2023-11-10T12:44:28-06:00 2022-12-31 366055558 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2022-01-01 236050858 PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION PHIL 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 TIFFANY CANADY SR. VICE PRESIDENT 2154968136 2023-11-10 1 TIFFANY CANADY XXX-XX-XXXX 1 RUSSLEE ARMSTRONG P00288383 2155614200 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANNE NEVINS 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 17764244 0 X WWW.PIDCPHILA.COM X 1957 PA PIDC PLANS AND IMPLEMENTS ECONOMIC DEVELOPMENT INITIATIVES (SEE SCHEDULE O) WHICH ENHANCE THE COMPETITIVE ENVIRONMENT, GENERATE JOBS AND PRODUCE HIGHER TAX RATABLES THROUGHOUT PHILADELPHIA. 30 30 56 30 0 0 2623981 5226641 10870005 12484289 0 53314 0 0 13493986 17764244 2520135 2621480 0 0 6427208 7274501 0 0 0 4611318 8059315 13558661 17955296 -64675 -191052 40435799 41210831 27299844 26531931 13135955 14678900 X SEE SCHEDULE O 0 0 4603037 570958 5360628 SUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS (ECONOMIC DEVELOPMENT)SEE SCHEDULE OSUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS: 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. PIDC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSES - THE BACKBONE OF OUR ECONOMY - BECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. PIDC ALSO SUPPORTS DEVELOPERS IN FINANCING COMMUNITY-ORIENTED PROJECTS. THROUGH A VARIETY OF FUNDING RESOURCES, EDUCATIONAL PROGRAMS, AND ONE-ON-ONE TECHNICAL SUPPORT, PIDC FILLS CRITICAL GAPS FOR BUSINESS OWNERS AND NONPROFIT LEADERS WHO LACK ACCESS TO TRADITIONAL CAPITAL. IN ADDITION, WE SUPPORT DEVELOPERS PRODUCING TRANSFORMATIVE PROJECTS THAT HAVE A POSITIVE, LASTING IMPACT ACROSS THE CITY- PROVIDING JOBS, SERVICES, AND AMENITIES. IN 2022, PIDC ORIGINATED $35.3 MILLION IN NEW LOANS TO 76 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $20.1 MILLION WAS INVESTED IN MINORITY BUSINESSES. $7.9 MILLION WAS INVESTED IN WOMEN-OWNED BUSINESSES. 62% OF ALL PIDC CORE LENDING WENT TO DIVERSE/MINORITY BUSINESS ENTERPRISES. PIDC ALLOCATED $35.6M OF NEW MARKET TAX CREDITS TO SIX HIGH-IMPACT PROJECTS IN PHILADELPHIA. THE NMTC PROGRAM IS A US TREASURY PROGRAM WHICH UTILIZES FEDERAL TAX CREDITS TO ATTRACT PRIVATE INVESTMENT IN LOW-INCOME COMMUNITIES. THESE PROJECTS CREATE QUALITY JOBS, PROVIDE ESSENTIAL GOODS AND SERVICES, AND STIMULATE ADDITIONAL INVESTMENT IN OUR NEIGHBORHOODS. PIDC HAS WON OVER $418 MILLION IN NMTC ALLOCATION BETWEEN 2007 AND 2022.IN 2022, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICES -EDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, CREDIT REPAIR, AND NETWORKING EVENTS- DESIGNED TO SUPPORT BUSINESS GROWTH. WHILE ALL IN-PERSON PROGRAMMING TRANSITIONED TO A VIRTUAL ENVIRONMENT BEGINNING IN MARCH 2020 DUE TO THE PANDEMIC, WE CONTINUED TO CONNECT PHILADELPHIA'S SMALL BUSINESS COMMUNITY TO TRUSTED KNOWLEDGE AND RESOURCES VIA VIRTUAL WORKSHOPS. PIDC BUSINESS BUILDER WORKSHOPS ARE YEAR-ROUND WORKSHOPS WHICH PROVIDE CRITICAL BUSINESS EDUCATION TO ENTREPRENEURS AND ORGANIZATIONS FROM EVERY INDUSTRY. PIDC HOSTED 27 WORKSHOPS WITH MORE THAN 781 ATTENDEES. TOPICS INCLUDED BUYING AND FINANCING COMMERCIAL REAL ESTATE, FEDERAL GOVERNMENT CONTRACTING, TAX SEASON PREPARATION, THE HIDDEN ISSUES OF USING REAL ESTATE AS BUSINESS LOAN COLLATERAL, AND BUSINESS EDUCATION AND MENTORING PROGRAMS. IN 2022, PIDC CONTINUED A SERIES OF SPANISH-LANGUAGE WORKSHOPS AS A PART OF OUR STRATEGY TO BETTER SERVE SPANISH-SPEAKING ENTREPRENEURS, ONE OF THE FASTEST GROWING BUSINESS GROUPS IN PHILADELPHIA. THE SERIES IS PART OF PIDC'S BUSINESS BUILDER WORKSHOPS. TOPICS IN THE SERIES INCLUDE BUDGETING, BUILDING CREDIT, CITY RESOURCES, BUYING AND FINANCING COMMERCIAL REAL ESTATE, LEADERSHIP, AND MORE. PLUS, WE PARTICIPATED IN GLOBAL ENTREPRENEURSHIP WEEK WITH A FULLY SPANISH LANGUAGE WORKSHOP DISCUSSING PREPARATION FOR TAX SEASON. 3807738 2050522 1670935 INVEST IN HIGH IMPACT REVITALIZATION (CONTRACT MANAGEMENT)SEE SCHEDULE OINVEST IN HIGH IMPACT REVITALIZATION: IN 2022, PIDC ADMINISTERED 54 GRANTS TOTALING $55 MILLION FOR PROJECTS ON BEHALF OF THE COMMONWEALTH OF PENNSYLVANIA, CITY OF PHILADELPHIA, AND THE PHILADELPHIA WATER DEPARTMENT. A GRANT FUNDED BY THE PA OFFICE OF THE BUDGET FOR THE ACQUISITION AND CONSTRUCTION OF ECONOMIC DEVELOPMENT, CULTURAL, CIVIC, RECREATIONAL, AND HISTORICAL IMPROVEMENT PROJECTS: SPECIAL PEOPLE IN NORTHEAST (SPIN), A SOCIAL SERVICE PROVIDER WHO HELPS PEOPLE OF ALL AGES WITH INTELLECTUAL OR DEVELOPMENTAL DISABILITIES, RECENTLY FINISHED THE CONSTRUCTION OF A NEW EARLY CHILDHOOD EDUCATION CENTER WITH $850,000 FROM THE REDEVELOPMENT CAPITAL ASSISTANCE PROGRAM. THIS NEW FACILITY HOUSES EIGHT CLASSROOMS AND AN INDOOR/OUTDOOR PLAY SPACE. THIS EXPANSION WILL ALLOW SPACE FOR 40 ADDITIONAL STUDENTS.INVESTING IN PUBLIC WORKS AND COMMUNITY DEVELOPMENT ACROSS THE CITY: THE LOCAL NONPROFIT FAIRMOUNT PARK CONSERVANCY LEADS CAPITAL PROJECTS AND HISTORIC PRESERVATION EFFORTS, FOSTERS NEIGHBORHOOD PARK STEWARDSHIP, ATTRACTS AND LEVERAGES INVESTMENTS, AND DEVELOPS INNOVATIVE PROGRAMS THROUGHOUT THE APPROXIMATELY 10,200 ACRES THAT INCLUDE FAIRMOUNT PARK AND MORE THAN 200 NEIGHBORHOOD PARKS AROUND PHILADELPHIA. FAIRMOUNT PARK CONSERVANCY IS CURRENTLY WORKING ON THE FDR PARK MASTER PLAN. THE PLAN INCLUDES THE CREATION OF THE NEW PATTISON PLAYGROUND AT FDR PARK THAT IS DESIGNED WITH SUSTAINABILITY IN MIND AND FULLY AMERICANS WITH DISABILITIES ACT (ADA) ACCESSIBLE. THIS $2.4 MILLION GRANT HELPS FUND A NEW WORLD CLASS PLAYGROUND CONSISTING OF 93,000 SQUARE FEET OF IMPROVEMENTS, INCLUDING CUSTOM PLAY EQUIPMENT AND CLIMBERS ALONG WITH ASSOCIATED STRUCTURAL FOOTINGS. A PICNIC PAVILION, OUTDOOR FURNISHINGS, A WATER FOUNTAIN, AND A HOSE BIB SUPPORT THE NEW PLAY INFRASTRUCTURE. THE PROJECT INCLUDES 30 NEW TREES ALONG WITH THE PRESERVATION AND MAINTENANCE OF 20 EXISTING TREES.FUNDS THE DESIGN AND CONSTRUCTION OF STORMWATER RETROFIT PROJECTS ON COMMERCIAL, INDUSTRIAL, MULTIFAMILY, AND INSTITUTIONAL PROPERTIES: STORMWATER MANAGEMENT PROJECTS HELP CAPTURE RAINWATER, DECREASE FLOODING AND SEWER OVERFLOWS, AND REDUCE POLLUTION. IN 2022, PIDC STRUCTURED THE SECOND LARGEST SHARED STORMWATER MANAGEMENT PROJECT IN PHILADELPHIA FOR THE PARKING LOTS NEAR CITIZENS BANK PARK, WHICH COMES ONE YEAR AFTER ALSO STRUCTURING AN EVEN LARGER STORMWATER PROJECT IN 2021 ON THE SITE OF A VACANT WAREHOUSE NEAR CITIZENS BANK PARK. THIS PROJECT, CONSTRUCTED IN THREE PHASES STARTING IN 2023, WILL MANAGE 60 GREEN ACRES AROUND THE PHILLIES' HOME. WHEN COMPLETED, IT WILL MANAGE 29 MILLION GALLONS OF RAIN EACH YEAR. TO PUT THAT IN PERSPECTIVE, THAT EQUALS NEARLY 44 OLYMPIC-SIZED SWIMMING POOLS. 3956118 4849702 CATALYZE OPPORTUNITIES FOR INCLUSIVE GROWTHSEE SCHEDULE OCATALYZE OPPORTUNITIES FOR INCLUSIVE GROWTH: PIDC SEEKS TO TRANSITION 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. WHILE LAND SALES WERE LIMITED THIS YEAR, IT WAS AN ACTIVE YEAR FOR COMMERCIAL AND INDUSTRIAL LAND SALES AS PIDC CONTINUED TO POSITION LAND FOR DEVELOPMENT AT THE NAVY YARD AND ON THE LOWER SCHUYLKILL RIVER, WITH ACTIVITY RAMPING UP OVER THE NEXT FEW YEARS.OVER THE LAST DECADE PIDC HAS WORKED TO ASSEMBLE AND REMEDIATE 60 ACRES OF CONTAMINATED INDUSTRIAL LAND ALONG THE WESTERN BANK OF THE SCHUYLKILL RIVER IN SOUTHWEST PHILADELPHIA. A TOTAL OF 20 ACRES HAVE BEEN GIVEN TO THE CITY FOR PUBLIC OPEN SPACE AND EXTENSIONS OF THE SCHUYLKILL RIVER TRAIL. THE REMAINING TWO SITES TOTALING 40 ACRES, WHICH ARE KNOWN AS BARTRAM'S NORTH AND SOUTH DUE TO THEIR LOCATION ADJACENT TO HISTORIC BARTRAM'S GARDEN, HAVE BEEN PREPARED TO SUPPORT NEW INVESTMENT AND DEVELOPMENT AS PART OF THE FUTURE LOWER SCHUYLKILL BIOTECH CAMPUS (LSBC). CONSISTENT WITH THE CITY OF PHILADELPHIA'S LOWER SCHUYLKILL MASTER PLAN, THESE SITES WILL SUPPORT UP TO 850,000 SQUARE FEET OF CELL AND GENE THERAPY AND ADVANCED MANUFACTURING SPACE, ATTRACTING UP TO $550 MILLION IN INVESTMENT AND CREATING UPWARDS OF 900 TO 2,800 JOBS. PIDC IS COMMITTED TO ENSURING THAT THE DEVELOPMENT PROCESS IS EQUITABLE, INCLUSIVE, AND BENEFITS THE NEARBY COMMUNITY. WHEN SUCCESSFULLY REALIZED, THE LSBC WILL BE A COMPETITIVE HOME FOR THE NATION'S LEADING BIOMANUFACTURERS AND THE ADVANCEMENT OF CURES. NEIGHBORING THE CORE RESEARCH INSTITUTIONS AND DRUG DEVELOPMENT FIRMS OF UNIVERSITY CITY IN THE HEART OF THE LOWER SCHUYLKILL INNOVATION DISTRICT, LSBC IS BOUNDED BY THE BEAUTY AND BIODIVERSITY OF THE RIVERFRONT, A HISTORIC BOTANIC GARDEN, AND THE COMMUNITY OF KINGSESSING IN SOUTHWEST PHILADELPHIA.AT THE NAVY YARD, 2022 WAS ANOTHER MAJOR YEAR FOR DEVELOPMENT, PLACEMAKING, AND INVESTMENT, BUILDING ON THE NEARLY 25 YEARS OF TRANSFORMATION PIDC HAS LED IN REDEVELOPING THE BUSINESS DISTRICT. IN JUNE 2022, PIDC AND ENSEMBLE/MOSAIC UNVEILED THE 2022 NAVY YARD PLAN, A TRANSFORMATIVE ROADMAP FOR EQUITABLE GROWTH THAT THROUGHOUT THE NEXT 20 YEARS WILL DELIVER 12,000 NEW JOBS, 8.9 MILLION SQUARE FEET OF NEW LIFE SCIENCE, COMMERCIAL, RESIDENTIAL, RETAIL, AND MIXED-USE DEVELOPMENT AND $6 BILLION OF NEW INVESTMENT - OF WHICH, $4.8 BILLION WILL BE GENERATED BY ENSEMBLE/MOSAIC'S DEVELOPMENT INITIATIVES. THE DYNAMIC NEW PLAN LEVERAGES SUSTAINED GROWTH IN ADVANCED LIFE SCIENCES AND MANUFACTURING, INCREASED ACCESSIBILITY, AND INCLUSIVE MIXED-USE DEVELOPMENT TO DRIVE EQUITABLE ECONOMIC GROWTH, WITH ROBUST OPPORTUNITIES FOR DIVERSE BUSINESSES AND AN EXPANSIVE ARRAY OF QUALITY-WAGE JOBS AND WORKFORCE DEVELOPMENT TRAINING PROGRAMS. 12366893 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 101 0 1 56 1 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 1 0 1 1 1 0 0 0 1 0 1 1 1 1 0 0 PA X TIFFANY CANADY 2154968136 1500 MARKET ST SUITE 3500 WEST PHILADELPHIA PA 19102 SALVATORE J PATTI CHAIR 0.19 1.13 X X 0 0 0 ANDREA R ALLON VICE CHAIR 0.19 1.13 X X 0 0 0 KEVIN R BOYLE SECRETARY 0.19 0.53 X X 0 0 0 TUMAR ALEXANDER DIRECTOR 0.19 0.53 X 0 0 0 CRAIG R CARNAROLI DIRECTOR 0.19 0.47 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.03 0.11 X 0 0 0 HONORABLE DARRELL L CLARKE DIRECTOR 0.19 0.53 X 0 0 0 DIANA P CORTES ESQ DIRECTOR 0.19 0.53 X 0 0 0 FRED COSENZA DIRECTOR 0.03 0.11 X 0 0 0 ROB DUBOW DIRECTOR 0.19 0.53 X 0 0 0 ANNE FADULLON DIRECTOR 0.19 0.53 X 0 0 0 REGINALD C FULLER III DIRECTOR 0.03 0.11 X 0 0 0 JAY GOLDSTEIN DIRECTOR 0.19 1.13 X 0 0 0 LEE HUANG DIRECTOR 0.03 0.11 X 0 0 0 HONORABLE KENYATTA JOHNSON DIRECTOR 0.19 0.53 X 0 0 0 HONORABLE CURTIS JONES JR DIRECTOR 0.19 0.53 X 0 0 0 LEROY E JONES DIRECTOR 0.03 0.11 X 0 0 0 BRIAN T KEECH DIRECTOR 0.03 0.11 X 0 0 0 HONORABLE JAMES F KENNEY DIRECTOR 0.19 0.53 X 0 0 0 JUAN LOPEZ DIRECTOR 0.19 0.53 X 0 0 0 JENNIFER L MAHER ESQ DIRECTOR 0.03 0.11 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.19 0.53 X 0 0 0 ELIZABETH A MURPHY DIRECTOR 0.03 0.11 X 0 0 0 ANNE K NADOL DIRECTOR 0.03 0.11 X 0 0 0 MICHAEL K PEARSON DIRECTOR 0.03 0.11 X 0 0 0 BRET PERKINS DIRECTOR 0.19 0.53 X 0 0 0 ANGELO R PERRYMAN DIRECTOR 0.03 0.11 X 0 0 0 WILLIAM R SAUTTER DIRECTOR 0.03 0.11 X 0 0 0 EVELYN F SMALLS DIRECTOR 0.03 1.56 X 0 0 0 ROBERT C WONDERLING DIRECTOR 0.19 0.53 X 0 0 0 ANNE NEVINS PRESIDENT 24.50 13.00 X 385608 0 19111 SAM RHOADS SVP- EXECUTIVE VICE PRESIDENT 24.50 13.00 X 276695 0 59120 THOMAS QUEENANTHRU 062022 TREASURER/SVP-COO 24.50 13.00 X 272185 0 57562 MARLA HAMILTON SVP- CLIENT ENGAGEMENT 37.50 0.00 X 215013 0 57423 THOMAS DALFO SVP- REAL ESTATE SERVICES 33.50 4.00 X 220660 0 57808 TIFFANY CANADY ASST SECRETARY, SVP-CFO 20.00 17.50 X 220660 0 57507 ILENE BURAK SVP- LEGAL COUNSEL 33.50 4.00 X 253286 0 59033 KATHLEEN MCNAMARA SVP- NAVY YARD 33.50 4.00 X 228670 0 14804 SHAYNE MOORE SVP- INFO TECHNOLOGY 37.50 0.00 X 199573 0 5304 CASSIE GARDNER ASSISTANT SECRETARY 37.50 0.00 X 95416 0 42380 MARQUIS UPSHUR SVP- HUMAN RESOURCES 37.50 0.00 X 198572 0 22434 JENNIFER LUCAS CROWTHERS SVP- CAPITALIZATION & IMPACT 37.50 0.00 X 165129 0 58571 NICOLE HENNESSY VICE PRESIDENT 37.50 0.00 X 184274 0 43861 CHRISTOPHER CHAPLIN VICE PRESIDENT 30.00 7.50 X 187510 0 45120 ANGIE FREDRICKSON VICE PRESIDENT 37.50 0.00 X 151975 0 5678 ANYA DAVIS VP/ASST GENERAL COUNSEL 24.50 13.00 X 163949 0 56005 MONICA TRUDEAU SENIOR PROJECT MANAGER 37.50 0.00 X 140285 0 21275 3559460 0 682996 20 0 1 0 BDO USA LLP 1801 MARKET STREET SUITE 1700 PHILADELPHIA PA 19103 ACCOUNTING 203704 KORN FERRY 1801 PARKVIEW DRIVE SHOREVIEW MN 55126 RECRUITMENT 175575 2 5226641 5226641 SUPPORT SMALL BUSINESS 900099 5963653 5963653 CATALYZE GROWTH 900099 4246676 4246676 INVEST IN HIGH IMPACT 900099 1670935 1670935 LOAN FEES 900099 603025 603025 12484289 53314 53314 17764244 12484289 0 53314 2621480 2621480 2159546 803078 1356468 4393502 2901642 1491860 277383 148272 129111 444070 257012 187058 317879 216770 101109 328019 100194 227825 339759 339759 483891 263499 220392 839389 839389 770203 694381 75822 CONDUIT EXPENSES 3353689 3353689 OTHER EXPENSES 1473346 909136 564210 DIRECT CONTRACT EXPENSE 153140 97740 55400 17955296 12366893 5588403 0 23386335 16633988 2010588 2608166 226117 186496 6885260 3575366 3242770 3309894 11569989 18472287 40435799 41210831 2674637 2327719 9357620 11558324 728622 770922 14538965 11874966 27299844 26531931 X 13135955 14678900 13135955 14678900 40435799 41210831 X -191052 1733997 X 0 1 X 1 1 1 0 1 X 2042754 1079472 963282 680478 536719 143759 4162028 1959175 2202853 3309894 DUE FROM RELATED PARTIES 10660119 DUE FROM AFFILIATED ENTITIES 721769 PREPAID POSTRETIREMENT BENEFITS 1553986 RIGHT OF USE ASSET 5536413 18472287 DUE TO OTHER AGENCIES 1399242 DUE TO RELATED PARTIES 3089397 LT OPERATING LEASE LIABILITY, NET 6155149 DUE TO AFFILIATED ENTITIES 580135 CURRENT OPERATING LEASE LIABILITY 651043 11874966 X 11374487 0 11374487 6389757 6389757 17764244 10487881 53314 53314 10434567 7520729 7520729 17955296 PART IV, LINE 2B: THE ESCROW ACCOUNT REPRESENTS INTEREST EARNED THAT IS PAYABLE TO THE DELAWARE RIVER PORT AUTHORITY ON LOANS MANAGED BY PIDC. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION (PIDC) AND ITS AFFILIATES PRESENT COMBINED FINANCIAL STATEMENTS. THE COMBINED FINANCIAL STATEMENTS FOLLOWS THE GUIDANCE FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A MORE LIKELY THAN NOT THRESHOLD. FOR TAX POSITIONS MEETING THE MORE LIKELY THAN NOT THRESHOLD, THE AMOUNT RECOGNIZED IN THE COMBINED FINANCIAL STATEMENTS IS THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE RELEVANT TAXING AUTHORITY. MANAGEMENT DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS; AS SUCH, NO PROVISION IS RECORDED IN THE COMBINED STATEMENTS OF ACTIVITIES. PIDC IS REQUIRED TO FILE TAX RETURNS WITH THE INTERNAL REVENUE SERVICE (IRS). INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2018 REMAIN OPEN. PART XI, LINE 4B - OTHER ADJUSTMENTS: CONDUIT GRANTS NOT INCLUDED IN THE REVENUE PER FINANCIAL STATEMENTS 5,786,732. LOAN FEES 603,025. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT INCOME 53,314. PART XII, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN PENSION AND POSTRETIREMENT BENEFIT OTHER THAN NET PERIODIC BENEFIT 1,733,997. CONDUIT GRANTS NOT INCLUDED IN THE EXPENSE PER FINANCIAL STATEMENTS 5,786,732. 1 SUBMITTABLE HOLDINGS INC 111 NORTH HIGGINS AVE SUITE 300 MISSOULA MT 59802 475485414 1552611 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENTPHILADELPHIA NAVAL YARD 4747 SOUTH BROAD STREET BUILDING 101 PHILADELPHIA PA 19102 232237287 300471 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES MONTGOMERY COUNTY COMMERCE DEPT 1430 DEKALB STREET NORRISTOWN PA 19401 232334149 77241 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GREATER PHILA TOURISM MKTG CO 30 S 17TH STREET SUITE 1710 PHILADELPHIA PA 19103 232847538 75000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES CHESTER COUNTY ECONOMIC DEV FOUNDATION 737 CONSTITUTION DRVIE ATTN MIKE GRIGALONIS EXTON PA 19341 231576225 71332 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES DELAWARE COUNTY ECONOMIC OVERSIGHT BOARD LAURA GOODRICH CAIRNS 100 WEST 6TH STREET SUITE 10 MEDIA PA 19063 232607596 59775 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GREATER BERKS DEV FUND 606 COURT STREET READING PA 19601 236392284 40854 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES THE CITY OF PHILADELPHIA 1 BROAD STREET PHILADELPHIA PA 19102 236003047 35000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES WOFFARD SCULPTURE STUDIO PO BOX 2927 CASHIERS NC 28717 462094134 33000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES BUCKS COUNTY ECON DEV CORP 1260 ALMSHOUSE ROAD DOYLESTON PA 18901 236003044 31374 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES COCO'S CHICKEN AND WAFFLES 500 S 52ND STREET PHILADELPHIA PA 19143 822457443 24964 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES REPLICA CREATIVE 1516 N 5TH STREET STE 302 PHILADELPHIA PA 19122 271267024 21260 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES FAIRMOUNT VENTURESINC 30 SOUTH 15TH STREET SUITE 500 PHILADELPHIA PA 19102 232929881 20364 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES LIFELINE MUSIC COALITION INCARPEGGIO 63 W WASHINGTON LANE PHILADELPHIA PA 19144 352213500 15250 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GERMAN AMERICAN MARKETING INC 611 SPRING GARDEN STREET PHILADELPHIA PA 19123 263011491 15088 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES CULTURE TRUST GREATER PHILADELPHIA C/O CULTURE WORKS GTR PHILADELPHIA 1315 WALNUT STREET SUITE 320 PHILADELPHIA PA 19107 463109411 13750 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES AMERICAN WOOD DESIGN 201 FULTON STREET CHESTER PA 19013 270666993 13250 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES AFRICA RECONNECT 3600 CONSHOCKEN AVENUE 2211 PHILADELPHIA PA 19131 823182152 12882 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES AFRICAN AMERICAN MUSEUM ATTN MELLISSA NEWENHOUSE 701 ARCH STREET PHILADELPHIA PA 19102 231941617 10452 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES TRUSTEES OF THE UNIV OF PA 100 EAST NORTHWESTERN AVENUE PHILADELPHIA PA 19118 231352685 10000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES VENDORS ASSOCIATION OF FDR PARK 2149 SOUTH 19TH STREET PHILADELPHIA PA 19145 862465462 9450 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES BALL-NOGUES DESIGN STUDIO 3533 E OLYMPIC BLVD LOS ANGELES CA 90023 611579135 8513 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES THE WOMEN'S COALITION FOR EMPOWERMENT PO BOX 2465 ACP 227 HARRISBURG PA 17105 274450466 6000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES FIRST PERSON ARTS 1010 W 8TH STREET WILINGTON DE 19806 233023995 5500 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES 6 18 PART I, LINE 2: PROCEDURES TO MONITOR USE OF GRANT FUNDS PIDC HAS CONTROLS IN PLACE TO ENSURE GRANT PROCEEDS WILL BE DISTRIBUTED AND USED IN ACCORDANCE WITH THE TERMS OF THE GRANT AGREEMENT. A REVIEW OF GRANT PROCEEDS IS DONE DURING THE APPLICATION PROCESS, THROUGH WHICH, GRANTEES REQUEST FUNDS. MANAGEMENT REVIEWS THE DOCUMENTATION PROVIDED BY GRANTEES TO ENSURE THE REQUEST MEETS THE CRITERIA OF THE GRANT AGREEMENT. ADDITIONALLY, DEPENDENT UPON EACH AGREEMENTS' REQUIREMENTS, PIDC MAY RECEIVE REPORTS FROM THE GRANTEES REGARDING THE USE OF THE GRANT FUNDS. X X 0 0 0 0 0 0 0 1 0 ANNE NEVINS PRESIDENT 322250 0 50000 0 13358 0 10648 0 8463 0 404719 0 0 0 SAM RHOADS SVP- EXECUTIVE VICE PRESIDENT 251695 0 25000 0 0 0 7782 0 51338 0 335815 0 0 0 THOMAS QUEENANTHRU 062022 TREASURER/SVP-COO 247185 0 25000 0 0 0 5682 0 51880 0 329747 0 0 0 ILENE BURAK SVP- LEGAL COUNSEL 229636 0 17100 0 6550 0 6725 0 52308 0 312319 0 0 0 THOMAS DALFO SVP- REAL ESTATE SERVICES 204460 0 16200 0 0 0 6371 0 51437 0 278468 0 0 0 TIFFANY CANADY ASST SECRETARY, SVP-CFO 204460 0 16200 0 0 0 6205 0 51302 0 278167 0 0 0 MARLA HAMILTON SVP- CLIENT ENGAGEMENT 207138 0 7875 0 0 0 5958 0 51465 0 272436 0 0 0 KATHLEEN MCNAMARA SVP- NAVY YARD 212470 0 16200 0 0 0 6371 0 8433 0 243474 0 0 0 CHRISTOPHER CHAPLIN VICE PRESIDENT 176310 0 11200 0 0 0 4913 0 40207 0 232630 0 0 0 NICOLE HENNESSY VICE PRESIDENT 172674 0 11600 0 0 0 3708 0 40153 0 228135 0 0 0 JENNIFER LUCAS CROWTHERS SVP- CAPITALIZATION & IMPACT 160179 0 4950 0 0 0 7491 0 51080 0 223700 0 0 0 MARQUIS UPSHUR SVP- HUMAN RESOURCES 188268 0 10304 0 0 0 4933 0 17501 0 221006 0 0 0 ANYA DAVIS VP/ASST GENERAL COUNSEL 153549 0 10400 0 0 0 4757 0 51248 0 219954 0 0 0 SHAYNE MOORE SVP- INFO TECHNOLOGY 188373 0 11200 0 0 0 5151 0 153 0 204877 0 0 0 MONICA TRUDEAU SENIOR PROJECT MANAGER 134885 0 5400 0 0 0 3978 0 17297 0 161560 0 0 0 ANGIE FREDRICKSON VICE PRESIDENT 146125 0 5850 0 0 0 4709 0 969 0 157653 0 0 0 PART I, LINE 7 NON-FIXED PAYMENTS PIDC HAS ESTABLISHED A COMPENSATION PROGRAM TO ENSURE THE SALARIES AND BENEFITS PAID TO OFFICERS AND EMPLOYEES IS FAIR, COMPETITIVE, AND REFLECTIVE OF AN EMPLOYEE'S ACTUAL PERFORMANCE. THE COMPENSATION STRUCTURE EMBEDS A RISK BASED COMPONENT THAT CONSIDERS ACHIEVEMENT OF PERFORMANCE GOALS. SCHEDULE J, PART II, COLUMN C DEFINED BENEFIT PLAN PIDC OFFERS A DEFINED BENEFIT PLAN (THE "PLAN") TO ITS EMPLOYEES. PARTICIPANTS BECOME ELIGIBLE TO RECEIVE RETIREMENT BENEFITS THE FIRST MONTH ON OR THE NEXT FOLLOWING ATTAINMENT OF AGE 60 AND COMPLETION OF 5 YEARS OF VESTING SERVICE FROM THE DATE THEY BECOME ELIGIBLE PARTICIPANTS OF THE PLAN. EFFECTIVE DECEMBER 31, 2014, THE PLAN'S EXISTING PARTICIPANTS' ACCRUED BENEFITS WERE FROZEN, AND NO NEW PARTICIPANTS WERE ALLOWED INTO THE PLAN. AS A RESULT OF THE PLAN'S FREEZE, THE BENEFIT IS BASED UPON A PARTICIPANT'S SERVICE AND COMPENSATION AS OF DECEMBER 31, 2014, AND EXPRESSED IN THE FORM OF A FIXED MONTHLY BENEFIT FOR HIS/HER LIFE COMMENCING AT NORMAL RETIREMENT. THE FORM 990 REQUIRES MANAGEMENT TO REPORT AS DEFERRED COMPENSATION THE ANNUAL INCREASE OR DECREASE IN ACTUARIAL VALUE, IF ANY, OF A DEFINED BENEFIT PLAN. AS THE CHANGE IN THE PRESENT VALUE OF THE DEFINED BENEFIT PLAN'S LIABILITY DOES NOT CORRESPOND TO THE ACTUAL BENEFIT DUE TO THE PLAN PARTICIPANTS AND THE PLAN WAS FROZEN EFFECTIVE DECEMBER 31, 2014, MANAGEMENT DID NOT REPORT A VALUE WITHIN PART II (C). THE VALUES THAT ARE DISCLOSED IN PART II (C) INCLUDE EMPLOYER 401K CONTRIBUTIONS. FORM 990, PART III, LINE 1: PIDC HAS BEEN PHILADELPHIA'S PUBLIC-PRIVATE ECONOMIC DEVELOPMENT CORPORATION SINCE 1958. AS A PUBLIC-PRIVATE PARTNERSHIP FOUNDED BY THE CITY OF PHILADELPHIA AND THE CHAMBER OF COMMERCE FOR GREATER PHILADELPHIA, PIDC'S MISSION IS TO SPUR INVESTMENT, SUPPORT BUSINESS GROWTH, AND FOSTER DEVELOPMENTS THAT CREATE JOBS, REVITALIZE NEIGHBORHOODS, AND DRIVE GROWTH TO EVERY CORNER OF PHILADELPHIA. TO ACHIEVE THIS MISSION, PIDC ATTRACTS, MANAGES, AND INVESTS PUBLIC AND PRIVATE RESOURCES IN THE CLIENTS, COMMUNITIES, AND MARKETS THAT ENERGIZE PHILADELPHIA'S ECONOMY. PIDC RELEASED THE 2023-2026 STRATEGIC FRAMEWORK AS A ROADMAP TO ACHIEVE ITS MISSION AND STRIVE TOWARD A MORE INCLUSIVE, EQUITABLE, AND SUSTAINABLE PHILADELPHIA WHERE ALL RESIDENTS BENEFIT FROM ECONOMIC DEVELOPMENT AND A GROWING GLOBAL ECONOMY. IT IS DESIGNED TO HELP PIDC MAKE RESOURCE ALLOCATION AND STRATEGIC PARTNERSHIP DECISIONS THAT ALIGN WITH THE ORGANIZATION'S VISION, MISSION, THEORY OF CHANGE AND TO ALIGN PIDC'S STAKEHOLDERS AROUND A COMMON VISION AND GOAL. THE FRAMEWORK IS GROUNDED IN THREE INTEGRAL AND INTERSECTING LENSES IMPERATIVE TO INFORMING PIDC'S APPROACH TO ACHIEVING AND DELIVERING ON ITS MISSION. LENSES ARE PRINCIPLES THAT INFORM THE WORLD VIEW OR PERSPECTIVE OF PIDC AND PROVIDE FOCUS AND DIRECTION FOR PIDC'S SCOPE AND APPROACH TO ACHIEVING ITS MISSION. THESE THREE LENSES ARE DEFINED BELOW: 1) RACIAL EQUITY: PROGRESSING TOWARD A FAIR AND JUST SOCIETY IN WHICH ALL PEOPLE CAN PARTICIPATE, PROSPER, AND REACH THEIR FULL POTENTIAL AND A WORLD WHERE RACIAL DISPARITIES DO NOT EXIST. 2) FUTURE OF WORK: ADAPTING TO THE MANY FORCES OF CHANGE AFFECTING WORK, THE WORKFORCE, AND THE WORKPLACE. 3) SUSTAINABILITY & RESILIENCE: ADVANCING DEVELOPMENT AND GROWTH IN BALANCE WITH THE ENVIRONMENT TO SUPPORT PRESENT AND FUTURE GENERATIONS FORM 990, PART IV, LINE 35: SUPPORT SCHEDULE PURSUANT TO SECTION 1.509(A)-4 OF THE TREASURY REGULATIONS, A 501(C)(3) ORGANIZATION CAN BE THE SUPPORTING ORGANIZATION OF A 501(C)(4) ORGANIZATION PROVIDED THAT THE SUPPORTED ORGANIZATION MEETS THE REQUIREMENTS UNDER 509(A)(2). PIDC HAS PROVIDED SCHEDULE A TO SUPPORT THE DETERMINATION THAT PIDC MEETS THE 509(A)(2) TEST. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS THE MEMBERS OF PIDC ARE THE PERSONS WHO ARE THE DIRECTORS OF THE CORPORATION. THE BUSINESS AND AFFAIRS OF THE CORPORATION ARE MANAGED BY THE DIRECTORS. THE ORGANIZATION HAS THREE CLASSES OF DIRECTORS: 1) 8 CITY DIRECTORS CONSISTING OF THE EIGHT OFFICERS OF THE CITY OF PHILADELPHIA; THE MAYOR OF THE CITY OF PHILADELPHIA, THE DIRECTOR OF COMMERCE, TWO MEMBERS OF THE CITY COUNCIL WHO IS DESIGNATED BY THE PRESIDENT OF CITY COUNCIL, THE DIRECTOR OF PLANNING & DEVELOPMENT, THE CITY SOLICITOR, THE MANAGING DIRECTOR, AND THE DIRECTOR OF FINANCE. 2) 9 CHAMBER OF COMMERCE DIRECTORS NOMINATED BY THE PRESIDENT OF THE GREATER PHILADELPHIA CHAMBER OF COMMERCE. 3) 13 PUBLIC DIRECTORS AS NOMINATED JOINTLY BY THE PRESIDENT OF THE GREATER PHILADELPHIA CHAMBER OF COMMERCE AND THE DIRECTOR OF COMMERCE OF THE CITY OF PHILADELPHIA. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO APPROVAL THE BOARD OF DIRECTORS (COMPRISED OF THE 30 MEMBERS) IS AUTHORIZED TO APPROVE BY APPROPRIATE RESOLUTION THE PURCHASE, SALE, LEASE, MORTGAGE PLEDGE, OR OTHER DISPOSAL OF REAL ESTATE AND THE BORROWING OF MONEY FOR THAT PURPOSE. IN ADDITION, BETWEEN THE TIMES OF THE BOARD OF DIRECTORS MEETINGS, THE EXECUTIVE COMMITTEE HAS THE RIGHT TO EXERCISE THE AUTHORITY OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE CONSISTS OF 17 DIRECTORS INCLUDING THE EIGHT (8) CITY DIRECTORS AND NINE (9) CHAMBER DIRECTORS WHO ARE NAMED TO THE BOARD OF DIRECTORS. THE CHAIRMAN OF THE BOARD OF DIRECTORS IS ALSO THE CHAIRMAN OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS PIDC'S ACCOUNTING & FINANCE TEAM ASSEMBLES THE INFORMATION FOR THE FORM 990. THE FORM 990 IS REVIEWED INTERNALLY AND IS PREPARED AND REVIEWED BY PIDC'S OUTSIDE TAX ADVISORS. THE FORM 990 IS REQUIRED TO BE REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. THE FORM 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT ALL DIRECTORS OF THE ORGANIZATION MUST DISCLOSE THE NATURE AND EXTENT OF ANY INTERESTS, DIRECT OR INDIRECT, CONTACT, AND/OR ACTIVITY RELATED TO SUCH PROJECTS PROMOTED BY THE ORGANIZATION. NO DIRECTOR WHO HAS SUCH AN INTEREST CAN VOTE ON ANY MATTER RELATING TO IT. THE DISCLOSURE IS RETAINED IN THE MINUTE BOOK OF THE ORGANIZATION. IN ADDITION, PIDC HAS INCLUDED A CONFLICT OF INTEREST POLICY WITHIN THE PERSONNEL POLICY MANUAL, AND IS APPLICABLE TO ALL EMPLOYEES OF PIDC (AND ITS COMBINED ENTITIES, TOGETHER THE CORPORATION). FURTHER, ON A PERIODIC BASIS, THE CORPORATION REQUIRES THE OFFICERS OF THE CORPORATION TO DISCLOSE ANY CONFLICTED INTERESTS. FORM 990, PART VI, SECTION B, LINE 15A PROCESS FOR DETERMINING COMPENSATION THE COMPENSATION FOR PIDC'S CEO IS APPROVED BY THE COMPENSATION COMMITTEE, WHICH INCLUDES THE CHAIR OF THE BOARD OF DIRECTORS AND DESIGNATED BOARD MEMBERS APPOINTED BY THE CHAIR OF THE BOARD OF DIRECTORS. PIDC HAS ESTABLISHED A COMPENSATION PROGRAM TO ENSURE THE COMPENSATION, INCLUDING BONUSES PAID TO OFFICERS AND EMPLOYEES, IS FAIR, COMPETITIVE, AND REFLECTIVE OF EMPLOYEE'S ACTUAL PERFORMANCE. FOR PIDC'S SENIOR EXECUTIVES, THIS INCLUDES ESTABLISHING PERFORMANCE STANDARDS AT THE BEGINNING OF THE YEAR, WHICH ARE USED BY THE CEO TO MEASURE EACH EXECUTIVE'S PERFORMANCE AT YEAR END. PIDC PERIODICALLY PERFORMS PAY-RANGE SURVEYS OF OTHER COMPARABLE EMPLOYERS AND MONITORS TRENDS IN COMPENSATION. IN ADDITION, THE COMPENSATION STRUCTURE EMBEDS A RISK BASED COMPONENT THAT CONSIDERS ACHIEVEMENT OF PERFORMANCE GOALS. FORM 990, PART VI, SECTION C, LINE 19 PIDC FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS (INCLUDING THE CONFLICT OF INTEREST POLICY) ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN PENSION AND POSTRETIREMENT BENEFIT OTHER THAN NET PERIODIC COST 1,733,997. PIDC- DEVELOPMENT MANAGEMENT CORPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 232176818 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A N/A 0 PIDC- FINANCING CORPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 364665239 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A N/A 0 PIDC- LOCAL DEVELOPMENT CORPORATION 1500 MARKET STREET PHILADELPHIA PA 19102 300598934 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A N/A 0 PIDC COMMUNITY CAPITAL 1500 MARKET STREET PHILADELPHIA PA 19102 232889102 ECONOMIC DEVELOPMENT PA 501(C)(3) 12 TYPE I PIDC 1 PIDC- PENN VENTURE FUND 1500 MARKET STREET PHILADELPHIA PA 19102 271585341 ECONOMIC DEVELOPMENT PA 501(C)(4) N/A N/A 0 PIDC RDC NEW MARKETS LLC 1500 MARKET STREET PHILADELPHIA PA 19102 261488016 ECONOMIC DEVELOPMENT DE PIDC COMMUNITY CAPITAL RELATED 0 0 1.00000 PIDC REGIONAL CAPITAL CORP 1500 MARKET STREET PHILADELPHIA PA 19102 231334179 ECONOMIC DEVELOPMENT PA PIDC COMMUNITY CAPITAL C 1.00000 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 PIDC-COMMUNITY CAPITAL Q 2100000 CONTRACTUAL FEE