Old City Community Fund

“Expenses insurance 2,957 total 2,957”

“Accounts payable and accrued expenses 628 28,798”

“Old city community fund (occf) was formed for the purpose of promoting the restoration, maintenance and preservation of the facades, sidewalks and roadway on market street from front to fifth streets in philadelphia, pennsylvania. As further discussed in note 3, occf entered into an assumption agreement with historic east market street, inc. (hems) and assumed the rights, duties and obligations of hems regarding the maintenance of the market street east streetscape.”

“Public relations funds related to public relations are used for the purpose of promoting the restoration, maintenance and preservation of the facades, sidewalks and roadway on market street from front to fifth streets in philadelphia, pennsylvania.”

“Market street east during 2002, occf entered into an assumption agreement with historic east market street, inc. (hems), a pennsylvania non-profit corporation, whereby hems transferred control of its net assets to occf and assigned its private sector agreement with the city of philadelphia (the city agreement) to occf. Occf assumed control of hems's net assets as of april 11, 2002 (185,805) and has the right to use 162,850 of this amount (the original amount) for performance under the city agreement. Investment income earned on the principal amount is unrestricted and can be used for operations under the city agreement. Funds in excess of the original amount may be used by occf for administrative purposes. Additional funds raised by occf also may be used for administrative purposes. The city agreement, which expires 30 years after the completion of the specified market street east reconstruction project, requires occf to provide ongoing maintenance for the project. In the event that occf expends the net assets assumed from hems in full, occf's rights, duties and obligations under the city agreement shall terminate.”

“Included are - restaurant week and special projects restaurant week: funds received from local old city area restraurants are used to promote the restaurants in this area. Special projects: consist of revenues received from old city special services district to be used specifically for: 1. Surveillance video camera program 2. Sidewalk repair matching grant program 3. Old city design philadelphia festival 4. Handicap ramp engineering/design 5. Hanging flower baskets - purchase/installation & annual maintenance”