Open Access PHLPHILADELPHIA’S ECONOMIC DEVELOPMENT CORPORATION SINCE 1958

PIDC MISSION

PIDC attracts and manages real estate and financing resources, investing them in

transactions that generate investment, jobs, business growth and development throughout

all of Philadelphia’s neighborhoods

PIDC MISSION – Six Word Version

Invest in Philadelphia businesses and development

PIDC OVERVIEW

• Philadelphia’s economic development corporation since 1958

• Non-profit, joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of Commerce

• Certified as a Community Development Financial Institution (“CDFI”)

Over the past 55 years, PIDC has invested more than $11.4 billion in Philadelphia supporting over $21 billion in total project costs. Currently, managing a diverse loan portfolio of over $600 million, we bring years of experience and a wealth of knowledge to creating opportunity in underserved communities and helping grow small business.

PIDC RESOURCES AT WORK

Over the last 3 years, PIDC has settled more than 500 transactions, investing $1.6B of public and private capital that leveraged nearly $3B in total investment and impacted more than 10,000 jobs.

REAL ESTATE OVERVIEW

PIDC’s real estate activities include:

• Navy Yard:• 1,200-acre mixed-use property • 6.5 million SF of occupied space• 143 companies and 11,000 employees

• Industrial Land Management & Planning:• Acquired, improved, and sold more than 3,000 acres

of land in 18 industrial parks • Manage 230 acres of available land in 9 industrial

parks• Finalized a master plan to transform the 4,100 acre

Lower Schuylkill River District

• Public – Private Development:• Manages the redevelopment of key parcels and

buildings owned by the City

FINANCIAL SERVICES OVERVIEW

SMALL BUSINESS LENDING• Term Loans• Working Capital• Credit Enhancement

TAX EXEMPT FINANCING• Bonds• Leasing• Municipal

projects

PIDC offers a broad range of financing products designed to encourage economic growth in Philadelphia.

PROJECT FINANCE• Low-cost 1st & 2nd

Mortgage Financing• Energy Efficiency Loans• Tax Advantage Financing

GRANTS• Federal & State Grants• City Grants:

o Cultural & Commercial Corridors

o InStore Programo Stormwater Management

EXPANDING SMALL BUSINESS AND COMMUNITY INVESTMENT

New Markets Tax Credits • $110 million allocated to low-income communities since 2009• Community investment projects around the city in severley distressed

census tracts

Goldman Sachs 10,000 Small Businesses• $10 million Goldman Sachs investment in PIDC • Small business loans for profitable business that have been in

business at least two years• Working capital, machinery, equipment and expansion capital• Education program• Not based on job creation, low-moderate income jobs or census tracts

In 2012, PIDC was certified as a CDFI. This allows us to access new resources and continue to invest in small business and community lending.

PIDC makes strategic investments in Philadelphia's neighborhoods

PIDC invests in neighborhood projects throughout the city including: shopping centers, community health centers, university partnerships, and commercial corridors.

I N T H E L A S T F I V E Y E A R S

Philadelphia is a growing hub for Entrepreneurship and Startups

• Changes to Philadelphia’s business tax structure are designed to attract &retain entrepreneurs.

• PIDC has made 184 small business loans totaling $90 million over the last 3 years.

• StartUp PHL • $6M Seed Fund - $3M PIDC & $3M First Round Capital• $500K investment in Science Center QED Program• $750K investment in DreamIT Ventures

75 tech companies on the N3RD Street corridor alone.

50+ entrepreneurial support organizations across the city including incubators, multi-tenant, and co-working spaces.

WHAT’S NEXT FOR ENTREPRENEURSHIP AND DEVELOPMENT?

• Macro Level: Continue to diversify economy and improve quality of life

• New resources for small business lending– More CDFI Investors and products to support growth– Technical Assistance

• Expand Community Investments– Which neighborhoods, what services– Partners

• Define outcomes with data:– Jobs– Tax revenues– Property values– Community goods: school seats, patients served, food access, health statistics, revenue growth

• Build StartUp Success– Leverage Comcast’s HQ– Grow ecosystem with more successes

Facebook .com/P IDCph i l a @P IDCph i l a● ● WWW.P IDC-PA.ORG