Mayor Nutter Welcomes Penn Capital To Philadelphia

Philadelphia, March 27 – Mayor Michael A. Nutter met today with representatives of PENN Capital Management Company, Inc., a financial firm that is re-locating its corporate headquarters to Philadelphia from Cherry Hill, New Jersey in summer 2009. Mayor Nutter met with Jerry McBride, Chief Financial Officer and Partner, and Christian Noyes, Senior Managing Partner and Director of Marketing and Client Services.

“I am delighted to welcome PENN Capital to Philadelphia,” said Mayor Nutter. “Even in these tough economic times our efforts to attract business and create jobs continue unabated and I am committed to establishing and maintaining Philadelphia as a premier location to do business in the United States.”

“The strategic location right between the Philadelphia International Airport and Center City Philadelphia will allow us greater access to management teams for research purposes. This, along with the convenience of location to receive clients, prospects, and consultants, all make The Philadelphia Navy Yard an outstanding location for our firm,” says Founder and CIO Richard Hocker.

The company, which currently employs around 60 people, has signed a 10 year lease with Liberty Property Trust for approximately 15,000 square feet of space in Three Crescent Drive, a new office building currently under construction. The company is using organizations either located in Philadelphia or with a business presence in the city to prepare the project.

As part of the City of Philadelphia’s effort to encourage growth and job creation, the Department of Revenue, in consultation with business leaders, continues to evaluate Philadelphia’s tax code to ensure that antiquated and outdated regulations are identified and improved. As the financial services sector evolves we are modernizing our tax structure to enhance Philadelphia’s competitiveness in attracting new firms and jobs and to help our current firms grow. Amendments to Philadelphia’s Business Privilege and Net Profits Tax regulations made in December 2008 related to certain pools of cash and securities now make Philadelphia an even more competitive business environment for financial sector firms.

PENN Capital Management Company, Inc., is an independent, 100% employee owned investment management firm that specializes in managing high yield fixed income and micro-to-mid capitalization equity portfolios for institutions and individuals.

Mayor Nutter Appoints Task Force On Tax Policy And Economic Competitiveness

Philadelphia, March 24 – Mayor Michael A. Nutter announced today the membership of the Mayor’s Task Force on Tax Policy and Economic Competitiveness.  The Task Force is charged with making recommendations on improving Philadelphia’s competitiveness to the Mayor and City Council President by September 14, 2009 and will hold at least two public hearings to receive information and recommendations from citizens. 

“This group of experts will put together an action plan outlining exactly what steps we need to take to overhaul our tax structure and to make Philadelphia more competitive,” said Mayor Nutter.  “We need to take this opportunity to look at how we can make it easier to do business and create jobs in Philadelphia.”

The Task Force shall:

1. Evaluate the City’s current tax policy and tax structure;
2. Compare the City’s current tax policy and tax structure with other regional jurisdictions and major U.S. cities;
3. Analyze the impact of the current tax policy and tax structure on the City’s competitive advantage regionally, nationally, and internationally;
4. Examine the impact of the City’s current tax policy and tax structure on business growth and development especially with respect to those economic sectors important to the City’s economic competitiveness;
5. Evaluate the cost of real estate development in Philadelphia, including a comprehensive assessment of all the development costs including, but not limited to, labor, construction, permitting, plan reviews, and regulatory costs;
6. Compare the cost to develop real estate in Philadelphia with other regional jurisdictions and major U.S. cities;
7. Analyze the impact of the cost of development on the City’s competitive advantage regionally, nationally and internationally; and
8. Evaluate current City development policies, regulations and administrative practices that hinder development, and compare these to other major U.S. cities.

 

The Task Force will be chaired by Harold T. Epps, President and CEO of PRWT Services, Inc., a nationally recognized minority-owned enterprise headquartered in Philadelphia and the largest minority owned business in the Greater Philadelphia Region.  Mr. Epps is also a member of the Board of Directors of the Greater Philadelphia Chamber of Commerce and the Board of Directors of the Greater Philadelphia Urban Affairs Coalition.

The Mayor’s Task Force on Tax Policy and Economic Competitiveness was established by Executive Order (attached) on February 10, 2009.

Membership:

Joe Ashdale is the Business Representative for D.C. 21.

Emily Bittenbender is the Managing Partner of Bittenbender Construction Company, a woman owned general construction company

Thomas Callan, Managing Director and senior portfolio manager, is head of BlackRock’s Global Opportunities equity team, domiciled in Philadelphia.

Della Clark is President of The Enterprise Center

Pelayo Coll is a Partner at Blank Rome. Mr. Coll maintains a national practice in the area of real estate development.

Anthony Conti is the Managing Partner of the Pricewaterhouse Coopers LLP Philadelphia office.

Joseph Dworetzky (Vice Chair) is a Shareholder of Hangley Aronchick Segal & Pudlin.

Harold Epps (Chair) is President and Chief Executive Officer of PRWT Services, Inc., a nationally recognized, minority-owned enterprise headquartered in Philadelphia, Pennsylvania and the largest minority owned business in the Greater Philadelphia Region.

Susanna Foo, chef, restaurateur, and cookbook author, is the owner of Susanna Foo Chinese Cuisine in Philadelphia.

Paulette Beale Harris is the owner of Paul Beale’s Flowers, a family-owned business serving the community for over 37 years.

Mike Horsey, CPA, is the Managing Partner of the Mitchell & Titus LLP Philadelphia office.

Robert Inman, PhD, is a Professor of Finance at the Wharton School at the University of Pennsylvania .

Paul Levy is the President and CEO of Center City District (CCD). Mr. Levy also serves as executive director of the Central Philadelphia Development Corp., (CPDC), an advocacy and planning organization supported by the downtown business community.

Christine Murphy is the Chairman and CEO of Zitner Candy Company.

Angelo Perryman is the President and CEO of Perryman Building and Construction Services.

EO 3-09 Task Force on Tax Policy and Economic Competitiveness

Mayor Nutter Announces 2nd Philly Spring Cleanup

March 10 – Mayor Michael A. Nutter announced that the 2009 Philly Spring Cleanup will take place on Saturday April 4th from 9am to 2pm. The theme of this year’s event will be Building Sustainable Communities.

“Every day since last year’s event people have been asking me if we would be doing it again and today I am happy to say yes, it’s on,” said Mayor Nutter. “Last year friends, families, and neighbors came together to clean up their neighborhoods and to take care of their city. This year, in these tough times, it is more important than ever that we come together once again, roll up our sleeves, and continue our progress towards a cleaner, safer Philadelphia.”

Mayor Nutter made the announcement at Athletic Recreation Center at 26th and Master – a designated rec center site for the 2009 Cleanup where volunteers will fix up the baseball field, remove debris and paint the fence line. Also at the announcement were City Year – who led a morning work-out – and the hip-rock band Bunjii who performed a song composed specially for the Cleanup – We Can Keep Philadelphia Beautiful.

The 2008 Philly Spring Cleanup was a huge success, recognized by Keep America Beautiful as the largest single day, citywide clean-up on record in the United States:

• 15,000 volunteers cleaned over 3,500 blocks
• 2.5 million pounds of trash were collected
• 71 commercial corridors were cleaned
• 28 Rec Centers and 27 Fairmount Park sites were cleaned

“Exactly one year ago today I announced that we would be trying something new – a one-day, citywide clean-up across all the neighborhoods in Philadelphia,” said Mayor Nutter. “What followed was the biggest clean-up on record in the United States with 15,000 volunteers collecting 2.5 million pounds of trash.”
In addition to the trash collection there will be an emphasis on neighborhood beautification projects with special sites designated for fence painting, tree planting, park renovation and trail restoration.

Organizations that want to get involved and seek support for their project should complete the application form at www.PhillySpringCleanup.com. The deadline for registering projects is Friday March 20, 2009.

Mayor Nutter asked Philadelphians to visit www.PhillySpringCleanup.com or call
3-1-1 to get details and to register for a clean-up project.

An announcement regarding this year’s sponsors will be made in the coming days.