This Chapter shall be known as the "Philadelphia 21st Century Minimum Wage Standard". The purpose of the Chapter is to assure that as many employees as possible within the City of Philadelphia earn an hourly wage that enables them to live with more dignity and increased economic self-sufficiency. The City contracts with many businesses and organizations to provide services to the public, and provides financial assistance to developers for the purpose of promoting economic development and job growth. Such public expenditures should also be invested in a better community economic standard. The City Council of Philadelphia finds that the use of City funds to provide better wage jobs will decrease poverty, increase consumer income, invigorate neighborhood businesses and reduce the need for taxpayer funded social service programs. The new minimum wage standard is based on existing local and state job creation tax credit laws.