Philadelphia Media Network to get $2.9 million city loan

Over at Newsworks, Dave Davies reports that Philadelphia Media Network will be getting a $2.9 million loan from the city of Philadelphia to help with its upcoming move to 8th and Market. Writes Davies:

The city's Deputy Mayor for Economic Development Alan Greenberger returned my call and explained that the city was happy to loan Philadelphia Media Holdings $2 million to help fit out the papers' new working space and another $900,000 to cover a deposit the landlord required for the new lease (there will also be some help in a state grant).

While you can have a debate about whether states and cities should be financing private companies, it's a pretty common practice to help when a large employer is deciding to relocate.

Davies also wonders why he didn't hear much about this when the move was announced. He asked Greenberger, who said "nobody asked."

It's Our Money is a joint project of the Daily News and WHYY, funded by the William Penn Foundation, and we're glad that this move will cut travel time between our two parent organizations.

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