2025-11-17T12:04:37-06:00 2024-12-31 991856619 GRANT THORNTON ADVISORS LLC 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2024-01-01 236050858 PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION PHIL 2154968020 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 AMY C LEICHNER EVP & CFO 2154968136 2025-11-17 1 0 RUSSLEE ARMSTRONG P00288383 2155614200 2024 2025-03-06 01:10:19Z JODIE HARRIS 1500 MARKET STREET 3500W PHILADELPHIA PA 19102 28875003 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 48 30 0 0 1739689 13901096 18497092 14544587 351545 429320 383574 0 20971900 28875003 1623058 2302551 0 0 9591624 9188059 0 0 0 9873712 12702601 21088394 24193211 -116494 4681792 39947016 64901333 24352320 42361415 15594696 22539918 X SEE SCHEDULE O 0 0 18076191 2302551 3325648 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. 6303615 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. 4915324 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. 18076191 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 1 0 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 82 0 1 48 1 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 1 0 1 1 1 0 0 1 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 (THRU 6/24) 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 HONORABLE CINDY BASS DIRECTOR 0.20 0.55 X 0 0 0 EMILY BITTENBENDER DIRECTOR 0.20 0.55 X 0 0 0 ANNE BROOKS DIRECTOR 0.20 0.55 X 0 0 0 CHELLIE CAMERON DIRECTOR 0.20 1.30 X 0 0 0 CRAIG CARNAROLI DIRECTOR 0.20 0.55 X 0 0 0 DOMINIQUE CASIMIR DIRECTOR 0.05 0.08 X 0 0 0 FRED COSENZA DIRECTOR 0.05 0.08 X 0 0 0 HONORABLE MICHAEL DRISCOLL DIRECTOR 0.20 0.55 X 0 0 0 ROB DUBOW DIRECTOR 0.20 0.55 X 0 0 0 RENEE GARCIA ESQ DIRECTOR 0.20 0.55 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 LEROY JONES DIRECTOR 0.05 0.08 X 0 0 0 BRIAN KEECH DIRECTOR 0.05 0.08 X 0 0 0 JESSIE LAWRENCE DIRECTOR (THRU 10/24) 0.05 0.08 X 0 0 0 SUN LEE DIRECTOR (THRU 10/24) 0.05 0.08 X 0 0 0 JUAN LOPEZ DIRECTOR 0.20 1.30 X 0 0 0 ALBA MARTINEZ DIRECTOR 0.20 0.55 X 0 0 0 SUZANNE S MAYES ESQ DIRECTOR 0.20 0.55 X 0 0 0 JOHN MONDLAK DIRECTOR (THRU 10/24) 0.05 0.08 X 0 0 0 DOUGLAS OLIVER DIRECTOR 0.05 0.08 X 0 0 0 HONORABLE CHERELLE PARKER DIRECTOR 0.05 0.08 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 ADAM THIEL DIRECTOR 0.05 0.08 X 0 0 0 JODIE HARRIS PRESIDENT 24.50 13.00 X 341169 0 42010 SAMUEL RHOADS EXECUTIVE VICE PRESIDENT 24.50 13.00 X 290738 0 53376 AMY C LEICHNER EVP & CFO (START 9/25) 20.50 17.00 X 54743 0 5101 KATHLEEN MCNAMARA SENIOR VICE PRESIDENT 33.50 4.00 X 226899 0 73165 ILENE BURAK EXECUTIVE VICE PRESIDENT 33.50 4.00 X 224271 0 72708 THOMAS J DALFO SENIOR VICE PRESIDENT 33.50 4.00 X 210933 0 71956 LAWRENCE MCCOMIE SENIOR VICE PRESIDENT 24.50 13.00 X 217906 0 13214 MARLA HAMILTON SENIOR VICE PRESIDENT 37.50 0.00 X 209266 0 33175 SHAYNE MOORE SENIOR VICE PRESIDENT 33.50 4.00 X 207715 0 13033 MARQUIS T UPSHUR SENIOR VICE PRESIDENT 37.50 0.00 X 195998 0 58538 JENNIFER LUCAS CROWTHER SENIOR VICE PRESIDENT 14.50 23.00 X 161188 0 68899 KEVIN LESSARD VICE PRESIDENT 37.50 0.00 X 178724 0 30351 CHRISTOPHER CHAPLIN VICE PRESIDENT 33.50 4.00 X 156880 0 56012 HEATHER HANOWITZ VICE PRESIDENT 24.50 13.00 X 159308 0 29673 SCOTT DEVER VICE PRESIDENT 37.50 0.00 X 161428 0 8087 ANYA MORRISON DAVIS VICE PRESIDENT 33.50 4.00 X 138140 0 67936 3135306 0 697234 15 0 1 0 0 4400000 4000000 5501096 13901096 INVEST IN HIGH IMPACT 900099 6303615 6303615 CATALYZE GROWTH 900099 4915324 4915324 SUPPORT SMALL BUSINESS 900099 2383603 2383603 LOAN FEES 900099 942045 942045 14544587 429320 429320 28875003 14544587 0 429320 2302551 2302551 2826001 1630715 1195286 6362058 4019664 2342394 1067951 806041 261910 688435 85815 602620 202969 202969 502452 251226 251226 1122627 516408 606219 816224 751989 64235 CONDUIT EXPENSES 6306689 6306689 OTHER EXPENSES 1663876 1073715 590161 DIRECT CONTRACT EXPENSE 331378 331378 24193211 18076191 6117020 0 16102812 40413743 1211074 810381 1198807 307244 7266925 5867403 2203702 1399522 19230621 21970443 39947016 64901333 2540753 2682438 12604654 11196876 687622 287622 8519291 28194479 24352320 42361415 X 15594696 22539918 15594696 22539918 39947016 64901333 X 4681792 2263430 X 0 1 X 1 1 1 0 1 X 2245140 1807379 437761 961946 812941 149005 4059839 3247083 812756 1399522 DUE FROM RELATED PARTIES 21970443 21970443 DUE TO OTHER AGENCIES 727270 DUE TO RELATED PARTIES 21963104 LT OPERATING LEASE LIABILITY, NET 4848619 CURRENT OPERATING LEASE LIABILITY 655486 28194479 X 21637336 2263430 2263430 19373906 9501097 9501097 28875003 14692114 0 14692114 9501097 9501097 24193211 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 2021 REMAIN OPEN. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN PENSION AND POSTRETIREMENT BENEFIT OTHER THAN NET PERIODIC COST 2,263,430. PART XI, LINE 4B - OTHER ADJUSTMENTS: CONDUIT GRANTS NOT INCLUDED IN THE EXPENSE PER FINANCIAL STATEMENTS 9,501,097. PART XII, LINE 4B - OTHER ADJUSTMENTS: CONDUIT GRANTS NOT INCLUDED IN THE EXPENSE PER FINANCIAL STATEMENTS 9,501,097. 1 SUBMITTABLE HOLDINGS INC 111 NORTH HIGGINS AVE MISSOULA MT 59802 475485414 1552374 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT 1500 MARKET STREET PHILADELPHIA PA 19102 232237287 88444 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES MONTGOMERY COUNTY COMMERCE DEPT 1430 DEKALB STREET 5TH FLOOR NORRISTOWN PA 19404 232334149 87003 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES CHESTER COUNTY ECONOMIC DEV FOUNDATION 737 CONSTITUTION DRIVE EXTON PA 19341 236050858 80348 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES BUCKS COUNTY ECON DEV CORP 2 EAST COURT STREET DOYLESTON PA 18901 236050858 78964 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES ALVIN PETTIT STUDIO LLC 34 ASTOR PLACE JERSEY CITY NJ 07304 854176491 75000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES DELAWARE COUNTY EDOB 2 WEST BALTIMORE AVENUE SUITE 200 MEDIA PA 19063 232607596 67330 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES ECOMAP TECHNOLOGIES INC 2601 N HOWARD STREET BALTIMORE MD 21218 832655720 50000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GREATER BERKS DEV FUND 201 PENN STREET SUITE 500 READING PA 19601 236392284 46017 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES LIVE GIRLS BAND LLC 2008 W GIRARD AVE 3R PHILADELPHIA PA 19130 852274671 20000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GERMAN AMERICAN MARKETING INC 611 SPRING GARDEN STREET PHILADELPHIA PA 19123 263011491 18750 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES LANCASTER AVENUE 21ST CENTURY CDC 3500 LANCASTEER AVENUE PHILADELPHIA PA 19104 900502551 17000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES THE KNOWLEDGE FACTORY INC 501 EAST ARMSTRONG STREET PHILADELPHIA PA 19144 232966738 13000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES YIKES INC 916 S BODINE STREET PHILADELPHIA PA 19147 232940295 10432 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES PARKWAY COUNCIL FOUNDATION 2025 BENJAMIN FRANKLIN PARKWAY PHILADELPHIA PA 19130 232309992 10000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES CULTURE TRUST GREATER PHILADELPHIA 1315 WALNUT STREET PHILADELPHIA PA 19107 463109411 9985 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES GR PHILA CULTURAL ALLIANCE 1616 WALNUT STREET PHILADELPHIA PA 19103 231885448 9500 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES 1838 BLACK METROPOLIS 4537 CANNING AVENUE PENNSAULKEN NJ 08109 923293062 9000 0 ECONOMIC DEVELOPMENT AND SUPPORTING GROWING BUSINESSES 4 14 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 JODIE HARRIS PRESIDENT 314169 0 27000 0 0 0 21604 0 20406 0 383179 0 0 0 SAMUEL RHOADS EXECUTIVE VICE PRESIDENT 265738 0 25000 0 0 0 17423 0 35953 0 344114 0 0 0 KATHLEEN MCNAMARA SENIOR VICE PRESIDENT 215091 0 10000 0 1808 0 14449 0 58716 0 300064 0 0 0 ILENE BURAK EXECUTIVE VICE PRESIDENT 199804 0 17967 0 6500 0 13902 0 58806 0 296979 0 0 0 THOMAS J DALFO SENIOR VICE PRESIDENT 193912 0 17021 0 0 0 13171 0 58785 0 282889 0 0 0 MARQUIS T UPSHUR SENIOR VICE PRESIDENT 180030 0 15968 0 0 0 12358 0 46180 0 254536 0 0 0 MARLA HAMILTON SENIOR VICE PRESIDENT 192718 0 16548 0 0 0 12805 0 20370 0 242441 0 0 0 LAWRENCE MCCOMIE SENIOR VICE PRESIDENT 207906 0 10000 0 0 0 12722 0 492 0 231120 0 0 0 JENNIFER LUCAS CROWTHER SENIOR VICE PRESIDENT 151912 0 9276 0 0 0 10235 0 58664 0 230087 0 0 0 SHAYNE MOORE SENIOR VICE PRESIDENT 191747 0 15968 0 0 0 12541 0 492 0 220748 0 0 0 CHRISTOPHER CHAPLIN VICE PRESIDENT 149183 0 7697 0 0 0 9911 0 46101 0 212892 0 0 0 KEVIN LESSARD VICE PRESIDENT 168964 0 9760 0 0 0 11710 0 18641 0 209075 0 0 0 ANYA MORRISON DAVIS VICE PRESIDENT 129420 0 8720 0 0 0 9297 0 58639 0 206076 0 0 0 HEATHER HANOWITZ VICE PRESIDENT 151378 0 7930 0 0 0 9487 0 20186 0 188981 0 0 0 SCOTT DEVER VICE PRESIDENT 153928 0 7500 0 0 0 7674 0 413 0 169515 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. ON MAY 14, 2024, THE PIDC RETIREMENT COMMITTEE PASSED A RESOLUTION TO TERMINATE THE PLAN. ON JULY 31, 2024, THE PLAN ADOPTED AN AMENDMENT TO TERMINATE AND LIQUIDATE THE PLAN. ALL PARTICIPANTS WERE FULLY VESTED IN THEIR BENEFITS, WHICH WERE PAID OUT IN A LUMP SUM OR TRANSFERRED TO A NONPARTICIPATING SINGLE PREMIUM GROUP ANNUITY CONTRACT. 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. ONCE COMPLETE, THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE DRAFT FORM 990, AND ANY NECESSARY REVISIONS ARE MADE. THE FINAL VERSION IS PROVIDED TO THE FULL VOTING BOARD OF DIRECTORS PRIOR TO SUBMISSION TO THE INTERNAL REVENUE SERVICE. 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 AN ANNUAL 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 2,263,430. 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