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Amending Chapter 21-1100 of The Philadelphia Code, entitled "Community Development," by amending Section 21-1108, entitled "Economic Development," to increase the percentage of funds that must be allocated to economic development, all under certain terms and conditions.
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THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 21-1100 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 21-1100. COMMUNITY DEVELOPMENT.
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ยง21-1108. Economic Development.
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(6) At least five percent (5%) of the annual Community Development Block Grant entitlement as provided by the federal department of Housing and Urban Development shall be allocated to economic development for mixed-use projects on or around commercial corridors.
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SECTION 2. This Ordinance shall take effect beginning in Fiscal Year 2012, with the submission of the Year 37 Consolidated Plan.
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Explanation:
Italics indicate new matter added.
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