$18.1M in expenses

Support growth & resilience of businesses and developers (economic development)see schedule opidc and its affiliates (pidc community capital, pidc financing corporation, pidc local development corporation, pidc development management corporation and pidc pennventure fund) 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 theycreate jobs, build wealth for entrepreneurs, and stabilizeneighborhoods. Pidc also supports developers in financingcommunity-oriented projects. Through a variety of funding resources,educational programs, and one-on-one technical support, pidc fillscritical gaps for business owners and nonprofit leaders who lack accessto traditional capital. In addition, pidc & its affiliates support developers producing transformative projects that have a positive, lasting impact across thecity providing jobs, services, and amenities. In 2024, pidc originated $72.4 million in new loans to 69 small and mid-sized businesses, nonprofits, and developers through catalytic projects in neighborhoods in philadelphia. $13.8 million was invested in small businesses. $26.1 million was invested in commercial real estate businesses and 32.5 million was invested in new markets tax credits. 85% of all pidc core lending went to diverse/minority business enterprises. Pidc allocated $32.5m of new market tax credits to four high-impactprojects in philadelphia. The NMTC program is a us treasury programwhich utilizes federal tax credits to attract private investment inlow-income communities. These projects create quality jobs, provideessential goods and services, and stimulate additional investment inour neighborhoods. Pidc has won over $473 million in NMTC allocationbetween 2007 and 2024 and deployed $412.5 million in tax creditallocation since 2007. These projects have created over 5,300 jobs, provided essential goods and services , and have stimulated an additional $1.2 billion investment in our neighborhoods. In 2024, we continued our business support services educationalworkshops, one-on-one counseling, credit repair, and networking eventsdesigned to support business growth and connect philadelphia's small businesscommunity to trusted knowledge and resources via workshops.pidc business builder workshops are year-round workshops which providecritical business education to entrepreneurs and organizations fromevery industry. Pidc hosted 29 workshops with more than 700 hoursdedicated to coaching and consulting support for pidc clients. Topics included debt management, project oversight, buying and financing commercial real estate, federal government contracting, and business educationand mentoring programs.of the hosted 29 workshops, sixteen (16) were held in spanish whereby pidccontinued a series of spanish-language workshops, as started in 2022,as a part of pidc's strategy to better serve spanish-speakingentrepreneurs, one of the fastest growing business groups inphiladelphia. The series is part of pidc's business builder workshops.topics in the series included mental health, building credit, cityresources, buying and financing commercial real estate, leadership, and more.

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Invest in high impact revitalization (contract management)see schedule oin2024, pidc administered 186 grants totaling $163.5 million for projects onbehalf of the commonwealth of pennsylvania, city of philadelphia, andthe philadelphia water department. A grant funded by the pa office ofthe budget for the acquisition and construction of economicdevelopment, cultural, civic, recreational, and historical improvementprojects: welcome center at FDR park south philadelphiathrough the redevelopment assistance capital program (racp) program, pidc helped administer funding for the welcome center at FDR park, enhancing one of philadelphia's most beloved public spaces. This project transforms historic structures into a dynamic hub for visitors, providing essential amenities, community gathering spaces and a caf to support park programming and operations. By creating a dedicated space for local organizations, improving visitor services, and activating new revenue streams, the welcome center strengthens FDR park as a vibrant destination for recreation and cultural engagement. The project supports 75 construction jobs and 30 permanent positions, ensuring long-term economic and community benefits while preserving the park's historic character. Investing in public works and community development across the city:through local share account (lsa), a statewide program funded by the pa department of community and economic development (dced) that provides FPR the distribution of gaming revenues through the commonwealth financing authority (cfa) to support pa projects in the public interest: urban youth racing-spring garden. Through the lsa-statewide program, pidc helped administer funding for a projet that will allow for the purchase and outfitting of a mobile STEM truck designed to engage urban youthg racing students in inquiry-based learning, hands-on instruction, and project-based activities. The truck will facilitate experiential learning opportunities, allowing students to understand and apply theoretical STEM concepts in real-world scenarios. Through interactive lessons and activities, studens will explore science, techology, engineering, and mathematics in a dynamic and mobile learning environment. Stormwater management incentives program (smip) - a partnership with pidc and the philadelphia water department, that plays a critical role in improving the city's environment by funding the design and construction of stormwater retrofit projects across commercial, industrial, multifamily, and institutional properties, smip helps reduce pollution, mitigate flooding, and protect water quaility: project 1240 e. Erie avenue-juanita- one of the standout initiatives under smip is the stormwater retrofit at 1240 e. Erie avenue. This project will feature a subsurface stormwater basin designed to treat stormwater runoff from impervious surfaces. By reducing flow to the combined sewer systems, this project directly contributes to decreasing pollution discharged into rivers during rain events, fostering cleaner waterways for future generations.

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Catalyze opportunities for inclusive growthsee schedule ocatalyze opportunities for inclusive growth (formerly propertymanagement): pidc seeks to transition underutilized assets intoproductive use brings new life to major areas of the city intransition, creates jobs, and develops the next generation ofjob-creating real estate. While land sales were limited this year, itwas an active year for commercial and industrial land sales as pidccontinued to position land for development at the navy yard and on thelower schuylkill river, with activity ramping up over the next fewyears.over the last decade pidc has worked to assemble and remediate 60 acresof contaminated industrial land along the western bank of theschuylkill river in southwest philadelphia. A total of 20 acres havebeen given to the city for public open space and extensions of theschuylkill river trail. For the remaining two sites totaling 40 acres,which are known as bartram's north and south due to their locationadjacent to historic bartram's garden, pidc remains committed to transforming 40 riverfront acres along the lower schuylkill river into a world-class urban campus for modern manufacturing, supporting up to one million square feet a development project marketed as the lower schuylkill innovation campus (formerly lower schuylkill biotech campus). Despite shifting economic conditions and capital market trends, pidc continutes to work on preparing the site for future development, ensuring it is shovel-ready by continuing land remediation, enhancing infrastructure, and improving connectivity with nearby communities. Future plans will consider additional innovative advanced manufacturing uses while prioritizing job creation accessible to southwest philadelphia residents, particularly those without college degrees. At the navy yard, 2024 pidc and developer partners ensemble/mosaiccontinued to implement the updated navy yard plan released in summer2022. During 2024 new buildings, new businesses, and new high-quality jobs for philadelphians were delivered by pidc and our development partners at ensemble /mosaic. Navy yard's successful transition into one of the city's strongest economic hubs with 150 businesses and over 16,500 employees, setting forth an achievable vision for doubling employment over the next 20 years, delivering $6 billion of new investment and development to the city, and creating philadelphia's newest waterfront neighborhood with mixed-income residential opportunities and high-quality public spaces. The navy yard continues to attract top businesses, welcoming biotech firm biomerieux and its $125 million molecular and genomic innovation center in 2024. Also, iovance, adaptimmune, and wuxi apptec secured FDA approvals for the delivery of groundbreaking cancer therapies in 2024, reinforcing the navy yard's position as a national leader in advanced life sciences. Axalta established its global headquarters at its navy yard innovation center, and small businesses thrived, with ehs technologies landing a $73.3 million contract with the department of defense that will allow them to create more jobs and expand office space.