philadelphia industrial development corporation - john grady, president @openaccessphl april 2014...
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Presentation about Philadelphia Industrial Development Corporation by president John Grady.TRANSCRIPT
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Open Access PHLPHILADELPHIA’S ECONOMIC DEVELOPMENT CORPORATION SINCE 1958
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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
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PIDC MISSION – Six Word Version
Invest in Philadelphia businesses and development
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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.
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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.
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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
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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
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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.
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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
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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.
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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
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Facebook .com/P IDCph i l a @P IDCph i l a● ● WWW.P IDC-PA.ORG