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 300598934 PIDC-LOCAL DEVELOPMENT CORPORATION PIDC 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 AMY C LEICHNER EVP AND 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 9742512 0 X WWW.PIDCPHILA.COM X 1977 PA SEE SCHEDULE O. 30 30 0 30 0 0 5294137 2050625 5071344 4896014 1139421 2795873 0 0 11504902 9742512 1585007 1828357 0 0 0 0 0 0 0 900817 26971063 2485824 28799420 9019078 -19056908 223227512 203539067 130920279 130288742 92307233 73250325 X SEE SCHEDULE O.PIDC-LDC ADMINISTERS, AS A SUBRECIPIENT OF THE CITY OF PHILADELPHIA, VARIOUS FEDERALLY FUNDED GRANT PROGRAMS, INCLUDING COMMUNITY DEVELOPMENT BLOCK GRANTS, HOUSING AND URBAN DEVELOPMENT LOANS, AND ECONOMIC DEVELOPMENT ADMINISTRATION LOANS. THESE PROGRAMS ASSIST IN THE ECONOMIC DEVELOPMENT INITIATIVES OF THE CITY OF PHILADELPHIA. 0 0 23579933 1077542 125004 SUPPORT GROWTH & RESILIENCE OF BUSINESSES AND DEVELOPERS: PIDC-LDC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSESTHE BACKBONE OF OUR ECONOMYBECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. PIDC-LDC ALSO SUPPORTS DEVELOPERS IN FINANCING COMMUNITY-ORIENTED PROJECTS. THROUGH A VARIETY OF FUNDING RESOURCES, EDUCATIONAL PROGRAMS, AND ONE-ON-ONE TECHNICAL SUPPORT, PIDC-LDC FILLS CRITICAL GAPS FOR BUSINESS OWNERS AND NONPROFIT LEADERS WHO LACK ACCESS TO TRADITIONAL CAPITAL. IN ADDITION, PIDC-LDC SUPPORTS 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- LDC PROVIDES FINANCING SOLUTIONS FOR SMALL BUSINESSES AND NONPROFITS SEEKING TO PURCHASE NEW OR REAL ESTATE TO BUILD WEALTH, LIMIT DISPLACEMENT, AND SUPPORT LONG-TERM GROWTH IN PHILADELPHIA. 5183515 750815 4721010 INVESTING IN HIGH IMPACT REVITALIZATION: PIDC-LDC PLAYS A CRITICAL ROLE AS A TRUSTED CONDUIT TO INCREASE ACCESS, REDUCE COMPLEXITY, AND SUCCESSFULLY DELIVER ECONOMIC DEVELOPMENT RESOURCES FROM OUR PARTNERS TO A BROAD RANGE OF CLIENTS TO SUPPORT HIGH IMPACT COMMUNITY REVITALIZATION PROJECTS IN PHILADELPHIA. PIDC-LDC STRUCTURES AND DEPLOYS PUBLIC AND PRIVATE CAPITAL FOR CLIENTS AND PROJECTS BY ADMINISTERING GRANT PROGRAMS ON BEHALF OF THE CITY AND COMMONWEALTH AND ISSUING TAX-EXEMPT BONDS TO HELP NONPROFITS RAISE PRIVATE CAPITAL FOR MAJOR PROJECTS. 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. DURING 2023, PIDC-LDC CONTINUED ITS ADMINISTRATION OF THE PHILADELPHIA WATER DEPARTMENT GREEN INFRASTRUCTURE GRANT, WHICH PROVIDES FUNDS FOR THE DESIGN AND CONSTRUCTION OF STORMWATER RETROFIT PROJECTS ON COMMERCIAL, INDUSTRIAL, MULTIFAMILY, AND INSTITUTIONAL PROPERTIES. 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. 50000 CONTRACT MANAGEMENT:MANAGE VARIOUS LOANS AND GRANT PROGRAMS ON BEHALF OF THE CITY OF PHILADELPHIA, COMMONWEALTH OF PENNSYLVANIA AND FEDERAL AGENCIES THAT SERVE TO RETAIN AND GROW EMPLOYMENT IN PHILADELPHIA. 28763448 0 0 0 0 0 0 0 0 0 0 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 1 1 0 0 1 0 0 0 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 0 0 0 PA X AMY C LEICHNER 2154968136 1500 MARKET STREET SUITE 3500 WEST PHILADELPHIA PA 19102 SALVATORE J PATTI CHAIR 0.50 37.50 X X 0 0 0 ANDREA ALLON VICE-CHAIR 0.50 37.50 X X 0 0 0 KEVIN R BOYLE SECRETARY 0.50 37.50 X X 0 0 0 MIGUEL ALBAN DIRECTOR 0.05 37.95 X 0 0 0 TUMAR ALEXANDER DIRECTOR 0.50 37.50 X 0 0 0 EMILY BITTENBENDER DIRECTOR 0.50 37.50 X 0 0 0 CRAIG CARNAROLI DIRECTOR 0.50 37.50 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.05 37.95 X 0 0 0 DIANA CORTES ESQUIRE DIRECTOR 0.50 37.50 X 0 0 0 FRED COSENZA DIRECTOR 0.05 37.95 X 0 0 0 HONORABLE CURTIS JONES JR DIRECTOR 0.50 37.50 X 0 0 0 HONORABLE DARRELL L CLARKE DIRECTOR 0.50 37.50 X 0 0 0 ROB DUBOW DIRECTOR 0.50 37.50 X 0 0 0 ANNE FADULLON DIRECTOR 0.50 37.50 X 0 0 0 REGINALD C FULLER III DIRECTOR 0.05 37.95 X 0 0 0 JAY GOLDSTEIN DIRECTOR 0.50 37.50 X 0 0 0 JOVAN GOLDSTEIN DIRECTOR 0.05 37.95 X 0 0 0 LEE HUANG MPA DIRECTOR 0.05 37.95 X 0 0 0 HONORABLE JAMES F KENNEY DIRECTOR 0.50 37.50 X 0 0 0 LEROY JONES DIRECTOR 0.05 37.95 X 0 0 0 BRIAN T KEECH DIRECTOR 0.05 37.95 X 0 0 0 HONORABLE KENYATTA JOHNSON DIRECTOR 0.50 37.50 X 0 0 0 JUAN LOPEZ DIRECTOR 0.50 37.50 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.50 37.50 X 0 0 0 ELIZABETH MURPHY DIRECTOR 0.05 37.95 X 0 0 0 ANNE K NADOL DIRECTOR 0.50 37.50 X 0 0 0 BRET PERKINS DIRECTOR 0.50 37.50 X 0 0 0 ANGELO PERRYMAN DIRECTOR 0.05 37.95 X 0 0 0 THOMAS AK QUEENAN DIRECTOR 0.05 37.95 X 0 0 0 WILLIAM R SAUTTER DIRECTOR 0.05 37.95 X 0 0 0 JODIE HARRIS PRESIDENT (START 06/2023) 4.50 33.50 X 0 188040 22126 SAM RHOADS EXECUTIVE VICE PRESIDENT 4.50 33.50 X 0 279745 57124 TIFFANY CANADY SVP - CFO 7.00 31.00 X 0 237312 60854 ILENE BURAK SVP AND GENERAL COUNSEL 1.50 36.50 X 0 217026 71701 KATHLEEN MCNAMARA EVP - THE NAVY YARD 4.00 34.00 X 0 213560 71518 SHAYNE MOORE SVP - INFORMATION TECHNOLGY 4.00 34.00 X 0 212382 13896 THOMAS DALFO SVP - REAL ESTATE SERVICES 3.00 35.00 X 0 203809 70632 MARLA HAMILTON SVP - CLIENT ENGAGEMENT 0.10 38.00 X 0 205850 32818 MARQUIS UPSHUR SVP - HUMAN RESOURCES 0.10 38.00 X 0 195890 58503 LAWRENCE MCCOMIE SVP AND CHIEF CREDIT OFFICER 4.50 33.50 X 0 202038 13105 CHRISTOPHER CHAPLIN VP - PORTFOLIO MANAGEMENT 4.00 34.00 X 0 156227 67852 JENNIFER LUCAS CROWTHER SVP- CAPITALIZATION & IMPACT 4.50 33.50 X 0 152110 67481 NICOLE HENNESSY VP - CONTROLLER 0.10 38.00 X 0 152212 67770 ANYA DAVIS VP AND ASST GENERAL COUNSEL 1.50 36.50 X 0 135674 67100 KEVIN LESSARD VP - REAL ESTATE SERVICES 0.10 38.00 X 0 147110 26625 HEATHER HANOWITZ SVP - MARCOMM & GOVT AFFAIRS 4.50 33.50 X 0 130646 28133 ANGIE FREDRICKSON VP & MANAGING DIRECTOR OF LENDING 0.10 38.00 X 0 144959 8175 ANNE NEVINS PRESIDENT (THRU 01/2023) 4.50 33.50 X 0 83676 1712 0 3258266 807125 0 0 1 0 0 2050625 2050625 ECONOMIC DEVELOPMENT 900099 4721010 4721010 INVSTMT-REVITALIZATION 900099 125004 125004 CONTRACT MANAGEMENT 900099 50000 50000 4896014 2643429 2643429 152444 0 152444 152444 152444 9742512 4896014 0 2795873 1828357 1828357 950000 950000 1664908 1664908 27255 27255 IMPACT OF ASC ADOPTION 21790101 21790101 DIRECT CONTRACT EXPENSE 2158920 2158920 BANK FEES 379879 343907 35972 28799420 28763448 35972 0 55010089 55881607 40311989 40655382 1976807 2615255 104627493 81732342 1237784 1159058 20063350 21495423 223227512 203539067 1488309 2283667 7595930 10777535 57152411 46568694 64683629 70658846 130920279 130288742 X 92307233 73250325 92307233 73250325 223227512 203539067 -19056908 0 X 0 1 X 1 1 1 0 DUE FROM RELATED PARTIES 21030135 DEFERRED LOAN FEES 172296 ACCRUED INTEREST RECEIVABLE 292992 21495423 DUE TO AFFILIATED ENTITIES 5241130 DUE TO OTHER AGENCIES 65103862 DUE TO RELATED PARTIES 313854 70658846 X 9742512 0 9742512 0 9742512 28799420 0 28799420 0 28799420 PART X, LINE 2: FIN48 (ASC740) THE CORPORATION 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 A 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. THE CORPORATION DOES NOT BELIEVE ITS COMBINED FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS; AS SUCH, NO PROVISION IS RECORDED IN THE COMBINED STATEMENTS OF ACTIVITIES. PIDC AND ITS COMBINED ENTITIES ARE 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 2020 REMAINS OPEN. 1 CHAMBER OF COMMERCE FOR 200 SOUTH BROAD STREET PHILADELPHIA PA 191023813 230969030 75000 0 NON-PASS-THROUGH INSUK LEE 4700 BALTIMORE AVE PHILADELPHIA PA 19143 187706221 35000 0 PASS- THROUGH EXPRESS GRAPHICS & PRINTING 7104 RISING SUN AVE PHILADELPHIA PA 19120 452865397 35000 0 PASS- THROUGH PROMISE & POSSIBILITIES 5920 ADDISON ST PHILADELPHIA PA 19143 453162777 35000 0 PASS- THROUGH THE PHILLY SHOPS LLC 228 SOUTH 40TH STREET UNIT 31998 PHILADELPHIA PA 19104 475115179 35000 0 PASS- THROUGH FOUR SEASON NAIL AND SPA 2651 S 9TH STREET PHILADELPHIA PA 19148 853385083 35000 0 PASS- THROUGH MJ PHL ASSOCIATES LLC 327 WEST YORK ST PHILADELPHIA PA 19133 884107967 35000 0 PASS- THROUGH AKWAABA TEA ROOM LLC 3811 LANCASTER AVENUE PHILADELPHIA PA 19104 923228268 35000 0 PASS- THROUGH FATHER & SON CONSTRUCTI 1630 WELSH RD UNIT G58 PHILADELPHIA PA 19115 944370432 33215 0 PASS- THROUGH FRANKFORD COMMUNITY DEV 4667-69 PAUL STREET PHILADELPHIA PA 19124 232738932 32290 0 PASS- THROUGH DAAIYAH'S DELICIOUS 5052 GERMANTOWN AVE PHILADELPHIA PA 19131 834160093 30000 0 PASS- THROUGH COLETTE FU 200 CHRISTIAN ST UNIT 32 PHILADELPHIA PA 19147 153489029 27000 0 PASS- THROUGH FLORANGEL DELACRUZ PHILADELPHIA PHILADELPHIA PA 19123 384042427 25000 0 PASS- THROUGH STYLED BY A GODDESS 143 S 60TH STREET PHILADELPHIA PA 19139 811606726 25000 0 PASS- THROUGH VACETIME LLC 5134 KNOX STREET PHILADELPHIA PA 19144 832649344 25000 0 PASS- THROUGH LEARNING MY WAY MONTESS 6341 GERMANTOWN AVENUE PHILADELPHIA PA 19144 843897522 25000 0 PASS- THROUGH B&A DUBAI BEAUTY FASHION 6116 KINGSESSING AVE PHILADELPHIA PA 19142 882714434 25000 0 PASS- THROUGH THE ENTERPRISE CENTER 4548 MARKET STREET PHILADELPHIA PA 19139 300002632 22213 0 PASS- THROUGH FATU KOUYATEH 7252 SAYBROOKS AVENUE PHILADELPHIA PA 19142 694012796 20000 0 PASS- THROUGH GRANT BLVD LLC 3605 LANCASTER AVE PHILADELPHIA PA 19104 823208401 18000 0 PASS- THROUGH LEONALDO JIMENEZ 2263 N HOWARD STREET PHILADELPHIA PA 19133 597189231 16500 0 PASS- THROUGH NYAMA FOFANA 5511 CHESTER AVENUE PHILADELPHIA PA 19143 877382815 16000 0 PASS- THROUGH MADAMA SHERIFF 6817 GUYER AVE PHILADELPHIA PA 19142 184800827 15000 0 PASS- THROUGH WEXLER GALLERY 1811 FRANKFORD AVE PHILADELPHIA PA 19125 232933012 15000 0 PASS- THROUGH SHIFT PROPERTY MANAGEME 3525 I STREET PHILADELPHIA PA 19134 463015219 15000 0 PASS- THROUGH LINDA WATSON 6102 SPRUCE STREET PHILADELPHIA PA 19104 465372637 15000 0 PASS- THROUGH CHERISH LLC 7060 GERMANTOWN AVE PHILADELPHIA PA 19119 852630073 15000 0 PASS- THROUGH PERFECTION LLC 2524-26 N 27TH STREET PHILADELPHIA PA 19132 883004903 15000 0 PASS- THROUGH CONTENDERS BARBERSHOP 5415 MARKET STREET PHILADELPHIA PA 19139 383810187 14614 0 PASS- THROUGH HUMAN RESOURCES MANAGER 6375 WCOLUMBIA AVENUE PHILADELPHIA PA 19151 200060756 13000 0 PASS- THROUGH INDEPENDENCE BUSINESS A 230 S BROAD STREET 17TH FLOOR PHILADELPHIA PA 19102 200060756 12500 0 NON-PASS-THROUGH PATRICIA HAGGARD 5642 LANSDOWNE AVE PHILADELPHIA PA 19131 197566722 11497 0 PASS- THROUGH KCK ACADEMY LLC 2101 S HICKS ST PHILADELPHIA PA 19145 455281905 10200 0 PASS- THROUGH TORYALAY AZIME 423 SELMA STREET PHILADELPHIA PA 19116 189764275 10000 0 PASS- THROUGH ZONA DE ENVIOS INTERNAC 462 W LEHIGH AVE PHILADELPHIA PA 19133 204297945 10000 0 PASS- THROUGH FAMOIJAN & SON TAX SERV 5530 CHESTER AVENUE PHILADELPHIA PA 19143 270656051 10000 0 PASS- THROUGH HAWA AFRICAN MARKET LLC 6508 WOODLAND AVENUE PHILADELPHIA PA 19142 270656051 10000 0 PASS- THROUGH 6009 LANSDOWNE 1936 FEDERAL STREET PHILADELPHIA PA 19146 822508219 10000 0 PASS- THROUGH PRISTINE BEAUTY SPA INC 2346 E CLEARFIELD ST PHILADELPHIA PA 19134 833665035 10000 0 PASS- THROUGH SAHARA ECO RESTAURANT 6528 WOODLAND AVE PHILADELPHIA PA 19142 854372439 10000 0 PASS- THROUGH AMELIA BOHN 5405 CHRISTIAN STREET PHILADELPHIA PA 19143 871135981 10000 0 PASS- THROUGH MOY DEVELOPMENT & INVES 3166 MEMPHIS ST PHILADELPHIA PA 19134 881694200 10000 0 PASS- THROUGH PACHA BARBER SHOP LLC 505 RISING SUN AVENUE PHILADELPHIA PA 19140 922742143 10000 0 PASS- THROUGH CARTESIAN BREWING LLC 1631 S ORKNEY STREET PHILADELPHIA PA 19148 814638447 8583 0 PASS- THROUGH GROOVE HOUND 2236 FRANKFORD AVE PHILADELPHIA PA 19125 262716677 8224 0 PASS- THROUGH FATU BRAIDING CENTER LLC 6544 WOODLAND AVENUE PHILADELPHIA PA 19142 920976691 7500 0 PASS- THROUGH ODD ONE LLC 1253 E SYYDNEY STREE PHILADELPHIA PA 19150 822894673 7144 0 PASS- THROUGH JERRYS THREE LLC 2064 E BOSTON STREET PHILADELPHIA PA 19125 874781987 6250 0 PASS- THROUGH LYN OBRIEN-MCDEVITT 5620 RIDGE AVENUE PHILADELPHIA PA 19128 861253432 6003 0 PASS- THROUGH OWNER'S REP 137 N 4TH STREET PHILADELPHIA PA 19106 201897969 6000 0 PASS- THROUGH DA PHIM 8758 FRANKFORD AVE PHILADELPHIA PA 19136 164669760 5184 0 PASS- THROUGH 0 51 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANTS IN THE UNITED STATES PIDC-LDC HAS CONTROLS IN PLACE TO ENSURE GRANT PROCEEDS WILL BE USED AND DISTRIBUTED 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. 0 0 0 0 0 0 0 0 0 SAM RHOADS EXECUTIVE VICE PRESIDENT 0 244745 0 35000 0 0 0 17100 0 40024 0 336869 0 0 TIFFANY CANADY SVP - CFO 0 202312 0 35000 0 0 0 14700 0 46154 0 298166 0 0 ILENE BURAK SVP AND GENERAL COUNSEL 0 193505 0 17021 0 6500 0 13556 0 58145 0 288727 0 0 KATHLEEN MCNAMARA EVP - THE NAVY YARD 0 190908 0 22652 0 0 0 13373 0 58145 0 285078 0 0 THOMAS DALFO SVP - REAL ESTATE SERVICES 0 187684 0 16125 0 0 0 12843 0 57789 0 274441 0 0 MARQUIS UPSHUR SVP - HUMAN RESOURCES 0 174884 0 21006 0 0 0 12401 0 46102 0 254393 0 0 MARLA HAMILTON SVP - CLIENT ENGAGEMENT 0 190172 0 15678 0 0 0 12486 0 20332 0 238668 0 0 SHAYNE MOORE SVP - INFORMATION TECHNOLGY 0 191376 0 21006 0 0 0 12872 0 1024 0 226278 0 0 CHRISTOPHER CHAPLIN VP - PORTFOLIO MANAGEMENT 0 145029 0 11198 0 0 0 9908 0 57944 0 224079 0 0 NICOLE HENNESSY VP - CONTROLLER 0 147212 0 5000 0 0 0 9866 0 57904 0 219982 0 0 JENNIFER LUCAS CROWTHER SVP- CAPITALIZATION & IMPACT 0 139720 0 12390 0 0 0 9868 0 57613 0 219591 0 0 LAWRENCE MCCOMIE SVP AND CHIEF CREDIT OFFICER 0 187084 0 14954 0 0 0 12081 0 1024 0 215143 0 0 JODIE HARRIS PRESIDENT (START 06/2023) 0 188040 0 0 0 0 0 10188 0 11938 0 210166 0 0 ANYA DAVIS VP AND ASST GENERAL COUNSEL 0 125276 0 10398 0 0 0 9200 0 57900 0 202774 0 0 KEVIN LESSARD VP - REAL ESTATE SERVICES 0 147110 0 0 0 0 0 8012 0 18613 0 173735 0 0 HEATHER HANOWITZ SVP - MARCOMM & GOVT AFFAIRS 0 125271 0 5375 0 0 0 8012 0 20121 0 158779 0 0 ANGIE FREDRICKSON VP & MANAGING DIRECTOR OF LENDING 0 138720 0 6239 0 0 0 7312 0 863 0 153134 0 0 PART I, LINE 3 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. 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 I, LINE 1 PIDC LOCAL DEVELOPMENT CORPORATION (PIDC-LDC) ADMINISTERS, AS A SUBRECIPIENT OF THE CITY OF PHILADELPHIA, VARIOUS FEDERALLY FUNDED GRANT PROGRAMS. THESE PROGRAMS ASSIST IN THE ECONOMIC DEVELOPMENT INITIATIVES OF THE CITY OF PHILADELPHIA. 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-LDC 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 ARE 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 SUPPORT 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 15 PROCESS FOR DETERMINING COMPENSATION AS STATED ABOVE, PIDC-LDC HAS NO EMPLOYEES. THE COMPENSATION FOR PIDC'S CEO IS APPROVED BY THE COMPENSATION COMMITTEE, WHICH INCLUDES THE CHAIRMAN OF THE BOARD OF DIRECTORS AND DESIGNATED BOARD MEMBERS APPOINTED BY THE CHAIRMAN OF THE BOARD OF DIRECTORS. AS STATED ABOVE, PIDC-LDC HAS NO EMPLOYEES. 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 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC 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 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC PIDC FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS (INCLUDING THE CONFLICT OF INTEREST POLICY) ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC. 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