Why should Delaware care?For years, Delaware officials have viewed Wilmington’s downtown as an economic engine, and bellwether, for the state. But weighing on the area have been largely empty buildings that are part of the Bracebridge complex. Last year, state and Wilmington officials committed nearly $25 million in taxpayer-funded incentives to support Incyte’s move into those buildings .
Less than two years after investing nearly $80 million into two downtown Wilmington office buildings, the pharmaceutical company Incyte sold the properties to the city’s most prominent developer in a deal that generated just 10 cents in real estate taxes, according to public deed records.
The tax payment suggests a sale price of $1 for each of the Bracebridge buildings that sit next to Rodney Square and once formed the backbone of Delaware’s credit card industry…