DPRA approves $16 million in equity financing for the $300-million Penn's Landing entertainment center to be developed by Simon Property Group. The funds are to assist in construction of the site's Please Touch Museum, an amphitheater and a tram to link the two sides of the river.
The DPRA financing is contingent on Indianapolis-based Simon getting the long-delayed project off the ground.
An $8-million loan guarantee and $6-million investment from DRPA for the $684-million World Trade Center, proposed by New York-based Carl Marks & Co., is contingent on the project's ability to obtain primary financing from other sources.
DRPA grants a $500,000-loan guarantee to the Ship Recycling Research Institute at the Philadelphia Naval Business Center to develop a research institute to determine how to recycle obsolete ships. The institute estimates that as many as 4,000 ships a year are retired. Some are sunk to create artificial reefs. Others are scrapped for metal and parts or preserved as museums.
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