A Philadelphia City Council committee has approved SEPTA taking over the underground concourses in the city.
Under the deal, SEPTA will maintain the concourses under Broad and Market streets, which means any improvements or lawsuits will be handled by the transit authority.
The city currently spends about $1.3 million annually to maintain the property.
When he was told that the city would only receive 40 percent of any new revenues from the concourse, Councilman Bill Green questioned whether it’s a good deal for Philadelphia.
“We’re not going to get any money for the 40 percent, right? Why are you telling us we are going to get 40 percent of what’s really nothing?” he said Wednesday.
The city will save money in the deal, according to Philadelphia Public Property Commissioner Bridget Collins-Greenwald.
“The city’s intention to enter into this agreement was for the maintenance to be taken over by SEPTA and the capital improvements to be taken over by SEPTA,” she said.
SEPTA officials say the concourse needs about $40 million in work that it will undertake as part of the agreement.
The plan now goes to the entire City Council for consideration.