Title
Amending Chapter 19-3200 of The Philadelphia Code, entitled "Keystone Opportunity Zone, Economic Development District, and Strategic Development Area," to provide for additional extensions of certain benefits, for the purpose of facilitating economic recovery from the COVID-19 pandemic, all under certain terms and conditions.
Body
WHEREAS, A group of adjacent properties ("the Refinery Complex")-located on Passyunk, Penrose, and Essington Avenues in South and Southwest Philadelphia, straddling the Schuylkill River-was used as a petroleum refinery for over 150 years. It ceased operations after a massive explosion on June 21, 2019. Since then it has sat largely idle and vacant; and
WHEREAS, The Refinery Complex's new owner has proposed comprehensive redevelopment and environmental remediation, without resumption of any refining activity. That process will entail a multi-billion-dollar investment over the course of a decade, employing a projected 8,000 union construction workers and project professionals. Moreover, the redevelopment is projected to generate approximately 10,000 permanent jobs, which the owner has made a commitment to ensure are filled largely by local residents. At the same time, the owner will undertake environmental remediation, projected to cost at least a half-billion dollars, to address heavy contamination resulting from prior refining activity. The redevelopment is projected to generate City tax revenues of approximately $36 million during the construction phase and approximately $41 million annually during full operations; and
WHEREAS, The proposed redevelopment is predicated upon the site's designation as a Keystone Opportunity Zone ("KOZ"). Most of the Refinery Complex is currently designated as a KOZ, but the designation for a portion of the site will expire at the end of this year. In order to meet deadlines for additional procedural requirements, and due to the significant uncertainties created by COVID-19, it is important that l...
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