Title
Amending Chapter 21-1400 of The Philadelphia Code, entitled "Tax Increment Financing Districts," by providing for certain additional requirements for Tax Increment Financing District project plans relating to a certification statement; good faith efforts to provide employment opportunities for youth and to provide contracting and employment opportunities for minority, female and disabled business enterprises and individuals; and, the filing of certain documents, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 21-1400 of The Philadelphia Code is amended to read as follows:
CHAPTER 21-1400. TAX INCREMENT FINANCING DISTRICTS.
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ยง21-1403. Additional Requirements.
(1) No Tax Increment Financing District ("TIF District") shall be approved by City Council unless the ordinance creating the TIF District is accompanied by a statement signed by the City Finance Director that contains the following language:
All projections contained in the TIF District's project plan of tax revenues to be generated and jobs to be created by the TIF District are based on reasonable and appropriate assumptions and methods of estimation. All such assumptions and methods are consistently applied throughout the projections. Estimates of projected tax revenues are based on current or proposed tax rates, historical collection patterns and generally recognized econometric models.
This statement shall be contained in the TIF District project plan.
(2) The project plan shall also include a statement that there will be an Economic Opportunity Plan submitted for the TIF District, and that the Economic Opportunity Plan will contain (i) a detailed statement by the developer that addresses the developer's good faith efforts to insure that (a) the maximum feasible number of any year-round, part-time or full-time jobs provided by the project to youth (persons under the age of twenty-one (21))...
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