Official:Amending Chapter 17-1600 of The Philadelphia Code, entitled “Economic Opportunity Plans,” to define development projects and providing for additional requirements for Economic Opportunity Plan approval, all under certain terms and conditions.
Sponsor: Councilmember Young
Introduced: February 15, 2024
: Committee on Commerce & Economic Development
Status: In Committee, step 2 of 4
This bill amends the city's economic opportunity plan requirements to define development projects and add conditions for approval. It requires certain large-scale construction or infrastructure projects to include an economic opportunity plan and commit to complying with its terms.
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This bill ensures that large-scale construction and infrastructure projects in the city prioritize local economic opportunities by requiring an economic opportunity plan for projects valued over $100,000. This plan must outline how the project will benefit the local community, and the project's approval is contingent on its commitment to adhere to the plan's terms. As a result, local businesses and residents can benefit from increased investment, job creation, and community development.
This bill unfairly burdens taxpayers with increased regulatory costs, disproportionately affecting small businesses and independent contractors. The added administrative requirements and increased permitting process will inflate project costs, making it more difficult for developers to secure financing, and ultimately driving up the cost of living in the city for residents. By mandating economic opportunity plans for projects with a total value over $100,000, the bill creates a new burden for developers and taxpayers, setting a precedent for further regulatory creep and stifling economic growth in the city.
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