Philipson/Randolph Fund

The Industrial Development Board City of New Orleans (IDB) has established the Philipson/Randolph Fund to assist eligible local Disadvantaged Business Enterprises (DBEs) in increasing their capacity and overall job capability. The fund will award grants, at two levels, to eligible participants.

 

 

The $150,000 Philipson/Randolph fund was established to honor two former IDB officers, Alan Philipson and Allison Randolph. Mr. Philipson served as board chair from 2013 to 2021 and Mr. Randolph as vice-chair from 2010 to 2015. According to Edith Gee Jones, chair of the Philipson/Randolph Fund, both Mr. Philipson and Mr. Randolph contributed greatly to the establishment of what are now PILOT (Payment in Lieu of Taxes) requirements for DBE and local hire participation in developments that have been issued a PILOT by the IDB. "I am excited that the IDB, through the Philipson/Randolph Fund, will be assisting in the creation and furtherance of DBE development in our city. By growing and strengthening the local DBE pool, the Fund can help Developers in achieving the 35% DBE participation rate required in all IDB PILOT Projects,” Jones said. “It’s difficult to overstate the value of their efforts,” said IDB Board Chair, Darrel Saizan of Mr. Philipson and Mr. Randolph. “They were focused on trying to level the playing field so that disadvantaged businesses could increase their overall capacity and compete for contracts that were once out of their reach. That’s why the award is named in their honor.”