Title
Authorizing the Committee on Commerce & Economic Development to hold hearings on the state of Philadelphia's neighborhood commercial corridors.
Body
WHEREAS, Neighborhood commercial corridors are the economic arteries of our City. The businesses located on commercial corridors offer needed goods and services, and contribute to the neighborhood identities that make our City an attractive place to live, work, and shop; and
WHEREAS, Small businesses are also Philadelphia's leading employer, making up nearly three quarters of employment in the City, and producing over $31 billion in payroll and roughly $1.2 billion in wage tax revenues every year; and
WHEREAS, As of 2019, businesses with fewer than 500 employees account for 99.7% of all businesses in Philadelphia, and of those, 53.7% are microenterprises with 5 employees or fewer; and
WHEREAS, The businesses located on Philadelphia's neighborhood commercial corridors, many of which are small businesses, also provide opportunities for entrepreneurs of color and immigrant entrepreneurs, and help build household wealth; and
WHEREAS, When safe, clean, and vibrant, commercial corridors attract new residents to the surrounding residential area, this can lead to a revitalization of the entire neighborhood; and
WHEREAS, In fact, research shows that commercial corridors that are in "good" or "excellent" condition increase home values by 36% within a quarter-mile radius, but "poor" condition corridors decrease surrounding home values; and
WHEREAS, While commercial corridors in our City have benefited from external assistance via the City's Commerce Department, Community Development Corporations (CDCs), Business Improvement Districts (BIDs), and/or Chambers of Commerce, there can still be great disparity between the type of assistance a commercial corridor receives depending on its neighborhood, history, and surrounding anchor institutions; and
WHEREAS, Before COVID-19, the subsequent economic fallout, and civil ...
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