The recent application by DelaWind, LLC for a $350,000 state loan should require more scrutiny from public officials and DEDO’s Pre-Venture Fund Board, given the fact that DelaWind is a corporation headed by former Lt. Gov. John Carney and has been in existence for less than one year.
Three hundred and fifty thousand dollars is a lot of money to invest in the development of offshore wind power, an effort that has until now been conducted by the private sector and without the use of taxpayer money. It would seem that this application really lacks sensitivity to state workers who lost 2.5 percent in pay this year, as well as other Delawareans struggling in this economy.
The current administration promised change instead of the same old political payoffs and “business as usual” in bad economic times. The public might well perceive this proposed use of taxpayer funds as lining the pockets of former officials who are now running for another office. While it may be the view of some, that’s not my definition of “growing a Green economy”.
In the past, I have defended the strategic development fund to help Delaware businesses compete with surrounding States, but this particular project is a highly suspicious use of taxpayer money. The mere request and the asking of consideration are offensive to the public that takes note.
The DelaWind application for a loan of $350,000 from the Strategic Fund was originally on the agenda for a meeting of DEDO’s Council on Development Finance scheduled for Monday, Oct. 26. Interestingly, since I inquired about the application, it has been removed from that agenda, but now may be shifted to DEDO’s Emerging Technologies Pre-Venture Fund Board agenda for its’ meeting the very next day, Tuesday, Oct. 27.
I hope this administration sticks to its promises of transparency and withdraws this application promptly. If this thinly veiled political pay back for a former Lt. Governor and current candidate is approved, you can rest assured more of our hard earned tax dollars will be funneled to politicos rather than businesses which truly make a difference in the lives of Delawareans.
