PASSED

This enacted ordinance amends Philadelphia’s Keystone Opportunity Zone rules to provide up to seven additional years of certain tax exemptions, abatements, or credits for 2930 Chestnut Street in the West Philadelphia subzone after the existing benefits period ends, if the property is occupied by a qualified business. The ordinance takes effect only if the Commonwealth approves the extension by June 30, 2009, and the Commerce Director receives assurances that a prospective new business will create at least 500 new city jobs within three years.

Amending Chapter 19-3200, entitled "Keystone Opportunity Zone And Economic Development District," by providing for the extension of benefits for certain properties in certain subzones, under certain terms and conditions.