PIDC, Philadelphia’s public-private economic development corporation, announced that it has been awarded the Distinguished Development Finance Local Agency Award by the Council of Development Finance Agencies (CDFA). The CDFA Excellence in Development Financing Awards recognize outstanding development finance programs, agencies, leaders, projects and success stories. The program honors excellence in the use of financing tools for economic development, as well as individuals who champion these efforts.
“We are honored to be recognized by the Council of Development Finance Agencies for our efforts to spur business growth and investment throughout Philadelphia utilizing PIDC’s innovative financing products,” said John Grady, President of PIDC. “Whether it’s a small business on a commercial corridor, an energy-efficient building retrofit, or a major community development project, PIDC seeks to fill the gaps left by private debt and equity markets. This requires innovative uses of traditional public economic development resources, coupled with new strategies to secure private resources, so that Philadelphia continues to grow as an attractive place for business investment, development and job creation.”
Over the last three years, PIDC has structured more than 400 transactions involving financing of $2.5 billion and executed more than 60 acres of land sales and 275,000 square feet of leases, supporting the retention or creation of thousands of jobs in Philadelphia.
“CDFA is proud to honor PIDC for their excellence in development finance,” said Toby Rittner, President and CEO of the Council of Development Finance Agencies. “From their role as the master developer for The Navy Yard to developing specialized software to track loans, PIDC is continuously innovative with their work.”
The CDFA Excellence in Development Finance Awards were presented last month at the 2015 CDFA National Development Finance Summit, in Charleston, South Carolina.
PIDC is Philadelphia’s public-private economic development corporation. A non-profit founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, 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.
Over the past 57 years, PIDC has settled over 6,500 transactions with a diverse range of clients – including $13 billion of financing and more than 3,000 acres of land sales – which have leveraged over $23 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia. In its master developer role at The Navy Yard, PIDC manages all aspects of the property’s management and development, including master planning, leasing, property management, infrastructure development, utility operation, and structuring development transactions.
For more information about PIDC, visit www.PIDCphila.com.
The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation’s leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net.