PASSED

The enacted law requires City Council bills or resolutions approving funding for development projects costing at least $50 million, with the City or a City-related agency providing at least 10% of the funding, to include an economic impact statement or specified documentation explaining why one was not prepared. The statement must cover the project budget, effects on City and School District revenues and services, jobs, local business opportunities, and other economic effects, with the City Controller responsible for preparing it or overseeing its preparation.

Amending Title 17 of The Philadelphia Code, entitled "Contracts and Procurement," by adding a new Chapter requiring that a bill or resolution approving funding for certain development projects must include an economic impact statement, and providing for certain powers and duties of the City Controller in connection with the preparation of economic impact statements; all under certain terms and conditions.