Philadelphia Authority for Industrial Development
PIDC is responsible for managing the Philadelphia Authority for Industrial Development, known as PAID.
PAID is a public authority incorporated by the City of Philadelphia pursuant to the Economic Development Financing Law (the "EDF Law") in December 1967. PAID was organized for the purpose of acquiring, holding, constructing, improving, maintaining, operating, owning, financing, and leasing industrial, commercial or specialized development projects all as permitted under the EDF Law. PAID has the power to issue tax-exempt bonds to finance the capital needs of non-profit organizations and eligible commercial and industrial businesses and, in addition, to finance certain other economic development projects permitted by the Internal Revenue Code and EDF Law. PAID is also responsible for the economic redevelopment of the former Philadelphia Naval Shipyard and Naval Station, now collectively known as The Navy Yard.
