February 7, 2013
In 2012, PIDC and its entities, PIDC-RDC, and Philadelphia Authority for Industrial Development (PAID) settled 204 transactions – including $877 million of financing, 11 acres of land sales, nearly 500,000 square feet of leased space – leveraging over $1.2 billion in total project costs and assisting in retaining or creating thousands of jobs in Philadelphia.
PIDC was proud to finance a mix of for-profit and non-profit businesses from Torrado Construction Company, Inc., a minority business enterprise (MBE) contracting company to the Arden Theatre Company, a non-profit community performing arts center. PIDC closed numerous loans to small businesses including 24 Emerging Business Loan and Guarantee Program transactions providing working capital to small, minority, woman and disabled-owned businesses, three EnergyWorks loans supporting sustainable developments in Philadelphia, and over 40 Growth Loans providing below-market, gap financing to help small businesses, developers, and non-profits undertake real estate projects and equipment purchases.
PIDC’s Real Estate Services group managed the sale of the 140 N. Christopher Columbus Boulevard to the Philadelphia Live Arts & Philly Fringe, on behalf of the City of Philadelphia. The Navy Yard executed 19 transactions during 2012 including eight new leases, nine amendments and two land sales. Most recently, in December, Iroko Pharmaceuticals hosted a ribbon cutting ceremony for its new headquarters, 100 Rouse Boulevard, a four-story, 56,412 square-foot Class A office building, designed to achieve LEED Gold certification developed by Liberty Property Trust and Synterra Partners.
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. 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). And, in October, the City of Philadelphia and PIDC launched StartUp PHL, a new initiative to increase the availability of seed-stage capital for startups and accelerate the development of a supportive environment for entrepreneurs already in the city, as well as to establish Philadelphia as a city of choice for new startups and entrepreneurs.
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.
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