Aye. The ayes are 15, the nays are 0. A majority of all members of Council having voted in the affirmative, the bill passes. That concludes our calendar for today. SECOND READING - BILL 010605
Are there speeches on the part of the Minority? (No speeches on the part of the Minority.)
Are there speeches on the part of the Majority? The Chair recognizes Councilman Goode.
Thank you, Madam President. On September 13, this Council unanimously passed a resolution that I sponsored calling on the Philadelphia Reinvestment Commission to establish community reinvestment agreements with banks entering the Philadelphia market. The resolution cited a commission member, Mellon Bank, who sold its branches to Citizens Financial. Mellon's appointment to that commission was due to its market share of small-business lending in low-income communities. Recently released data from the City Controller's Office shows that loans to small business in low-income communities are decreasing; yet what the Citizens Financial does is it enters our market here, a $350,000 publicity stunt, SECOND READING - BILL 010605 offering a free ride for five hours on SEPTA. Well, as Chair of Council's Transportation Committee, a member of the Commerce and Economic Development Committee, and a policy leader with regard to community reinvestment, I contend that Citizens Financial shouldn't get a free ride or a cheap ride into our market. Once again, I call on the Reinvestment Commission to seek a community reinvestment agreement with Citizens Financial that ensures that all communities get their fair share of bank deposits reinvested in their communities. The $350,000 publicity stunt is disrespectful relative to the billions of dollars deposited by Philadelphians. In fact, to be a little bit more specific, as of June 30, 1991, the 50 Mellon offices in Philadelphia had deposits from Philadelphians of 4.2 billion. To tell you how it plays out on a neighborhood level, the Mellon branch at 52nd and Market, 15 South 52nd Street, has $28 million in it, but how much of that money is reinvested in the community in terms of small-business loans or affordable mortgages? The Mellon branch at 2942 North 22nd SECOND READING - BILL 010605 Street has $6 million. 3711 Germantown Avenue has 16 million. 427 North 63rd has $27 million. And on and on and on, adding up to $4.2 billion. Now, this is only the third largest bank in Philadelphia. As we consider neighborhood transformation next week and over the next two weeks, we must consider not only the public finance of tearing things down, but the private finance of redevelopment. All Philadelphians should not only get their fair share of tax dollars, but also bank deposits reinvested in their communities. Thank you.
Thank you. Are there any other speeches on the part of the majority? (No further speeches on the part of the Majority.) MEETING ADJOURNS
The Chair recognizes Councilwoman Tasco for a motion.
Madam President, I move that Council stand adjourned until Thursday, December 13 2001, at 10 a.m.
It has been moved and properly seconded that Council stand adjourned until Thursday, December 13 at 10 a.m. All those in favor will signify by saying aye. Those opposed? The ayes have it, and Council stands adjourned until Thursday, December 13, 2001, at 10 a.m. Thank you. (Proceedings end at 11:34 a.m..) CERTIFICATE I HEREBY CERTIFY that the foregoing proceedings of the Council of the City of Philadelphia of Thursday, December 6, 2001, are contained fully and accurately in the stenographic notes taken by me upon, and that this is a true and correct transcript of same. RE: STATED MEETING _______________________________, Josephine Cardillo Registered Professional Reporter and Notary Public (The foregoing certification of this transcript does not apply to any reproduction of the same by any means, unless under the direct control and/or supervision of the certifying reporter.)