Resolution 121009

..Title Authorizing City Council's Committee of the Whole to hold hearings to examine the feasibility and legality of an arrangement which could maximize Philadelphia's economic benefit from the issuance of the available Category 2 Slot Machine Operator license. ..Body WHEREAS, The Pennsylvania Gaming Control Board has received several applications for the available Category 2 Slot Machine Operator license, which would allow the licensee to operate a casino with up to 5,000 slot machines and 250 table games at a location in Philadelphia; and WHEREAS, One of the applications contemplates an arrangement by which the licensee would make annual distributions, through its non-profit organization, to the School District of Philadelphia and the City's municipal pension funds equivalent to the cash value received by an interest holding a two-thirds equity position in the casino; an estimated revenue stream which could potentially amount to tens of millions of dollars annually; and WHEREAS, This application contemplates one possible site for this casino on a parcel of land currently controlled by the Philadelphia Industrial Development Corporation on the 300 block of Packer Avenue; and WHEREAS, Such an arrangement may present an extraordinary opportunity to create dedicated annual revenue streams to Philadelphia's School District and municipal pension funds without raising taxes while putting a parcel of unused City-owned land to a use which creates jobs and generates revenue; and WHEREAS, The City of Philadelphia should work to maximize the benefits of the issuance of a Category 2 Slot Machine Operator license for the residents and taxpayers of Philadelphia while minimizing the impact on local communities; and WHEREAS, City Council should evaluate the various questions and concerns regarding the feasibility of an arrangement which allows the School District of Philadelphia and the municipal pension funds to receive annual distributions from a non-profit organization associated with a Category 2 casino; now therefore RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That City Council's Committee of the Whole is hereby authorized to hold hearings to examine the feasibility and legality of an arrangement which could maximize Philadelphia's economic benefit from the issuance of the available Category 2 Slot Machine Operator license. ..End