Title
Amending Title 17 of The Philadelphia Code, entitled "Contracts and Procurement," by adding a new Chapter requiring that a bill or resolution approving funding for certain development projects must include an economic impact statement, and providing for certain powers and duties of the City Controller in connection with the preparation of economic impact statements; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 17 of The Philadelphia Code is hereby amended to read as follows:
TITLE 17. CONTRACTS AND PROCUREMENT
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CHAPTER 17-1100. ECONOMIC IMPACT STATEMENTS FOR CITY-FUNDED DEVELOPMENT PROJECTS
ยง17-1101. Definitions.
(1) City-funded Development Project or Project. Any development project for which the total project cost is at least fifty million dollars ($50 million) and for which the City or a City-related Agency contributes ten percent (10%) or more of the funding pursuant to Council authorization or approval. For purposes of this definition, the amount of funding contributed by the City or a City-related Agency to a project shall include all contributions of money in support of the project either directly or indirectly (such as by making payments under a service or other agreement that support the repayment of bonds issued to fund the project), and any in-kind contributions to the project, including, but not limited to, any transfer of any interest in real estate, site improvement, environmental remediation, infrastructure improvements which benefit the project (including, but not limited to curbs, sidewalks, streets, drainage or water and sewer mains), loans, grants, tax incentives, tax abatements, tax increment financing, or any other form of public supported financing which in whole or in part is subject to authorization or approval by Council, condemnation, eminent domain, relocation assistance, or economic stimulus funding. For purposes of this d...
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