Letter from the President of PIDC
Dear Prospective Investor,
PIDC's mission is to promote economic development in order to create and retain jobs throughout Philadelphia. PIDC is very excited about the new funding opportunities that prospective immigrant investors can bring to job creating Philadelphia businesses through the PIDC Regional Center. We have worked closely with CanAm Enterprises, LLC, the exclusive promoter of the PIDC Regional Center, for many years and are confident that together, we can provide exciting investment opportunities to fulfill both your immigration and investment goals.
As a major metropolitan city with many cultural advantages and growing strengths in key knowledge industries, Philadelphia is both a wonderful place to live or visit and an ideal site for business investment. I welcome you to visit Philadelphia, PIDC and the exciting investment projects offered by the PIDC Regional Center.
I look forward to your visit soon.
Sincerely yours,
Peter Longstreth
President
Overview
The Philadelphia Industrial Development Corporation (PIDC) is a private, not-for profit corporation, founded in 1958 as a joint venture of the City of Philadelphia and the Greater Philadelphia Chamber of Commerce to promote economic development throughout the city. PIDC's mission is to plan and implement economic development initiatives which retain and generate jobs throughout Philadelphia.
PIDC's primary strategy is to leverage diverse financing and real estate resources to retain and grow employment in Philadelphia. It helps public and private clients attain development goals through customized consulting services. PIDC also promotes large-scale neighborhood economic development through partnerships with established community organizations on neighborhood revitalization projects. Clients range from the traditional base of commercial and industrial businesses to the developers of large, public purpose facilities, in all neighborhoods of Philadelphia.
PIDC's Track Record
During its long, illustrious history, PIDC has effectively implemented the City’s economic development policies and priorities in accordance with the realities of the marketplace. Its public-private track record is impressive: 5,350 settled transactions (including $9 billion of financing, 1,950 acres of land sales, five million square feet of leased space) have leveraged over $15 billion in total project investment and have assisted in retaining and creating 444,000 jobs in Philadelphia.
Please visit PIDC's
website for more information.
To review PIDC's 2007 Annual Report, please click
here.
PIDC's Financing Programs
PIDC offers more than 20 loan and grant programs, largely funded by federal, state and local government sources. Although specific terms and conditions vary, most loan programs offer subordinated financing and below-market interest rates that are intended to encourage investment in Philadelphia. Use of loan funds is determined by the circumstances and may include real estate acquisition, construction, or machinery/equipment purchase. PIDC loan funds are usually leveraged with private debt and equity.
The Navy Yard
Major industrial and commercial real estate projects for Philadelphia are also administered and managed by PIDC. Properties in South Philadelphia include the 85-acre Defense Supply Center, the 50-acre Naval Hospital and 25-acre Capehart Homes. An important and ongoing land development project is the conversion of the military property formerly occupied by the U.S. Navy into the premier industrial park in Philadelphia; The Navy Yard at the Port of Philadelphia. Transferred to the City by the federal government in March 2000, The Navy Yard includes 1,000 acres and 6 million square feet of buildings.
Please visit the Navy Yard website for more information.
Board of Directors and Staff
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PIDC is governed by a thirty-member Board of Directors appointed by the Mayor of Philadelphia and the President of the Greater Philadelphia Chamber of Commerce, both of whom also sit on the PIDC Board. In addition to the Mayor, the President of the City Council, the Chair of the Planning Commission, the Managing Director of the City of Philadelphia, the City Solicitor, the Finance Director, and the Director of Commerce are all members of the PIDC Board. Eight Directors are appointed by the President of the Greater Philadelphia Chamber of Commerce and the remaining Directors are elected by the Board. PIDC has a staff of 55 full-time employees with a broad range of expertise in finance, real estate development and management and land use planning. |
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