Philadelphia uses stimulus to finance Navy Yard projects
The city of Philadelphia will be able to use tax-exempt financing to promote development of the Navy Yard, thanks to a provision of the federal stimulus program. There will be a ceremonial ground breaking Monday afternoon.
The Recovery Zone Facility Bonds will be used to develop flexible use space at the Navy Yard.Alan Greenberger is Deputy Mayor For Economic Development. He says the bonds came to the city to help stimulate private investment.
“The federal government is allowing a certain amount of bond money to be put out into the market for private use tax free,” said Greenberger. “Typically you float bonds to raise money for a private project they are not tax free. These are tax free as if they were supporting a non-profit when in fact it’s being use to support a for-profit venture.”
Greenberger says Liberty Property Trust is taking advantage of the bonds and is talking to companies about moving into the new space, and an announcement is expected within a few weeks.
Philadelphia organizes second major Kensington street cleaning of 2018
City workers and volunteers in Philadelphia are teaming up for the second time in as many months to beautify dozens of trash and needle-s ...
2 days ago
Politics, pottery and pickle trays: A history lesson at the Museum of the American Revolution
Radical porcelain: the Museum of the American Revolution will host a workshop to demonstrate the uses of ceramics toward political ends.
2 days ago
Renters win new protections at City Hall with passage of 'good cause' bill
Most tenants get evicted because they cannot afford their rent, and non-payment is a “good cause” under the bill’s definition.
2 days ago