Mayor Nutter, PIDC Announce Receipt of $50 Million in New Market Tax Credit TAX CREDITS

Call for projects in Philadelphia to receive new funding.

Philadelphia, February 23, 2012 – Mayor Michael A. Nutter announced that the Philadelphia Industrial Development Corporation (PIDC) will receive $50 million in New Market Tax Credits (NMTC) through the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. These dollars are utilized to spur private sector investment in targeted neighborhoods. The Mayor and PIDC are making a call to developers, entrepreneurs and businesses in Philadelphia to present ideas for projects that meet the criteria for the tax credits. Nationally, the U.S. Treasury Department will release $3.5 billion in NMTC awards, which will be deployed to finance real estate development projects and local business development, which will create jobs. PIDC was one of only 70 organizations to receive this funding.

“This New Market Tax Credits award of $50 million to PIDC is a great opportunity for our City to use federal tax credits to spur private investment,” said Mayor Nutter. “Working with our partners at the Federal government and throughout the private sector, PIDC has a tremendous reputation for accomplishing projects. This funding will help the City to spur greater private investment in our neighborhoods and to encourage developers to think creatively about new development ideas. I would also like to congratulate The Reinvestment Fund, Inc. which will receive $42 million of NMTC allocation.”

The City and PIDC will use this allocation to support a comprehensive strategy of building sustainable neighborhoods and revitalizing business corridors by attracting investments that create jobs, eliminate blight, stimulate investment and provide goods and services in targeted neighborhoods. PIDC intends to use its NMTC funding to support four main types of investments: supermarket anchored shopping centers, health care services facilities, manufacturing space, and mixed-use developments.

“The New Market Tax Credits awarded to PIDC will provide the necessary incentive to encourage private investment, promote economic development, and spur job creation. These funds will support the construction of new supermarkets, health care facilities and commercial corridors that are critical to reinvigorating Philadelphia’s communities,” said U.S. Rep. Allyson Schwartz, who urged the Treasury Department to support this request for PIDC.

John Grady, President of PIDC, added, “PIDC is delighted to have been selected for an allocation of credits through this highly competitive application process. We look forward to working in close partnership with the City to identify projects and deploy these credits to attract private investment and create jobs in Philadelphia’s neighborhoods.”

PIDC last received a NMTC award in 2007 for $60 million, which was used to finance four projects in the city. These tax credits leveraged more than $127 million in project financing and created more than 700 permanent and construction jobs. Those projects are the Superfresh market and retail complex, which opened last year at 2^nd Street and Girard Avenue; a mixed-use redevelopment of 600 N. Broad Street; tenant fit-out for laboratory and office space at the University City Science Center; and the construction of the Hilton Homewood Suites extended stay hotel in West Philadelphia.

To learn more about eligibility to apply for New Market Tax Credits through PIDC, please contact PIDC’s Market Development group at 215-496-8157.

• The Philadelphia Water Department’s Lower Venice Island project, which will include a brand new multi-million dollar performing arts center to be managed by Philadelphia Parks & Recreation.

• A joint project between Philadelphia Parks & Recreation and the Philadelphia Water Department, which will restore flow to the Manayunk Canal.

• A federally funded (TIGER) trail project, sponsored by Philadelphia Parks & Recreation, constructing a new portion of Schuylkill River Trail from Shawmont Avenue to Port Royal Avenue and widening the existing trail from Port Royal Avenue to the Montgomery County line.

Mayor Nutter Announces Completion of Manayunk Canal Towpath Renovation Project

Philadelphia, February 23, 2012 – Mayor Michael A. Nutter announced the completion of $645,000 in renovations to the Manayunk Canal Towpath. The project was funded by the Pennsylvania Department of Conservation and Natural Resources and the City of Philadelphia. The Manayunk Canal Towpath is a key linkage in Fairmount Park’s multi-use recreational trail system. It is also part of the larger Schuylkill River Trail, which will ultimately connect Philadelphia to Pottsville in Schuylkill County via a multi-use trail extending the entire length of the river—a distance of approximately 130 miles.

“The improvement and beautification of our trails and natural lands are vital to the livability of the city” said Mayor Nutter. “The renovated Manayunk Canal Towpath will benefit thousands of cyclists, joggers, runners and pedestrians who rely on a safe and functional recreational trail network. I would like to thank the Department of Conservation and Natural Resources for their support of this project.”

The project includes restoration of 2.2 miles of trail with crushed stone on path, improvements to drainage, gateways, re-decking/repairing four bridges, fencing for safety of trail users, paving approaches to bridges and boardwalks with porous paving for stormwater management, bollards and gates, new retaining wall construction at the Leverington Avenue parking lot and tree removal.

“The trail helps keep children and youth safe, active, and healthy by connecting them to the park and the natural world along the Manayunk Canal and the Schuylkill River” said Michael DiBerardinis, Deputy Mayor for Environmental and Community Resources. “The collaborative approach used on this project represents a new way of working at Parks & Recreation; leveraging partnerships and community engagement to create and accomplish bold and innovative projects”

“I can’t emphasize enough the importance of the partnerships that led to the completion of this project,” said DCNR Deputy Secretary John Giordano. “Like many of our projects across Philadelphia, the teaming together of the city, the state and regional organizations are what made this project possible.”

The Manayunk Canal Towpath is one of several capital projects underway in Manayunk:

• The Philadelphia Water Department’s Lower Venice Island project, which will include a brand new multi-million dollar performing arts center to be managed by Philadelphia Parks & Recreation.

• A joint project between Philadelphia Parks & Recreation and the Philadelphia Water Department, which will restore flow to the Manayunk Canal.

• A federally funded (TIGER) trail project, sponsored by Philadelphia Parks & Recreation, constructing a new portion of Schuylkill River Trail from Shawmont Avenue to Port Royal Avenue and widening the existing trail from Port Royal Avenue to the Montgomery County line.

SPECIAL PHILLYSTAT SESSION ON PROPOSED CUTS TO SOCIAL SERVICES

WHO: Mayor Michael A. Nutter
Deputy Mayor for Health and Opportunity Donald Schwarz

WHAT: What Does Gov. Corbett’s Budget Proposal Mean for the Philadelphia Social Services Safety Net?

Mayor Nutter and City officials will engage in a dialogue about the ramifications of the proposed budget with social services providers.

WHERE: Municipal Services Building, 1401 JFK Boulevard, Room 1450

WHEN: Thursday, February 23, 2012 1:30 pm

Mayor Nutter’s Statement Regarding Independent Auditor’s Report Issued by City Controller

Philadelphia, February 14, 2012 –Mayor Michael A. Nutter issued a statement regarding the Independent Auditor’s Report issued by City Controller Alan Butkovitz:

“It has been evident for some time to everyone that the School District has been experiencing financial challenges since at least last year and through the current fiscal year and into the next. We now have a much better picture of what the District’s challenges are. The key here is that the SRC and Chief Recovery Officer Tom Knudsen are keenly focused on those financial challenges and are working with me and my Administration on a daily basis to address those challenges. We will ensure financial stability, fiscal discipline and continued operations of the School District of Philadelphia on behalf of our children, their parents, teachers and the City of Philadelphia.”

Mayor Nutter and Philadelphia Parks & Recreation Launch TreePhilly and Citywide Tree Giveaway Program

Program engages city property owners, businesses and neighborhood residents
to improve their communities by planting trees

Philadelphia, February 14, 2012- Mayor Michael A. Nutter launched the TreePhilly Initiative: a campaign led by Philadelphia Parks & Recreation (PP&R) in partnership with the Fairmount Park Conservancy and Wells Fargo & Company. The campaign directly engages Philadelphia property owners, businesses and neighbors to plant and maintain trees. This initiative will also include a citywide yard tree giveaway, through which residents can request a free yard tree to plant on their private property. Wells Fargo is sponsoring the yard tree giveaway; both Wells Fargo Bank and the Fairmount Park Conservancy will provide marketing and promotional support for the campaign.

“TreePhilly is an investment in our city’s future,” said Mayor Nutter “Our city will be healthier, safer and more attractive as a result of the trees we plant through this program. The TreePhilly campaign is the result of a Greenworks goal to plant 300,000 trees by 2015 and will provide Philadelphians with the knowledge and support they need to successfully plant and care for a new tree. I would like to thank Wells Fargo & Company and the Fairmount Park Conservancy for their support of this important initiative.”

“Our data tells us that the most effective way to reach our ambitious tree planting goal is to engage with communities and neighborhoods to encourage people to plant trees on their own property. TreePhilly gives us the resources and mechanisms to do just that.” said Michael DiBerardinis, Deputy Mayor for Environmental and Community Resources.

TreePhilly will galvanize residents, property owners, neighborhood organizations, civic associations, businesses and other partners to reach its goal by offering a number of different programs to allow Philadelphians to get involved with planting trees on both public and private property. By working in neighborhoods throughout the City, TreePhilly and its community partners will be able to plant trees that will benefit these neighborhoods for years to come.
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“Wells Fargo is pleased to provide a $75,000 grant to TreePhilly because this program will make Philadelphia more attractive and environmentally sound for generations of future Philadelphians,” said Vince Liuzzi, Wells Fargo’s regional president for Greater Philadelphia/Delaware. “Tree Philly aligns with our commitment to environmental stewardship and will further the vision of Philadelphia’s founding father, William Penn, of Philadelphia as a ‘greene country towne.’ ”

Citizens can get involved with TreePhilly by planting and caring for trees on their property, volunteering for a tree planting event in their local park, or sponsoring community service days to plant and maintain trees. For more information, citizens can visit www.TreePhilly.Org or call 215-683-0217.

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About Philadelphia Parks & Recreation
Philadelphia Parks & Recreation promotes the wellbeing of the City, its citizens and visitors, by offering beautiful natural landscapes and parks, historically significant resources, high quality recreation centers and athletic programs, along with enriching cultural and environmental programs.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

About The Fairmount Park Conservancy
The Fairmount Park Conservancy enhances the quality of life of the Greater Philadelphia region through the financial and programmatic support of projects throughout the Fairmount Park System. In partnership with Philadelphia Parks & Recreation and the Philadelphia community, the Fairmount Park Conservancy has raised more than $20 million for capital improvements and innovative programming. For more information, please visit www.myphillypark.org.

MAYOR NUTTER AND PHILADELPHIA PARKS & RECREATION TO LAUNCH TREEPHILLY AND CITYWIDE TREE GIVEAWAY PROGRAM

WHO: Mayor Michael A. Nutter

Michael DiBerardinis, Deputy Mayor for Environmental and Community

Resources

Vince Liuzzi, Wells Fargo Regional President, Greater Philadelphia and Delaware
Kathryn Ott Lovell, Executive Director of the Fairmount Park Conservancy
Joan S. Blaustein, Director Urban Forestry and Ecosystem Management
Kim Washington, President of The Frankford Parks Group
WHAT: Mayor Nutter will launch TreePhilly, a campaign led by Philadelphia Parks & Recreation in partnership with the Fairmount Park Conservancy and Wells Fargo Bank. TreePhilly supports the City’s Greenworks Philadelphia plan and the regional Plant One Million campaign. Beginning on February 14, 2012, residents can sign up to receive a free yard tree.

WHERE: City Hall, Conversation Hall, Room 201

WHEN: Tuesday, February 14, 2012 2:00 pm

Mayor Nutter Releases Lazard Study Recommending Strategic Sale of PGW

Philadelphia, February 13, 2012 – Mayor Michael A. Nutter released a detailed analysis recommending that the City of Philadelphia “pursue a process to transfer ownership and operation of PGW to a private entity via a strategic sale,” according to a 48-page study by Lazard, a financial advisor hired by the City of Philadelphia.

“The time is right to consider a sale of the Philadelphia Gas Works. The Lazard study indicates that a strategic sale of PGW likely would result in a net profit for the City, while meeting a set of conditions the City would place on a would-be buyer and maintaining quality service and reasonable rates. The prudent next step is to begin the lengthy process of testing the market.”

The study also concluded that pursuing a management services agreement – essentially a long-term lease to a private company – would not lead to any significant liability reduction or risk transfer for the City.

Among the conditions that the City would place upon a sale are the following:

The Customer Responsibility Program mandated by the Pennsylvania PUC for low-income residents would be maintained;
The Senior Citizen discount program would be maintained in its current form;
A rate freeze through August 2016;
Corporate headquarters and a specified minimum number of employees would remain in Philadelphia for a period of time;
Dedicated trust funds for any PUC-granted rate recovery for employee benefits would be maintained or established;
Current employee contracts would be honored.
The next step for the City is to retain advisors to perform the detailed due diligence and prepare documentation for a sale process. The sale process itself would likely entail multiple rounds of bidding and negotiations before a final agreement could be reached. Such a process will likely take 6 to 12 months to reach a signing of a definitive agreement, plus up to an additional 12 months to receive required Pennsylvania PUC approvals to close the transaction.

At the conclusion of the process, the City would enter into a binding agreement to sell based on a sale offer that exceeds the value to the City under its current ownership structure and adheres to the conditions set by the City. A sale would require the introduction of legislation in Philadelphia City Council and final passage.

MAYOR NUTTER TO PRESENT LAZARD STUDY FINDINGS

WHO: Mayor Michael A. Nutter

WHAT: Mayor Nutter will present the findings of a recent in-depth assessment by Lazard.

WHERE: City Hall, Mayor’s Reception Room, Room 202

WHEN: Monday, February 13, 2012 2:30 pm TODAY

MAYOR Nutter Presents Tickets to Mayor VIPs

Philadelphia, February 10, 2012 – Mayor Michael A. Nutter presented 170 Philadelphia sophomores with two tickets each as part of the Mayor’s VIP Program, which provides tickets to sporting events to students to inspire their success in school. For this quarter, the Mayor’s VIPs program is awarding tickets to sophomores for public, private, charter and parochial schools who were identified as most improved by their school.

“Education is central not only to the success of our city, but to the individual success of each and every student,” said Mayor Nutter. “The Mayor’s VIPs Program is one more reason for young people to succeed at school. I would like to thank Temple University and St. Joseph’s University for their partnership in this program.”

In addition to tickets to the Mayor’s box in Lincoln Financial Field, Citizens Bank Park and the Wells Fargo Center, the Mayor’s VIPs Program through partnership with Temple University and St. Joseph’s University, provides tickets to events at the arenas of these schools. For the 2011-2012 school year, 760 tickets have been distributed through the Mayor’s VIPs Program. Through 2008, 3,540 tickets have been distributed to students.

Times New Roman”‘>Since the policy’s inception on April 4, 2008, 18,319 tickets have been distributed. 10,194 (56%) tickets have been distributed to schools, nonprofits, recreation centers and other groups.

 

Mayor’s Office Releases Fourth Quarter Report of Mayor’s Box Office Attendees October – December 2011

Philadelphia, February 10, 2012 – The City of Philadelphia has released the names of those who received tickets to the Mayor’s Box from October 1, 2011 through December 31, 2011 (fourth quarter, 2011). The distribution of Mayor’s Box tickets is governed by a written, public policy, providing for the equitable distribution of complimentary tickets received by the City of Philadelphia.

Some report highlights are as follows:

1,138 tickets were distributed during the fourth quarter of 2011.

During the fourth quarter of 2011, 615 (54%) tickets for events in the Mayor’s Box were distributed to children from recreation centers, nonprofits and other groups who attended Wells Fargo Center, Citizens Bank Park and Lincoln Financial Field events.

94% of all tickets that were available for use were distributed.

Since the policy’s inception on April 4, 2008, 18,319 tickets have been distributed. 10,194 (56%) tickets have been distributed to schools, nonprofits, recreation centers and other groups.