Council ActionCommittee on Commerce & Economic Development
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WHEREAS, Mayor John F. Street has announced the proposed creation of a $500 million Economic Development Capital Fund in his second term in office; and
WHEREAS, The proposed Economic Development Capital Fund is intended to leverage billions of dollars in private sector investment; and
WHEREAS, The community reinvestment goals of City depositories will be a key component in leveraging private sector investment and will have a measurable impact on the City’s tax base, quality of life and overall economic viability and competitiveness; and
WHEREAS, Economic viability and competitiveness comes from strengthening, and providing opportunities within, all areas of the City; and
WHEREAS, The Council passed Bill Number 030022, requiring each bank authorized as a City depository bank to provide the City with an annual statement of community reinvestment goals; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Committee on Commerce and Economic Development is hereby authorized to hold hearings to review annual community reinvestment goals submitted by City depository banks and the role of City depository banks in leveraging private investment from the proposed $500 million Economic Development Capital Fund; and
FURTHER RESOLVED, That in furtherance of such an investigation, the Committee is hereby authorized to issue subpoenas as may be necessary or appropriate to compel the attendance of witnesses and the production of documents to the full extent authorized under Section 2-401 of the Philadelphia Home Rule Charter.
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