READ AND PASSED

This enacted bill amended Philadelphia’s Economic Opportunity Plan rules to require contractors, developers, recipients of financial assistance, and identified project participants to report their equity ownership by minority persons, women, or disabled persons. It also requires information about the expected ownership of privately owned projects and periodic updates through project completion and, for privately owned completed projects, afterward.

Amending Chapter 17-1600 of The Philadelphia Code, entitled "Economic Opportunity Plans," to require that each Economic Opportunity Plan include information concerning the Equity Ownership (as defined) of (1) the contractor, developer and/or recipient of financial assistance required to submit the Plan; (2) participants (as defined) engaged by the contractor, developer and/or recipient of financial assistance; and (3) the eventual owner or owners of the project or contract to which the Plan relates; and requiring periodic reports for the purpose of updating Equity Ownership information; all under certain terms and conditions.