PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATIONPub 78
Pub 78
Programs
Program 1 [2020]
SEE SCHEDULE OSUPPORTING GROWING BUSINESSES: 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. IN 2020, PIDC INVESTED MORE THAN $10.7M OF CAPITAL THROUGH LOANS AND GRANTS TO SMALL AND MID-SIZED BUSINESSES IN EVERY CORNER OF PHILADELPHIA. IN 2020, IT BECAME CLEAR THAT NEW RESOURCES WOULD BE NECESSARY TO ADDRESS THE SEVERE ECONOMIC IMPACTS OF THE PANDEMIC. PIDC CREATED NEW FINANCIAL RELIEF PRODUCTS, LEVERAGED TECHNOLOGY TO DELIVER BUSINESS SUPPORT SERVICES TO MORE BUSINESSES THAN WE EVER HAD BEFORE, AND FORGED NEW PARTNERSHIPS WHILE STRENGTHENING EXISTING ONES. PIDC ALSO INVESTED $40M THROUGH 16 LOANS IN CATALYTIC PROJECTS IN NEIGHBORHOODS THROUGHOUT PHILADELPHIA.IN MARCH, THE CITY OF PHILADELPHIA AND PIDC LAUNCHED THE PHILADELPHIA COVID-19 SMALL BUSINESS RELIEF FUND AS A TIERED GRANT AND LOAN PROGRAM DESIGNED TO SUPPORT PHILADELPHIA SMALL BUSINESSES THAT MAKE UNDER $5M IN ANNUAL REVENUE TO HELP MAINTAIN PAYROLL OBLIGATIONS AND PRESERVE JOBS. THIS FUND WAS DESIGNED TO SUPPORT BUSINESSES THAT WERE AFFECTED BY SHUTDOWNS DURING THE PANDEMIC. MORE THAN $13.3M WAS AWARDED TO 2,083 SMALL BUSINESSES IN PHILADELPHIA. IN JULY 2020, PIDC LAUNCHED THE RESTART PHL LOAN PROGRAM DESIGNED TO PROVIDE FLEXIBLE LOW-COST CAPITAL TO SMALL BUSINESSES WITH LESS THAN $5M IN REVENUE AS THEY RE-IMAGINED, PIVOTED, AND SUSTAINED THEIR BUSINESSES DURING THIS UNPRECEDENTED TIME. THIS PROGRAM PROVIDES FINANCIAL SUPPORT FOR COSTS ASSOCIATED WITH IMPROVED BUSINESS RESILIENCE OR GROWTH, INCLUDING WORKING CAPITAL, FIT-UP, INVENTORY, TECHNOLOGY, MOBILIZATION, RE-HIRING, AND EMPLOYEE TRAINING. THE FUND AIMS TO INVEST IN HISTORICALLY DISADVANTAGED COMMUNITIES WITH A SPECIFIC FOCUS ON MINORITY, WOMEN, AND IMMIGRANT-OWNED BUSINESSES LOCATED ON COMMERCIAL CORRIDORS IN LOW-INCOME AREAS. IN 2020, PIDC PROVIDED A TOTAL OF $1.5M IN FINANCING FOR 13 SMALL BUSINESSES THROUGH THE RESTARTPHL LOAN, WHICH RANGED FROM $25,000 TO $250,000.IN 2020, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICES EDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, AND NETWORKING EVENTS DESIGNED TO SUPPORT BUSINESS GROWTH. IN MARCH 2020, ALL IN-PERSON SERVICES TRANSITIONED TO A VIRTUAL ENVIRONMENT AS WE CONTINUED TO CONNECT PHILADELPHIA'S SMALL BUSINESS COMMUNITY TO TRUSTED KNOWLEDGE AND RESOURCES. PIDC HOSTED 46 WORKSHOPS WITH MORE THAN 2,700 ATTENDEES. TOPICS INCLUDED NAVIGATING LEGAL MATTERS AS A BUSINESS OWNER, MANAGING BUSINESS IMPACTS AND RESPONSES TO COVID-19, MANAGING CASH FLOW, BUILDING CREDIT, ACCESSING FINANCIAL RESOURCES, AND MAINTAINING EMOTIONAL WELL-BEING DURING THE PANDEMIC AND CIVIL UNREST.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$3MProgram 2 [2020]
CONTRACT MANAGEMENT: PIDC PROVIDES SERVICES TO MANAGE FUNDING AND DISTRIBUTION OF GRANTS TO BE USED FOR PROJECTS THAT FACILITATE JOB CREATION AND ECONOMIC DEVELOPMENT WITHIN PHILADELPHIA. PIDC ALSO ADMINISTERED 30 GRANTS TOTALING NEARLY $30M FOR STORMWATER AND CAPITAL PROJECTS.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$402.7KProgram 3 [2020]
SEE SCHEDULE OPROPERTY MANAGEMENT: TRANSITIONING 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. COVID-19 HAS CHANGED THE SUPPLY CHAIN IMPACTS FOR WHOLESALE AND RETAIL AND CREATED MASSIVE INCREASES IN THE ALREADY INCREASING ONLINE RETAIL SPACE. DURING THIS UNPRECEDENTED TIME, PHILADELPHIA HAS CONTINUED TO SEE SIGNIFICANT REAL ESTATE DEVELOPMENT IN THIS BOOMING INDUSTRIAL SECTOR. FOR THE THREE YEARS ENDING IN DECEMBER 2020, NEARLY EIGHT-MILLION SQUARE FEET OF EITHER PROPOSED, UNDERWAY, OR COMPLETED NEW OR NEWLY RENOVATED INDUSTRIAL SPACE IN PHILADELPHIA. THIS INCLUDES MORE THAN THREE-MILLION SQUARE FEET OF COMPLETED DEVELOPMENT AND MORE THAN FOUR-MILLION SQUARE FEET ARE ON TRACK TO START CONSTRUCTION OVER THE NEXT 12-18 MONTHS. PHILADELPHIA'S EMERGENCE AS AN EAST COAST LOGISTICS HUB WILL BE SOLIDIFIED BY HILCO DEVELOPMENT PARTNERS' PROPOSAL TO DEVELOP 13 MILLION SQUARE FEET OF A MULTI-MODAL LOGISTICS CENTER ON THE SITE OF THE SHUTTERED PHILADELPHIA ENERGY SOLUTIONS REFINERY OVER THE NEXT DECADE. THE NAVY YARD: IN JULY 2020, AFTER A YEAR-LONG COMPETITIVE PROCESS THAT ATTRACTED MORE THAN 35 DEVELOPMENT TEAMS FROM ACROSS THE COUNTRY, WE ANNOUNCED THE SELECTION OF A TEAM COMPRISED OF ENSEMBLE REAL ESTATE INVESTMENTS AND MOSAIC DEVELOPMENT PARTNERS AS OUR DEVELOPMENT PARTNERS FOR 109 ACRES IN THE NAVY YARD. THE NEXT PHASE OF DEVELOPMENT WILL FURTHER ESTABLISH THE NAVY YARD AS A VIBRANT AND INCLUSIVE MIXED-USE COMMUNITY, OFFERING WORLD-CLASS LIFE SCIENCE MANUFACTURING, R&D, AND OFFICE SPACE, AS WELL AS HOTELS, RETAIL SPACE, MAKERSPACE, AND FOR THE FIRST TIME RESIDENTIAL UNITS. PIDC AND THE ENSEMBLE/MOSAIC TEAM ENVISION UP TO $2.5 BILLION OF NEW PRIVATE INVESTMENT THAT WILL DRIVE MANY THOUSANDS OF NEW CONSTRUCTION AND PERMANENT JOBS. A KEY ASPECT OF THE VISION OF THIS DYNAMIC AND VIBRANT CAMPUS IS THAT IT PROVIDES OPPORTUNITIES FOR ALL PHILADELPHIANS. IN ALIGNMENT WITH PIDC AND ENSEMBLE/MOSAIC'S COMMITMENT TO DIVERSITY, EQUITY, AND INCLUSION, THE ENSEMBLE/MOSAIC TEAM IS DEPLOYING A ROBUST AND NOVEL APPROACH TO DIVERSITY, EQUITY, AND INCLUSION IN ALL ELEMENTS OF DEVELOPMENT. IN 2020, "AMERICA'S COOLEST SHIPYARD" REMAINED OPEN AND CONTINUED TO BE A PLACE FOR SOCIALLY DISTANCED GATHERING, OUTDOOR ACTIVITIES, AND BUSINESS OPERATIONS FOR ITS TENANTS. IN FACT, THE NAVY YARD LAUNCHED ANOTHER OUTDOOR ARTWORK INSTALLATION IN THE FALL IN PARTNERSHIP WITH GROUP X MYSTERY ISLAND AND THE MARVELOUS OCCURRENCE OF SPONTANEOUS ART (CODE NAME: M.I.M.O.S.A.) A COLLECTION OF SIX NEW TEMPORARY WORKS OF PUBLIC ART CREATED BY A DIVERSE GROUP OF INDIVIDUAL ARTISTS THAT PLAYED WITH THE BUILT ENVIRONMENT OF PHILADELPHIA'S FORMER LEAGUE ISLAND.PIDC LAUNCHED ITS COLLABORATIVE PROFESSIONAL DEVELOPMENT PROGRAM WITH THE WEST PHILADELPHIA SKILLS INITIATIVE (WPSI) IN SUMMER 2020 TO TRAIN PHILADELPHIA RESIDENTS FOR PERMANENT, FULL-TIME, QUALITY-WAGE CAREERS AT THE NAVY YARD. THIS WORKFORCE PROGRAM WILL TRAIN AND CONNECT PHILADELPHIANS TO ROLES WITH NAVY YARD EMPLOYERS SEEKING TALENT AND WILL BUILD UPON AND EXPAND THE SUCCESSFUL AND PROVEN WPSI PROFESSIONAL DEVELOPMENT MODEL.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$3.7M
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