Title
Signifying the intention of the City of Philadelphia to organize the Philadelphia Public Financial Authority pursuant to authority established under state law, and amending Chapters 20-600 ("Standards of Conduct and Ethics"), 20-1200 ("Lobbying"), and 17-1400 ("Non-Competitively Bid Contracts; Financial Assistance") of The Philadelphia Code to address ethics, contractual and other requirements applicable to the Philadelphia Public Financial Authority, all under certain terms and conditions.
Body
WHEREAS, the purpose of this ordinance is to establish a public financing entity and to provide that the operations thereof shall promote community economic development. The activities of the entity are purposefully directed toward improving the social and economic conditions of all Philadelphians, with a preferential directive to serve the financial needs of underserved residents, small businesses and economically distressed areas by:
1) providing stability, additional capacity and resources in the financing of community economic development entities and small businesses;
2) supporting the local financial ecosystem to address the lack of fair financial products and services and available credit;
3) responding appropriately to the private financing market and exogenous market conditions; and
4) improving the equitable distribution of investment capital available in the City of Philadelphia across all communities.
WHEREAS, a public financing entity can develop and implement programs to provide funding for purposes of improving education, affordable housing, commercial corridors, and quality of life for citizens both citywide and in specific neighborhoods with particular needs; and
WHEREAS, the Act of August 23, 1967 (P.L. 251, No. 102) of the General Assembly of the Commonwealth of Pennsylvania, titled the Economic Development Financing Law ("EDFL"), authorizes municipalities to create economic development financing authorities; and
WHEREAS, an authority und...
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