bookmark_borderPhiladelphia Re-fi

PHILADELPHIA — Philadelphia’s Office of the City Treasurer led the sale of $154.275 million on general obligation refunding bonds. The refunding refinanced higher cost bonds issued in 2008, saving more than $1.375 million annually for the next 24 years.

The refunding was made possible by the City’s recent bond rating agency upgrades, including a two-notch rating upgrade by Standard & Poor’s Rating Services to A+ with a stable outlook in December 2013. For the first time since the 1970s, the City’s bond rating is in the A category by all of the major rating agencies.

“The success of this bond refunding is further proof that the City of Philadelphia is on the right track. We are focused on ensuring the current and future financial stability of the City,” said Mayor Nutter. “While our improved rating and the interest in our bonds clearly indicate the progress we have made, there is still more work to do. I want to thank City Treasurer Nancy Winkler and her team for their efforts.”

The City sought to refinance the bonds during the summer of 2013 when it was selling bonds for the capital program but chose to delay the refinancing due to insufficient savings.

“We know that January is often a very good time to sell municipal bonds. So, we decided to prepare in December and early January and to be ready to sell if the savings were substantial,” said Nancy Winkler. “The bond upgrades were important for the refinancing because we were able to increase investor participation. Taxpayers benefit when there is more demand for the City’s bonds.”

bookmark_borderPromise Zone

PHILADELPHIA, PA — The City of Philadelphia was one of three cities and a total of five areas selected for a Promise Zone designation, a federal initiative to accelerate revitalization efforts in targeted areas. The Promise Zone initiative is led by the White House with support from federal agencies, including the U.S. Department of Housing and Urban Development, U.S. Department of Agriculture, U.S. Department of Education and U.S. Department of Justice.

“Being selected as a Promise Zone is an important step in the transformation process for a neighborhood struggling with high poverty, high crime, high vacancy, low educational attainment and low employment rates,” said Mayor Michael A. Nutter. “Being a Promise Zone will enable the City to align existing resources and apply for new federal funding – building on efforts already at work – through a multi-faceted, focused approach. I want to thank President Obama and his Administration for this recognition and the opportunities it will provide.”

The Promise Zones designation provides a package of tools to help local leaders accelerate efforts to revitalize their communities. The designation:

· Creates a partnership between the federal government and local leaders who are addressing multiple community revitalization challenges with on-the-ground technical assistance to help navigate federal programs and regulations;
· Provides preference points on other federal grants and funding opportunities; and
· Will, if enacted by Congress, provide employer tax incentives to create jobs for Zone residents and attract private capital to disinvested places.

The Mayor’s Office of Community Empowerment and Opportunity (CEO), the City’s community action agency, will serve as the lead agency throughout the Promise Zone process.

“I am thrilled that the Promise Zone designation will provide federal agency support in helping us implement Shared Prosperity, our plan to fight poverty, and for this opportunity to assist residents of several West Philadelphia neighborhoods,” said Eva Gladstein, Executive Director, CEO.
The City’s selected Promise Zone is a nearly two-square mile area in West Philadelphia. Bordered by the Schuylkill River on the east, Girard Avenue on the north, 48th Street to the west and Sansom Street to the south, the Promise Zone is home to 35,315 residents.

“The Administration has created a wonderful opportunity for communities like Mantua to be revitalized, such as increasingly affordable housing and improving safety. Now with the Promise Zone designation, we will be able to bring more resources to our community to address a comprehensive range of issues,” said Michael Thorpe, Chairman of the Board, Mt Vernon Manor.

The proposal was a collaborative effort led by CEO. The Philadelphia Promise Zone plans to use the area’s assets, including its proximity to transportation, strong anchor institutions, the Lancaster Avenue commercial corridor, Fairmount Park and the Philadelphia Zoo, to support the creation of jobs, increase economic activity, improve educational opportunities, reduce violent crime, and leverage private investment in a defined geographic area of high need. The proposal will leverage more than $575 million in funding and anticipates future public and private investment of $250 million.

Implementation and supporting partners include Drexel University, Mt. Vernon Manor, Philadelphia LISC, People’s Emergency Center, Philadelphia School District, Philadelphia Redevelopment Authority, the City’s Commerce Department, Philadelphia Housing Authority, Office of Housing and Community Development and others. Fairmount Ventures and the Mayor’s Office of Grants supported the grant’s development.

“Drexel is a committed partner with the City, Mt Vernon Manor and PEC in this important work. We are proud to bring the full weight of our academic and institutional resources to support this West Philadelphia neighborhood,” added John Fry, President, Drexel University.

The White House intends to designate 20 Promise Zones across the country by the end of 2016.

bookmark_borderWhy Do Business in Philadelphia?

PHILADELPHIA, PA — Located midway between New York and Washington DC Philadelphia is a strategic location on the East Coast, and is at the center of a dynamic and thriving region of over 6.1 million people. We offer an ideal environment for established companies and entrepreneurs.

  • Philadelphia is the nation’s fifth largest city, with the third largest residential downtown in the country.
  • Compared to major peer cities in the northeast region, affordable Class A office rental rates, lower labor costs, and inexpensive cost of living, make Philadelphia a smart financial choice for your business location. Read more.
  • In partnership with the Philadelphia Industrial Development Corporation, the City works with companies of all types to offer resources and incentives for new and growing businesses in Philadelphia, including:
    • Low-cost financing and tax credits for job creation
    • Site selection assistance for publically owned properties
    • Assistance to support workforce recruiting and training

Call the Department of Commerce at 215.683.2100 or email startupphl@phila.gov for more details.

Key Sectors in Philadelphia

The City’s economy is anchored by a diverse set of industries, such as life sciences and healthcare, professional services, advanced manufacturing and logistics, hospitality and a growing startup community.

With tens of thousands of tech workers, Philadelphia’s tech scene is a tight-knit community that finds collaboration and innovation from within.
Philadelphia’s rich manufacturing heritage has developed into a diverse and sophisticated advanced manufacturing sector today.
Strong research infrastructure supports the nation’s 2nd largest Life Sciences clusters.
Our clean technology sector is supported by a network of private and public resources that attracts growing companies.
With one of the most vibrant art, theater, music and museum scenes in the country, private creative firms thrive in Philadelphia.
From automobiles to pharmaceuticals, diverse industries take advantage of Philadelphia’s transportation networks.
The City has made substantial investments in its convention and tourism infrastructure, driving private investment in hotels.
Revisions to City tax regulations have enhanced the business climate for investment companies.

International Business Attraction

The City of Philadelphia invites businesses from around the world to explore the many benefits of locating here. A diverse city with a growing international reputation of vibrancy and excellence, 17% of Philadelphia’s population are foreign-born or immigrants.

We play an integral part in attracting foreign business and investment and increasing opportunities for Philadelphia-based companies looking to expand abroad, whatever the size or industry. We provide comprehensive assistance through our strategic partnership with key partners such as the World Trade Center, Philadelphia Convention and Visitor Bureau, State of Pennsylvania, and International Visitors Council.

We can help you identify:

  • Best markets and networks
  • Trade leads
  • Investment opportunities
  • Financing Location Financial Incentives

Commerce also helps coordinate inbound and outbound trade missions for Philadelphia representatives, raising our profile among foreign investors and increase international business opportunities for Philadelphia businesses.