2024-11-15T18:30:18-06:00 2023-12-31 991856619 GRANT THORNTON ADVISORS LLC 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2023-01-01 236050858 PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION PHIL 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 AMY C LEICHNER EVP & CFO 2154968136 2024-11-15 1 0 RUSSLEE ARMSTRONG P00288383 2155614200 2023 2024-10-15 13:58:12Z JODIE HARRIS 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 20971900 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 79 30 0 0 5226641 1739689 12484289 18497092 53314 351545 0 383574 17764244 20971900 2621480 1623058 0 0 7274501 9591624 0 0 0 8059315 9873712 17955296 21088394 -191052 -116494 41210831 39947016 26531931 24352320 14678900 15594696 X SEE SCHEDULE O 0 0 1257011 1623058 6289987 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 BUSINESSESTHE BACKBONE OF OUR ECONOMYBECAUSE 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 CITYPROVIDING JOBS, SERVICES, AND AMENITIES. IN 2023, PIDC ORIGINATED $57.5 MILLION IN NEW LOANS TO 69 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $35.6 MILLION WAS INVESTED IN MINORITY BUSINESSES. $11.5 MILLION WAS INVESTED IN WOMEN-OWNED BUSINESSES. 62% OF ALL PIDC CORE LENDING WENT TO DIVERSE/MINORITY BUSINESS ENTERPRISES. PIDC ALLOCATED $25.7M OF NEW MARKET TAX CREDITS TO FOUR (4) 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 2023 AND DEPLOYED $373 MILLION IN TAX CREDIT ALLOCATION SINCE 2007.IN 2023, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICESEDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, CREDIT REPAIR, AND NETWORKING EVENTSDESIGNED 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 47 WORKSHOPS WITH MORE THAN 700 HOURS DEDICATED TO COACHING AND CONSULTING SUPPORT FOR PIDC CLIENTS. 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. OF THE HOSTED WORKSHOPS, ELEVEN (11) WERE HELD IN SPANISH WHEREBY PIDC CONTINUED A SERIES OF SPANISH-LANGUAGE WORKSHOPS, AS STARTED IN 2022, 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. 12471120 0 2340461 INVEST IN HIGH IMPACT REVITALIZATION (CONTRACT MANAGEMENT)SEE SCHEDULE OINVEST IN HIGH IMPACT REVITALIZATION (FORMERLY CONTRACT MANAGEMENT): IN 2023, PIDC ADMINISTERED 126 GRANTS TOTALING $73 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: 2500 LEAGUE ISLAND BOULEVARD @ THE NAVY YARD, GATTUSO DEVELOPMENT PARTNERS RECENTLY DEVELOPED A STATE-OF-THE-ART BUILDING WITHIN THE LIFE SCIENCES DISTRICT AT THE NAVY YARD WITH THE SUPPORT OF A $5 MILLION THE REDEVELOPMENT CAPITAL ASSISTANCE PROGRAM GRANT FACILITATED THROUGH PIDC. THE NEW 130K SQUARE FOOT BUILDING WILL PROVIDE AN EFFICIENT, FLEXIBLE R&D AND PRODUCTION ENVIRONMENT TO ACCOMMODATE THE REGION'S EXPANDING LIFE SCIENCES SECTOR. INVESTING IN PUBLIC WORKS AND COMMUNITY DEVELOPMENT ACROSS THE CITY:THE FRANKFORD VALLEY FOUNDATION FOR LITERACY II @ TACONY ACADEMY CHARTER SCHOOL HAS GROWN OVER THE LAST FIFTEEN YEARS, DELIVERING A HIGH-QUALITY EDUCATION TO A DIVERSE POPULATION OF 1,100 K-12 STUDENTS IN NORTHEAST PHILADELPHIA. THE SOLID RECORD OF ACADEMIC ACHIEVEMENT HAS PROVEN POPULAR IN THE SURROUNDING NEIGHBORHOODS, AS EVIDENCED BY A WAITLIST OF NEARLY 8,000 STUDENTS AS OF FALL 2023. THE BOND FUNDING RECEIVED, FACILITATED BY PIDC, WERE USED TO PROVIDE VARIOUS CAPITAL IMPROVEMENTS TO THE RHAWN STREET FACILITY. 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 2023, PIDC STRUCTURED AND FACILITATED A STORMWATER MANAGEMENT PROJECT IN PHILADELPHIA FOR THE CHOCOLATE FACTORY @2201 MARGARET STREET. THE RUGGIERO PLANTE LAND DESIGN, LLC, A MULTI-DISCIPLINE WOMAN-OWNED CONSULTING FIRM THAT PROVIDES ENGINEERING, DESIGN, AND PLANNING SERVICES REQUIRED FOR SUCCESSFUL LAND DEVELOPMENT, AND SISTER COMPANY STORMWATER SOLUTIONS, LLC PROVIDED CONSTRUCTION SERVICES INCLUDING MAINTENANCE OF HUNDREDS OF STORMWATER SYSTEMS THROUGHOUT THE PHILADELPHIA REGION. THE 2.25-ACRE SITE AT 2201 MARGARET STREET IN FRANKFORD IS HISTORICALLY SIGNIFICANT AS IT WAS BUILT IN THE EARLY 1900'S TO SERVE AS A PLANT FOR THE BLUMENTHAL BROTHERS CHOCOLATE FACTORY. THE EXISTING BUILDING HAS BEEN RESTORED BY D3 DEVELOPMENT. RUGGIERO PLANTE LAND DESIGN, LLC INSTALLED A SUBSURFACE INFILTRATION STORMWATER BASIN TO CAPTURE AND TREAT STORMWATER RUNOFF FROM THE SITE. THIS ULTIMATELY WILL IMPROVE WATER QUALITY, ENHANCE GROUNDWATER RECHARGE, AND REDUCE THE BURDEN ON CITY SEWER INFRASTRUCTURE BY REDUCING FLOW IN THE PUBLIC SEWER CONVEYANCE SYSTEM AND REDUCING DEMAND AT THE SEWAGE TREATMENT PLANT. 974665 0 5697480 CATALYZE OPPORTUNITIES FOR INCLUSIVE GROWTHSEE SCHEDULE OCATALYZE OPPORTUNITIES FOR INCLUSIVE GROWTH (FORMERLY PROPERTY MANAGEMENT): 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, 2023 PIDC AND DEVELOPER PARTNERS ENSEMBLE/MOSAIC CONTINUE TO IMPLEMENT THE UPDATED NAVY YARD PLAN RELEASED IN SUMMER 2022, WHICH DETAILS A COMPREHENSIVE VISION THAT INCORPORATES, 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 INVESTMENTOF WHICH, $4.8 BILLION WILL BE GENERATED BY ENSEMBLE/MOSAIC'S DEVELOPMENT INITIATIVES.THE PLAN LEVERAGES SUSTAINED GROWTH IN ADVANCED LIFE SCIENCES COMPLEMENTED WITH RETAIL, HOSPITALITY, ADDITIONAL WELCOMING OPEN SPACES, EXPANDED TRANSIT OPTIONS, AND- FOR THE FIRST TIME SINCE THE MILITARY BASE CLOSURE-RESIDENTIAL UNITS. 14702796 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 0 0 1 125 0 1 79 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 AMY C LEICHNER EVP CFO 2154968136 1500 MARKET ST SUITE 3500 WEST PHILADELPHIA PA 19102 SALVATORE J PATTI CHAIR 0.20 1.30 X X 0 0 0 ANDREA ALLON VICE-CHAIR 0.20 1.30 X X 0 0 0 KEVIN R BOYLE SECRETARY 0.20 0.55 X X 0 0 0 MIGUEL ALBAN DIRECTOR 0.05 0.08 X 0 0 0 TUMAR ALEXANDER DIRECTOR 0.20 0.55 X 0 0 0 EMILY BITTENBENDER DIRECTOR 0.20 0.55 X 0 0 0 CRAIG R CARNAROLI DIRECTOR 0.20 0.55 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.05 0.08 X 0 0 0 DIANA P CORTES ESQ DIRECTOR 0.20 0.55 X 0 0 0 FRED COSENZA DIRECTOR 0.05 0.08 X 0 0 0 HONORABLE CURTIS JONES JR DIRECTOR 0.20 0.55 X 0 0 0 HONORABLE DARRELL L CLARKE DIRECTOR 0.20 0.55 X 0 0 0 ROB DUBOW DIRECTOR 0.20 0.55 X 0 0 0 ANNE FADULLON DIRECTOR 0.20 0.55 X 0 0 0 REGINALD C FULLER III DIRECTOR 0.05 0.08 X 0 0 0 JAY GOLDSTEIN DIRECTOR 0.20 1.30 X 0 0 0 JOVAN GOLDSTEIN DIRECTOR 0.05 0.08 X 0 0 0 LEE HUANG DIRECTOR 0.05 0.08 X 0 0 0 HONORABLE JAMES F KENNEY DIRECTOR 0.20 0.55 X 0 0 0 LEROY E JONES DIRECTOR 0.05 0.08 X 0 0 0 BRIAN T KEECH DIRECTOR 0.05 0.08 X 0 0 0 HONORABLE KENYATTA JOHNSON DIRECTOR 0.20 0.55 X 0 0 0 JUAN LOPEZ DIRECTOR 0.20 1.30 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.20 0.55 X 0 0 0 ELIZABETH A MURPHY DIRECTOR 0.05 0.08 X 0 0 0 ANNE K NADOL DIRECTOR 0.20 0.55 X 0 0 0 BRET PERKINS DIRECTOR 0.20 0.55 X 0 0 0 ANGELO PERRYMAN DIRECTOR 0.05 0.08 X 0 0 0 THOMAS AK QUEENAN DIRECTOR 0.05 0.08 X 0 0 0 WILLIAM R SAUTTER DIRECTOR 0.05 0.08 X 0 0 0 JODIE HARRIS PRESIDENT (START 06/2023) 24.50 13.00 X 188040 0 22126 SAM RHOADS EXECUTIVE VICE PRESIDENT 24.50 13.00 X 279745 0 57124 TIFFANY CANADY SVP - CFO 20.50 17.00 X 237312 0 60854 ILENE BURAK SVP AND GENERAL COUNSEL 33.50 4.00 X 217026 0 71701 KATHLEEN MCNAMARA EVP - THE NAVY YARD 33.50 4.00 X 213560 0 71518 SHAYNE MOORE SVP - INFORMATION TECHNOLGY 33.50 4.00 X 212382 0 13896 THOMAS DALFO SVP - REAL ESTATE SERVICES 33.50 4.00 X 203809 0 70632 MARLA HAMILTON SVP - CLIENT ENGAGEMENT 37.50 0.00 X 205850 0 32818 MARQUIS UPSHUR SVP - HUMAN RESOURCES 37.50 0.00 X 195890 0 58503 LAWRENCE MCCOMIE SVP AND CHIEF CREDIT OFFICER 24.50 13.00 X 202038 0 13105 JENNIFER LUCAS CROWTHER SVP- CAPITALIZATION & IMPACT 24.50 13.00 X 152110 0 67481 ANNE NEVINS PRESIDENT (THRU 01/2023) 30.00 7.50 X 83676 0 1712 CHRISTOPHER CHAPLIN VP - PORTFOLIO MANAGEMENT 33.50 4.00 X 156227 0 67852 NICOLE HENNESSY VP - CONTROLLER 37.50 0.00 X 152212 0 67770 ANYA DAVIS VP AND ASST GENERAL COUNSEL 33.50 4.00 X 135674 0 67100 KEVIN LESSARD VP, MARKETING & COMMUNICATIONS 37.50 0.00 X 147110 0 26625 ANGIE FREDRICKSON VP, REAL ESTATE 37.50 0.00 X 144959 0 8175 3127620 0 778992 16 0 1 0 0 1739689 1739689 SUPPORT SMALL BUSINESS 900099 7546899 7546899 CATALYZE GROWTH 900099 5527406 5527406 INVEST IN HIGH IMPACT 900099 5252714 5252714 LOAN FEES 900099 170073 170073 18497092 351545 351545 MISC INCOME 900099 383574 383574 383574 20971900 18497092 0 735119 1623058 1623058 2988989 1100202 1888787 5330519 3895462 1435057 326792 166385 160407 456556 218142 238414 488768 296670 192098 566400 520270 46130 316721 67172 249549 282412 282412 495662 225817 269845 1169409 531550 637859 819498 703797 115701 CONDUIT EXPENSES 4285795 4285795 OTHER EXPENSES 1743704 874365 869339 DIRECT CONTRACT EXPENSE 194111 194111 21088394 14702796 6385598 0 16633988 16102812 2608166 1211074 186496 1198807 6948477 4744775 3309894 2203702 18472287 19230621 41210831 39947016 2327719 2540753 11558324 12604654 770922 687622 11874966 8519291 26531931 24352320 X 14678900 15594696 14678900 15594696 41210831 39947016 X -116494 1032290 X 0 1 X 1 1 1 0 1 X 2218979 1490382 728597 685766 601361 84405 4043732 2653032 1390700 2203702 DUE FROM RELATED PARTIES 10660119 DUE FROM AFFILIATED ENTITIES 858291 PREPAID POSTRETIREMENT BENEFITS 2688706 RIGHT OF USE ASSET 5023505 19230621 DUE TO OTHER AGENCIES 1399242 DUE TO RELATED PARTIES 916545 LT OPERATING LEASE LIABILITY, NET 5501884 DUE TO AFFILIATED ENTITIES 48356 CURRENT OPERATING LEASE LIABILITY 653264 8519291 X 15058934 0 15058934 5912966 5912966 20971900 14143138 351545 351545 13791593 7296801 7296801 21088394 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 5,912,966. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT INCOME 351,545. PART XII, LINE 4B - OTHER ADJUSTMENTS: CONDUIT GRANTS NOT INCLUDED IN THE EXPENSE PER FINANCIAL STATEMENTS 7,296,801. 1 CITY OF PHILA (AVIATION) PHILA INTERNATIONAL AIRPORT EXECUTIVE OFFICETERMINAL D-E 3RD FL PHILADELPHIA PA 19153 987654321 691485 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES DVRPC 190 N INDEPENDENCE MALL WEST 8TH FLOOR PHILADELPHIA PA 19106 830961332 103000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES REDEVELOPMENT AUTHORITY COUNTY OF MONTGOMERY PO BOX 311 ATTN JOCELYN GALLAGHER NORRISTOWN PA 19404 236050622 99059 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES CHESTER COUNTY ECONOMIC 737 CONSTITUTION DRVIE ATTN MIKE GRIGALONIS EXTON PA 19341 231576225 92402 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES BUCKS COUNTY ECON DEV CORP 1260 ALMSHOUSE ROAD DOYLESTON DOYLESTON PA 18901 236003044 74309 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GREATER BERKS DEV FUND 606 COURT STREET READING PHILADELPHIA PA 19601 236392284 58073 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES THE KNOWLEDGE FACTORY INC 501 EAST ARMSTRONG STREET PHILADELPHIA PA 19144 232966738 27000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES STEEL CITY DISPLAYS LLC 121 GREEN TREE ROAD UNIT 1 PHOENIXVILLE PA 19460 208237207 25100 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES JEANNET K MULBAH BB INTERNATIONAL LLC 6510 WOODLAND AVENUE PHILADELPHIA PA 19142 154022184 25000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES KCK ACADEMY LLC 2101 S HICKS ST PHILADELPHIA PA 19145 455281905 24800 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GERMAN AMERICAN MARKETING 611 SPRING GARDEN STREET PHILADELPHIA PA 19123 263011491 21000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES SUBMITTABLE HOLDINGS IN 111 NORTH HIGGINS AVE SUITE 300 MISSOULA MT 59802 475485414 19869 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GREEN DISTRICT MEDIA 445 EAST SLOCUM STREET PHILADELPHIA PA 19119 822974625 17500 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES HERITAGE CONSERVATION CENTER 1405 S BROAD ST UNIT PHILADELPHIA PA 19147 921221062 16610 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES FCR CLEANING SERVICES L 3336 N MASCHER STREET PHILADELPHIA PA 19140 384102634 15000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES MOONSTONE ART CENTER 110 A S 13TH STREET PHILADELPHIA PA 19107 873945855 15000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES PIDC-COMMUNITY CAPITAL 1500 MARKET ST STE 3500 PHILADELPHIA PA 19102 222889102 12056 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES YIKES INC 916 S BODINE STREET PHILADELPHIA PA 19147 232940295 11160 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES SOUTH PHILLY ITALIAN KI 311 W MT PLEASANT AVE PHILADELPHIA PA 19119 833834232 10000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES LEGACY ATELIER 5535 LENA STREET PHILADELPHIA PA 19144 270038498 8000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES CULTURE TRUST GREATER C/O CULTURE WORKS GTR PHILADELPHIA 1315 WALNUT STREET SUITE 320 PHILADELPHIA PA 19107 463109411 6500 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES PARKWAY COUNCIL FOUNDATION 2025 BENJAMIN FRANKLIN PARKWAY PHILADELPHIA PA 19130 232309992 6000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES REPLICA CREATIVE 1516 N 5TH STREET STE 302 PHILADELPHIA PA 19122 271267024 5832 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES LIFELINE MUSIC COALITION 63 W WASHIINGTON LANE PHILADE PHILADELPHIA PA 19144 352213500 5500 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES 0 24 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 SAM RHOADS EXECUTIVE VICE PRESIDENT 244745 0 35000 0 0 0 17100 0 40024 0 336869 0 0 0 TIFFANY CANADY SVP - CFO 202312 0 35000 0 0 0 14700 0 46154 0 298166 0 0 0 ILENE BURAK SVP AND GENERAL COUNSEL 193505 0 17021 0 6500 0 13556 0 58145 0 288727 0 0 0 KATHLEEN MCNAMARA EVP - THE NAVY YARD 190908 0 22652 0 0 0 13373 0 58145 0 285078 0 0 0 THOMAS DALFO SVP - REAL ESTATE SERVICES 187684 0 16125 0 0 0 12843 0 57789 0 274441 0 0 0 MARQUIS UPSHUR SVP - HUMAN RESOURCES 174884 0 21006 0 0 0 12401 0 46102 0 254393 0 0 0 MARLA HAMILTON SVP - CLIENT ENGAGEMENT 190172 0 15678 0 0 0 12486 0 20332 0 238668 0 0 0 SHAYNE MOORE SVP - INFORMATION TECHNOLGY 191376 0 21006 0 0 0 12872 0 1024 0 226278 0 0 0 CHRISTOPHER CHAPLIN VP - PORTFOLIO MANAGEMENT 145029 0 11198 0 0 0 9908 0 57944 0 224079 0 0 0 NICOLE HENNESSY VP - CONTROLLER 147212 0 5000 0 0 0 9866 0 57904 0 219982 0 0 0 JENNIFER LUCAS CROWTHER SVP- CAPITALIZATION & IMPACT 139720 0 12390 0 0 0 9868 0 57613 0 219591 0 0 0 LAWRENCE MCCOMIE SVP AND CHIEF CREDIT OFFICER 187084 0 14954 0 0 0 12081 0 1024 0 215143 0 0 0 JODIE HARRIS PRESIDENT (START 06/2023) 188040 0 0 0 0 0 10188 0 11938 0 210166 0 0 0 ANYA DAVIS VP AND ASST GENERAL COUNSEL 125276 0 10398 0 0 0 9200 0 57900 0 202774 0 0 0 KEVIN LESSARD VP, MARKETING & COMMUNICATIONS 147110 0 0 0 0 0 8012 0 18613 0 173735 0 0 0 ANGIE FREDRICKSON VP, REAL ESTATE 138720 0 6239 0 0 0 7312 0 863 0 153134 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 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. 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 18 PIDC MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS. 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 1,032,290. 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 CONTRACTUAL FEE