July 11, 2012
In the first half of 2012, PIDC and its related entities, PIDC-RDC and Philadelphia Authority for Industrial Development (PAID), settled 100 transactions – including $157 million of financing, 5 acres of land sales, and over 225,000 square feet of leased space – supporting over $318 million in total project costs and assisted in retaining or creating more than 4,000 jobs in Philadelphia.
PIDC’s financing transactions supported a mix of for-profit and non-profit businesses, from Spike’s Trophies, Inc., a manufacturer of trophies, medals, plaques and glass awards to Spectrum Health Services, a non-profit community health agency offering primary care health services. PIDC provided numerous loans to small businesses throughout the city, including:
- 16 Growth Loans providing below-market, gap financing to help small businesses, developers, and non-profits undertake real estate projects and equipment purchases.
- 12 Emerging Business Loan and Guarantee Program business loans ensuring that small, minority, woman and disabled-owned businesses have access to the working capital they need to grow,
- 2 EnergyWorks loans supporting energy efficient building practices in Philadelphia, and
In February, PIDC received $50 million in New Market Tax Credits (NMTC) through the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. These federal tax credits are utilized to spur private sector investment in targeted neighborhoods throughout the country. Nationally, the U.S. Treasury Department released $3.5 billion in NMTC awards, and PIDC was one of only 70 organizations to receive this funding. And, in March, PIDC-RDC was certified as community development financial institution (CDFI) by the U.S. Treasury’s Community Development Financial Institutions Fund (the CDFI Fund).
PIDC’s Real Estate group managed the sale of 140 N. Christopher Columbus Boulevard, on behalf of the City of Philadelphia, to the Philadelphia Live Arts & Philly Fringe for the creation of an exciting new performance venue, rehearsal space, offices and café along the Delaware waterfront.
The Navy Yard welcomed three new companies in the first half of 2012 and signed eight leases, including lease renewals. Iroko Pharmaceuticals hosted a “topping off” ceremony for its new headquarters, 100 Diagonal Boulevard, a four-story, 56,412 square-foot Class A office building with LEED Gold certification to be completed later this year. The Navy Yard also hosted an inaugural bike tour of the campus open to the public to learn more about the sustainable and green efforts of The Navy Yard.
Everyday brings something new to PIDC. Making investments and building relationships with institutions, for-profit, and non-profit businesses that are diverse, dynamic and fun to work with never gets old.