company.

In the end Smiley said that regardless of the resolution the council does not have the authority to involve itself in the trust.

Don Rush is the News Director at Delmarva Public Media. An award-winning journalist, Don reports major local issues of the day, from sea level rise, to urban development, to the changing demographics of Delmarva.