Title
Amending Title 19 of The Philadelphia Code, entitled "Finance, Taxes and Collections," to add a Chapter requiring businesses located in certain areas of the City or that receive tax or other subsidies from the City to provide certain economic development data to the City and requiring the publication by the City of such data; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 18 of The Philadelphia Code is amended to add a Chapter as follows:
TITLE 18. COMMERCE.
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CHAPTER 18-300. ECONOMIC DEVELOPMENT REPORTING.
§18-301. Definitions.
As used in this Chapter, the following definitions shall apply:
(1) Financial Assistance. As defined in Section 17-1401 of the Code, but not including: (a) a grant provided to a not-for-profit organization for the purpose of providing a social service function, such as child welfare or public health services, unless a primary purpose of the grant is job creation; (b) a Water Department grant for stormwater management; (c) a grant or other financial assistance provided for the purpose of developing affordable housing.
(2) Subsidy. A reduction in any tax obligation to the City or State; a TIF; a grant of funds from any governmental source; a loan or loan guarantee from any governmental source pursuant to which interest or other cost obligations are less than the recipient would have been required to otherwise pay to obtain a loan; acquisition or the leasing of real property from a government source at less than fair market value; or the receipt of any other thing of significant monetary value from a governmental source, not including a license, permit, zoning change or other regulatory or legislative approval.
(3) Covered Business.
(a) A business located in an area of the City identified in Section 19-3201(1) of this Code and that has annual gross revenues of more than $2,000,000 in the relevant calendar year;
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