PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATIONPub 78
Pub 78
Programs
Support for Business Growth and Development
SUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS (ECONOMIC DEVELOPMENT)SEE SCHEDULE OSUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS: PIDC PROVIDES SUPPORT TO ITS AFFILIATES (PIDC LOCAL DEVELOPMENT CORPORATION, PIDC COMMUNITY CAPITAL, PIDC FINANCING CORPORATION AND PIDC PENN VENTURE FUND) TO INVEST FLEXIBLE, AFFORDABLE CAPITAL IN GROWING COMPANIES TO HELP THEM SUCCEED. PIDC AND ITS AFFILIATES PROVIDE CAPITAL WHERE TRADITIONAL FINANCING IS DIFFICULT TO ACCESS OR NOT ABLE TO MEET AN OWNER'S NEEDS. PIDC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSESTHE BACKBONE OF OUR ECONOMYBECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. PIDC ALSO SUPPORTS DEVELOPERS IN FINANCING COMMUNITY-ORIENTED PROJECTS. THROUGH A VARIETY OF FUNDING RESOURCES, EDUCATIONAL PROGRAMS, AND ONE-ON-ONE TECHNICAL SUPPORT, PIDC FILLS CRITICAL GAPS FOR BUSINESS OWNERS AND NONPROFIT LEADERS WHO LACK ACCESS TO TRADITIONAL CAPITAL. IN ADDITION, WE SUPPORT DEVELOPERS PRODUCING TRANSFORMATIVE PROJECTS THAT HAVE A POSITIVE, LASTING IMPACT ACROSS THE CITYPROVIDING JOBS, SERVICES, AND AMENITIES. IN 2023, PIDC ORIGINATED $57.5 MILLION IN NEW LOANS TO 69 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $35.6 MILLION WAS INVESTED IN MINORITY BUSINESSES. $11.5 MILLION WAS INVESTED IN WOMEN-OWNED BUSINESSES. 62% OF ALL PIDC CORE LENDING WENT TO DIVERSE/MINORITY BUSINESS ENTERPRISES. PIDC ALLOCATED $25.7M OF NEW MARKET TAX CREDITS TO FOUR (4) HIGH-IMPACT PROJECTS IN PHILADELPHIA. THE NMTC PROGRAM IS A US TREASURY PROGRAM WHICH UTILIZES FEDERAL TAX CREDITS TO ATTRACT PRIVATE INVESTMENT IN LOW-INCOME COMMUNITIES. THESE PROJECTS CREATE QUALITY JOBS, PROVIDE ESSENTIAL GOODS AND SERVICES, AND STIMULATE ADDITIONAL INVESTMENT IN OUR NEIGHBORHOODS. PIDC HAS WON OVER $418 MILLION IN NMTC ALLOCATION BETWEEN 2007 AND 2023 AND DEPLOYED $373 MILLION IN TAX CREDIT ALLOCATION SINCE 2007.IN 2023, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICESEDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, CREDIT REPAIR, AND NETWORKING EVENTSDESIGNED TO SUPPORT BUSINESS GROWTH. WHILE ALL IN-PERSON PROGRAMMING TRANSITIONED TO A VIRTUAL ENVIRONMENT BEGINNING IN MARCH 2020 DUE TO THE PANDEMIC, WE CONTINUED TO CONNECT PHILADELPHIA'S SMALL BUSINESS COMMUNITY TO TRUSTED KNOWLEDGE AND RESOURCES VIA VIRTUAL WORKSHOPS. PIDC BUSINESS BUILDER WORKSHOPS ARE YEAR-ROUND WORKSHOPS WHICH PROVIDE CRITICAL BUSINESS EDUCATION TO ENTREPRENEURS AND ORGANIZATIONS FROM EVERY INDUSTRY. PIDC HOSTED 47 WORKSHOPS WITH MORE THAN 700 HOURS DEDICATED TO COACHING AND CONSULTING SUPPORT FOR PIDC CLIENTS. TOPICS INCLUDED BUYING AND FINANCING COMMERCIAL REAL ESTATE, FEDERAL GOVERNMENT CONTRACTING, TAX SEASON PREPARATION, THE HIDDEN ISSUES OF USING REAL ESTATE AS BUSINESS LOAN COLLATERAL, AND BUSINESS EDUCATION AND MENTORING PROGRAMS. OF THE HOSTED WORKSHOPS, ELEVEN (11) WERE HELD IN SPANISH WHEREBY PIDC CONTINUED A SERIES OF SPANISH-LANGUAGE WORKSHOPS, AS STARTED IN 2022, AS A PART OF OUR STRATEGY TO BETTER SERVE SPANISH-SPEAKING ENTREPRENEURS, ONE OF THE FASTEST GROWING BUSINESS GROUPS IN PHILADELPHIA. THE SERIES IS PART OF PIDC'S BUSINESS BUILDER WORKSHOPS. TOPICS IN THE SERIES INCLUDE BUDGETING, BUILDING CREDIT, CITY RESOURCES, BUYING AND FINANCING COMMERCIAL REAL ESTATE, LEADERSHIP, AND MORE.GeographiesNot indicatedDatesJan 1, 2023 – Dec 31, 2023Source990No causes providedNo populations provided–$1.3MHigh Impact Revitalization Initiatives
INVEST IN HIGH IMPACT REVITALIZATION (CONTRACT MANAGEMENT)SEE SCHEDULE OINVEST IN HIGH IMPACT REVITALIZATION (FORMERLY CONTRACT MANAGEMENT): IN 2023, PIDC ADMINISTERED 126 GRANTS TOTALING $73 MILLION FOR PROJECTS ON BEHALF OF THE COMMONWEALTH OF PENNSYLVANIA, CITY OF PHILADELPHIA, AND THE PHILADELPHIA WATER DEPARTMENT. A GRANT FUNDED BY THE PA OFFICE OF THE BUDGET FOR THE ACQUISITION AND CONSTRUCTION OF ECONOMIC DEVELOPMENT, CULTURAL, CIVIC, RECREATIONAL, AND HISTORICAL IMPROVEMENT PROJECTS: 2500 LEAGUE ISLAND BOULEVARD @ THE NAVY YARD, GATTUSO DEVELOPMENT PARTNERS RECENTLY DEVELOPED A STATE-OF-THE-ART BUILDING WITHIN THE LIFE SCIENCES DISTRICT AT THE NAVY YARD WITH THE SUPPORT OF A $5 MILLION THE REDEVELOPMENT CAPITAL ASSISTANCE PROGRAM GRANT FACILITATED THROUGH PIDC. THE NEW 130K SQUARE FOOT BUILDING WILL PROVIDE AN EFFICIENT, FLEXIBLE R&D AND PRODUCTION ENVIRONMENT TO ACCOMMODATE THE REGION'S EXPANDING LIFE SCIENCES SECTOR. INVESTING IN PUBLIC WORKS AND COMMUNITY DEVELOPMENT ACROSS THE CITY:THE FRANKFORD VALLEY FOUNDATION FOR LITERACY II @ TACONY ACADEMY CHARTER SCHOOL HAS GROWN OVER THE LAST FIFTEEN YEARS, DELIVERING A HIGH-QUALITY EDUCATION TO A DIVERSE POPULATION OF 1,100 K-12 STUDENTS IN NORTHEAST PHILADELPHIA. THE SOLID RECORD OF ACADEMIC ACHIEVEMENT HAS PROVEN POPULAR IN THE SURROUNDING NEIGHBORHOODS, AS EVIDENCED BY A WAITLIST OF NEARLY 8,000 STUDENTS AS OF FALL 2023. THE BOND FUNDING RECEIVED, FACILITATED BY PIDC, WERE USED TO PROVIDE VARIOUS CAPITAL IMPROVEMENTS TO THE RHAWN STREET FACILITY. FUNDS THE DESIGN AND CONSTRUCTION OF STORMWATER RETROFIT PROJECTS ON COMMERCIAL, INDUSTRIAL, MULTIFAMILY, AND INSTITUTIONAL PROPERTIES: STORMWATER MANAGEMENT PROJECTS HELP CAPTURE RAINWATER, DECREASE FLOODING AND SEWER OVERFLOWS, AND REDUCE POLLUTION. IN 2023, PIDC STRUCTURED AND FACILITATED A STORMWATER MANAGEMENT PROJECT IN PHILADELPHIA FOR THE CHOCOLATE FACTORY @2201 MARGARET STREET. THE RUGGIERO PLANTE LAND DESIGN, LLC, A MULTI-DISCIPLINE WOMAN-OWNED CONSULTING FIRM THAT PROVIDES ENGINEERING, DESIGN, AND PLANNING SERVICES REQUIRED FOR SUCCESSFUL LAND DEVELOPMENT, AND SISTER COMPANY STORMWATER SOLUTIONS, LLC PROVIDED CONSTRUCTION SERVICES INCLUDING MAINTENANCE OF HUNDREDS OF STORMWATER SYSTEMS THROUGHOUT THE PHILADELPHIA REGION. THE 2.25-ACRE SITE AT 2201 MARGARET STREET IN FRANKFORD IS HISTORICALLY SIGNIFICANT AS IT WAS BUILT IN THE EARLY 1900'S TO SERVE AS A PLANT FOR THE BLUMENTHAL BROTHERS CHOCOLATE FACTORY. THE EXISTING BUILDING HAS BEEN RESTORED BY D3 DEVELOPMENT. RUGGIERO PLANTE LAND DESIGN, LLC INSTALLED A SUBSURFACE INFILTRATION STORMWATER BASIN TO CAPTURE AND TREAT STORMWATER RUNOFF FROM THE SITE. THIS ULTIMATELY WILL IMPROVE WATER QUALITY, ENHANCE GROUNDWATER RECHARGE, AND REDUCE THE BURDEN ON CITY SEWER INFRASTRUCTURE BY REDUCING FLOW IN THE PUBLIC SEWER CONVEYANCE SYSTEM AND REDUCING DEMAND AT THE SEWAGE TREATMENT PLANT.GeographiesNot indicatedDatesJan 1, 2023 – Dec 31, 2023Source990No causes providedNo populations provided–$12.5MInclusive Growth Opportunities
CATALYZE OPPORTUNITIES FOR INCLUSIVE GROWTHSEE SCHEDULE OCATALYZE OPPORTUNITIES FOR INCLUSIVE GROWTH (FORMERLY PROPERTY MANAGEMENT): PIDC SEEKS TO TRANSITION UNDERUTILIZED ASSETS INTO PRODUCTIVE USE BRINGS NEW LIFE TO MAJOR AREAS OF THE CITY IN TRANSITION, CREATES JOBS, AND DEVELOPS THE NEXT GENERATION OF JOB-CREATING REAL ESTATE. WHILE LAND SALES WERE LIMITED THIS YEAR, IT WAS AN ACTIVE YEAR FOR COMMERCIAL AND INDUSTRIAL LAND SALES AS PIDC CONTINUED TO POSITION LAND FOR DEVELOPMENT AT THE NAVY YARD AND ON THE LOWER SCHUYLKILL RIVER, WITH ACTIVITY RAMPING UP OVER THE NEXT FEW YEARS.OVER THE LAST DECADE PIDC HAS WORKED TO ASSEMBLE AND REMEDIATE 60 ACRES OF CONTAMINATED INDUSTRIAL LAND ALONG THE WESTERN BANK OF THE SCHUYLKILL RIVER IN SOUTHWEST PHILADELPHIA. A TOTAL OF 20 ACRES HAVE BEEN GIVEN TO THE CITY FOR PUBLIC OPEN SPACE AND EXTENSIONS OF THE SCHUYLKILL RIVER TRAIL. THE REMAINING TWO SITES TOTALING 40 ACRES, WHICH ARE KNOWN AS BARTRAM'S NORTH AND SOUTH DUE TO THEIR LOCATION ADJACENT TO HISTORIC BARTRAM'S GARDEN, HAVE BEEN PREPARED TO SUPPORT NEW INVESTMENT AND DEVELOPMENT AS PART OF THE FUTURE LOWER SCHUYLKILL BIOTECH CAMPUS (LSBC). CONSISTENT WITH THE CITY OF PHILADELPHIA'S LOWER SCHUYLKILL MASTER PLAN, THESE SITES WILL SUPPORT UP TO 850,000 SQUARE FEET OF CELL AND GENE THERAPY AND ADVANCED MANUFACTURING SPACE, ATTRACTING UP TO $550 MILLION IN INVESTMENT AND CREATING UPWARDS OF 900 TO 2,800 JOBS. PIDC IS COMMITTED TO ENSURING THAT THE DEVELOPMENT PROCESS IS EQUITABLE, INCLUSIVE, AND BENEFITS THE NEARBY COMMUNITY. WHEN SUCCESSFULLY REALIZED, THE LSBC WILL BE A COMPETITIVE HOME FOR THE NATION'S LEADING BIOMANUFACTURERS AND THE ADVANCEMENT OF CURES. NEIGHBORING THE CORE RESEARCH INSTITUTIONS AND DRUG DEVELOPMENT FIRMS OF UNIVERSITY CITY IN THE HEART OF THE LOWER SCHUYLKILL INNOVATION DISTRICT, LSBC IS BOUNDED BY THE BEAUTY AND BIODIVERSITY OF THE RIVERFRONT, A HISTORIC BOTANIC GARDEN, AND THE COMMUNITY OF KINGSESSING IN SOUTHWEST PHILADELPHIA.AT THE NAVY YARD, 2023 PIDC AND DEVELOPER PARTNERS ENSEMBLE/MOSAIC CONTINUE TO IMPLEMENT THE UPDATED NAVY YARD PLAN RELEASED IN SUMMER 2022, WHICH DETAILS A COMPREHENSIVE VISION THAT INCORPORATES, A TRANSFORMATIVE ROADMAP FOR EQUITABLE GROWTH THAT THROUGHOUT THE NEXT 20 YEARS WILL DELIVER 12,000 NEW JOBS, 8.9 MILLION SQUARE FEET OF NEW LIFE SCIENCE, COMMERCIAL, RESIDENTIAL, RETAIL, AND MIXED-USE DEVELOPMENT AND $6 BILLION OF NEW INVESTMENTOF WHICH, $4.8 BILLION WILL BE GENERATED BY ENSEMBLE/MOSAIC'S DEVELOPMENT INITIATIVES.THE PLAN LEVERAGES SUSTAINED GROWTH IN ADVANCED LIFE SCIENCES COMPLEMENTED WITH RETAIL, HOSPITALITY, ADDITIONAL WELCOMING OPEN SPACES, EXPANDED TRANSIT OPTIONS, AND- FOR THE FIRST TIME SINCE THE MILITARY BASE CLOSURE-RESIDENTIAL UNITS.GeographiesNot indicatedDatesJan 1, 2023 – Dec 31, 2023Source990No causes providedNo populations provided–$974.7K
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