Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s public-private economic development corporation. Our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. You can learn more about PIDC at pidcphila.com. PIDC is committed to driving transformative growth for Philadelphians with a human-centered approach by directing our financial and real estate services, knowledge, and networks toward creating a vibrant and sustainable Philadelphia. To achieve this mission, PIDC focuses on five areas:

• CAPACITY: Create and sustain internal capacity and external partnerships to scale the availability and breadth of economic development resources and solutions.
• CAPITAL ACCESS AND SERVICES: Expand financing and business support services to benefit under-resourced communities and marginalized populations.
• LAND USE: Catalyze development of projects that create quality jobs, advance equity, and promote sustainability.
• KNOWLEDGE AND NETWORKS: Share knowledge and networks to respond to clients, partners, and market needs.
• EMPLOYEE WELL-BEING: Elevate the physical, mental, and financial well-being of PIDC employees and provide opportunity for each to thrive and grow professionally.

PIDC is governed by a thirty-member Board of Directors, appointed by the Mayor of Philadelphia and the President of the Greater Philadelphia Chamber of Commerce. The staff includes approximately 60 full-time employees, and PIDC’s current 12-member senior leadership team has a combined 150 years of experience at PIDC. The organization’s annual budget of approximately $12M is funded by a combination from fees generated by PIDC’s transaction activities, service and management contracts, and contributed revenue. Over the past 65 years, PIDC has settled over 13,300 transactions with a diverse range of clients – including more than $19.5 billion of financing and 3,400 acres of land sales – which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia. For more information, please visit: pidcphila.com.

POSITION OVERVIEW AND RESPONSIBILITIES:

The Disbursement and Construction Monitoring Administrator works closely with members of the Lending teams, City, and clients to coordinate the review and approvals during the pre-closing post-closing disbursement process. Duties include, but are not limited to, the following:

• Review of documentation prior to loan closing.
• Reviews all construction documentation for conformity to the credit standards for construction loans. Contributes to establishing a detailed project budget and balanced sources and uses. Interprets complex credit policies, legal and title requirements, and regulatory guidelines to ensure loan documents meet applicable standards from preparation through execution. Reviews all requests for disbursements at closing.
• Coordinate and review draw requests for accuracy, compliance, and completeness, including budget analysis and review of any change orders, review of inspection reports, confirmation of lien waivers, review for compliance with other requirements of the loan documentation, and with PIDC source of funds requirements.
• Review and approve construction draw packages. This review includes a review of the disbursement tracker, AIA documentation, construction monitoring’s site observation reports, and title reports. Ensures construction funds are disbursed in compliance with loan documentation, loan budget, lien law, and designated timelines. Monitors the construction budget and timeline; and takes proactive steps to support on-time and on-budget project delivery, which may include regular calls with construction teams, management of budget line-item reallocation, or ensuring the borrower secures additional funding for project overages.
• Analyzes requests for funding against established budgets, sources, and uses, and identifies any exceptions. Reviews all advance request documentation in detail against approved controls, including AIAs, inspection reports, lien waivers, and soft cost invoices. Makes recommendations for funding as well as holdbacks, based on knowledge of the project and PIDC construction policies.
• Maintains a balance between project costs and funding sources, ensuring that PIDC’s construction completion risk is mitigated.
• Reviews inspection reports for accuracy and completeness of information provided. Follows up with external engineers and site inspectors to make recommendations and resolve any issues or exceptions noted. Keeps the Line of Business abreast of status of the project and any issues.
• Maintains internal record-keeping of loan disbursements and project progress through input to PIDC’s system of record. Ensures the accuracy and maintenance of customer records and files.
• Coordinates the processing of advances and repayments for the project with other lenders (if needed), borrowers, and the Accounting Department.
• Develops understanding of commercial products and services, understands, and ensures adherence to PIDC’s guidelines, policies, and procedures regarding construction loans. Maintains a general overall knowledge of the construction lending industry and a detailed understanding of appropriate regulations and guidelines.
• Coordinate with appropriate governmental officials for borrower compliance with federal (Davis-Bacon Act), Commonwealth, or city-required obligations related to payment of prevailing wages and other governmental requirements as required.
• Coordinate with and obtain approvals from third parties and other lenders as required.
• Coordinate with the PIDC Accounting team to process disbursements and to appropriately account for and accurately document the disbursements in accordance with PIDC policies and procedures.
• Create and maintain the disbursement audit trail and save all documentation in PIDC’s system of records.
• Attend Success Measures and CLOC Meetings to represent Portfolio Management
• Any other duties as assigned.

QUALIFICATIONS AND EXPERIENCE:

Candidates must demonstrate education, experience, and a high level of interest in real estate, planning, and development, specifically including the following:

• A B.A. or B.S. degree from an accredited college or university is required.
• Demonstrated relevant experience in governmental, real estate, or business finance.
• Capacity and desire to function in a high-profile, public-sector environment.
• Effective interpersonal skills, including a demonstrated ability to communicate effectively with management, colleagues, governmental agencies, the real estate marketplace, and the general public.
• Experience in the use of computer software programs, including spreadsheets, database management, PowerPoint, word processing, social networks, and e-mail applications.
• Demonstrated leadership skills and the ability to function as part of a larger team.
• The combination of education and/or construction disbursement experience necessary to effectively perform the responsibilities of the position.
• Must be a resident of the City of Philadelphia or willing to relocate within six (6) months of employment.

Job Type: Full-time

Pay: $55,000.00 - $65,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Employee assistance program
• Flexible schedule
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Prescription drug insurance
• Professional development assistance
• Retirement plan
• Tuition reimbursement
• Vision insurance

Experience level:

• 3 years
• 4 years
• 5 years

Schedule:

• Monday to Friday

Work setting:

• Office

Ability to Relocate:

• Philadelphia, PA 19102: Relocate before starting work (Required)

Work Location: Hybrid remote in Philadelphia, PA 19102