|The mission of the Laurel Redevelopment Corporation, a non-profit corporation, is to enhance the quality of life in the Town of Laurel by obtaining, rehabilitating and revitalizing properties which will increase economic development for the Town.
Adopted: September 2005
The LRC, a 501(c) (4) non-profit corporation, is managed as a conservative business enterprise, with community benefits the measurement of success. LRC Directors and Officers are all non-paid volunteer community leaders, except for two independent contractors who function as property manager and financial secretary . They have met regularly since the organization's inception in 1992. The LRC has been a responsible steward to the citizens of Laurel and the State of Delaware. We have always committed our own funds to projects before asking others for financial assistance. The State of Delaware has provided significant economic development funding to the LRC during these past 15 years, allowing the LRC to multiply its $300,000 seed money tenfold. The LRC has no debt. The LRC has never needed to approach any governmental entity for its day-to-day functions. In fact, every year since its founding, operations have been entirely funded internally, and the anticipated $100,000 spun off annually from net rental income will continue to be used as matching funs for future grants and new development projects. The LRC pays all property taxes and related municipal fees, as well as county and school taxes, for every piece of real estate it owns, even those properties that have been designated public parks. In short, LRC pays its own way, and in the process contributes to the financial well-being of every level of government and our schools.