Public Meeting Scheduled To Discuss Possible Transfer Of Property To Riverfront Development Corporation For Theater Complex

Wilmington -- The Department of Transportation (DelDOT) will be hosting a Public Meeting to discuss a proposal for DelDOT to convey 4.57 acres of surplus property identified as tax parcel 26.042.00-003 located at 401 S. Madison Street, in Wilmington, to the Riverfront Development Corporation (RDC). The meeting will be held on October 19, from 5:00 p.m. - 7:00 p.m., at the Delaware Transit Center's Cafeteria, 119 Lower Beech Street in Wilmington.

The RDC has received a proposal from the Penn Cinema Group to build a 14-screen theater, including an IMAX theater, on the site. The RDC has proposed that DelDOT transfer the surplus property to it to facilitate the theater project. Prior to any transfer, DelDOT must seek the approval of the Director of the Office of Management and Budget, the Executive Director of the Economic Development Office and the Controller General for the State of Delaware.

The purpose of the October 19 meeting is to provide the public and government officials with the details of the proposed property transfer to the RDC, the RDC's intended use of the property, and the transfer's possible effects on economic development in the Riverfront district. The meeting will feature a presentation by the RDC that will address the proposal and its economic development potential. DelDOT will explain at the meeting why the property is surplus and the appraisal and valuation methodology used for accessing the value of the site. For questions about the development project contact the RDC at 302-425-4890.

Presentations will begin promptly at 5:00 p.m. DelDOT and the RDC staff will be available after the presentations to answer questions from the public concerning this matter. A court reporter will be available from 5:00 - 7:00 p.m. to record formal comments. Interested persons are invited to submit written comments during the public meeting process to be included in the formal record of the meeting. Written comments will also be accepted for ten (10) days following the meeting.