Amending Chapter 21-1100 of The Philadelphia Code, entitled "Community Development," by amending Section 21-1108, entitled "Economic Development," to increase the percentage of funds that must be allocated to economic development, all under certain terms and conditions.
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 21-1100 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 21-1100. COMMUNITY DEVELOPMENT.
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§21-1108. Economic Development.
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(6) At least five percent (5%) of the annual Community Development Block Grant entitlement as provided by the federal department of Housing and Urban Development shall be allocated to economic development for mixed-use projects on or around commercial corridors.
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SECTION 2. This Ordinance shall take effect beginning in Fiscal Year 2012, with the submission of the Year 37 Consolidated Plan.
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Explanation:
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indicate new matter added.
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