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The Mayor’s Economic Development Blueprint prioritizes increasing investment in neighborhood commercial corridors as a means of sustaining the positive changes initiated by NTI. In 2006, the City committed $1.9 million in tax-exempt government purpose bonds to fund the Commercial Corridor Support Program (CCSP), to launch the ReStore Philadelphia Corridor Support Program.
In FY06 the City conducted an RFP to select corridors based on their geographic diversity; ability to leverage other public and private investments; level of organization; existence of plans; and the capacity of local CDCs or other neighborhood-based organizations. In October 2006, The City awarded grants totaling more than $1.88 million to 29 community-based organizations as part of CCSP. Under the same program, two organizations received Main Street designation to design and implement a comprehensive five-year revitalization strategy.
The Cultural and Commercial Corridor Bond will support the following ReStore Philadelphia Corridors activities:
- Streetscape enhancements and capital improvements
- Acquisition of blighted properties on corridors
- Enable non-profit entities to acquire properties for commercial development
- Fund pre-development and development activities for facilities that will draw people to corridors
- Provide business support funding for activities such as façade renovations, energy conservation improvements and equipment for corridor cleaning and security.
- Technology improvements to collect and manage data on commercial corridors.
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