City of Philadelphia - File #: 040928

• File #: 040928
• Version: 0
• Type: Resolution
• Status: ADOPTED
• File created: 10/21/2004
• In control: Committee on Commerce & Economic Development
• Final action: 10/21/2004
• Title: Authorizing the Committee on Commerce and Economic Development to hold hearings for the purpose of reviewing and evaluating the marketing and promotional strategies, the economic development initiatives, the financial assistance programs, and the management of the Land Bank by the Philadelphia Industrial Development Corporation.
• Sponsors: Councilmember Nutter, Councilmember Goode, Councilmember Reynolds Brown, Council President Verna, Councilmember Tasco, Councilmember DiCicco, Councilmember Ramos, Councilmember Krajewski, Councilmember Mariano, Councilmember Miller, Councilmember Clarke, Councilmember O'Neill, Councilmember Rizzo, Councilmember Kenney, Councilmember Kelly

Date	Ver.	Action By	Action	Result	Tally
10/21/2004	0	CITY COUNCIL	Introduced	Pass
10/21/2004	0	CITY COUNCIL	ADOPTED & REFERRED
10/21/2004	0	CITY COUNCIL	READ

Title
Authorizing the Committee on Commerce and Economic Development to hold hearings for the purpose of reviewing and evaluating the marketing and promotional strategies, the economic development initiatives, the financial assistance programs, and the management of the Land Bank by the Philadelphia Industrial Development Corporation.
Body
WHEREAS, The Philadelphia Industrial Development Corporation (PIDC) was created in 1957 as a non-profit quasi-public corporation through the joint efforts of City officials and the Greater Philadelphia Chamber of Commerce; and

WHEREAS, The purpose of PIDC as stated in its Articles of Incorporation is to promote the industrial and economic development of Philadelphia; and

WHEREAS, In 1958, by ordinance of City Council, PIDC was designated as the City's official "industrial development agency" for purposes of securing state financial assistance under the 1956 Industrial Development Assistance Law; and

WHEREAS, PIDC is assisted in its development activities by its relationship with the Philadelphia Authority for Industrial Development (PAID) which was established by Council ordinance in 1967 pursuant to state statute, and which has the power to acquire or otherwise obtain city-owned or privately-owned property and to issue tax-exempt revenue bonds; and

WHEREAS, The State legislation authorizing the creation of local authorities, such as PAID, permits these entities to encourage industrial and commercial economic development; and

WHEREAS, PIDC's main goal is to retain, expand and attract commercial and industrial businesses and to generate jobs for Philadelphia; and

WHEREAS, PIDC has an array of tools to accomplish this goal including a variety of loan and grant programs, and other forms of financial assistance; and

WHEREAS, PIDC manages the Land Bank, which was created with City funds in...