Sunday, August 2, 2015

Taxpayers help pay for renovations at newspapers' home

Media is the watchdog of tax dollars. But that doesn't mean it never benefits from public money.

Taxpayers help pay for renovations at newspapers' home

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Media is the watchdog of tax dollars. But that doesn't mean it never benefits from public money.

Check out our article about how taxpayers are helping pay for renovations at Interstate General Media's new home, which appeared in the Daily News. You can also listen to our radio report on the topic for WHYY.

TAXPAYERS are footing the bill for some of the renovations to the former Strawbridge & Clothier building at 8th and Market Street, new home to Interstate General Media, publisher of the Inquirer, Daily News and philly.com.
 
The state is providing $3 million for the building's landlord, Pennsylvania Real Estate Investment Trust (PREIT), to redevelop the building as part of a $10.5 million grant for renovations to the Gallery at Market East from the state's Redevelopment Assistance Capital Program (RACP). PREIT is also investing its own money in the project.
The state money reimburses PREIT for renovations to the third floor, where the company is situated, said PREIT's CEO, Joseph Coradino. This is on top of a $2.9 million city loan that Interstate is receiving to finance its move to 801 Market from 400 N. Broad St.

Taxpayers are footing the bill for some of the renovations to the former Strawbridge & Clothier building at 8th and Market Street, new home to Interstate General Media, publisher of the Inquirer, Daily News and philly.com.
 
The state is providing $3 million for the building's landlord, Pennsylvania Real Estate Investment Trust (PREIT), to redevelop the building as part of a $10.5 million grant for renovations to the Gallery at Market East from the state's Redevelopment Assistance Capital Program (RACP). PREIT is also investing its own money in the project.

The state money reimburses PREIT for renovations to the third floor, where the company is situated, said PREIT's CEO, Joseph Coradino. This is on top of a $2.9 million city loan that Interstate is receiving to finance its move to 801 Market from 400 N. Broad St.

Continue reading the story.

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Every year, city government spends slightly more than $4 billion. Where does all that money come from? More importantly, where does it go? Are we getting the most bang for our tax buck? “It's Our Money” is a joint project between Philadelphia Daily News and WHYY, funded by the William Penn Foundation, designed to answer these questions.

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