From AppTec's growth to PIDC's land sales

The City of Philadelphia is hoping to sell $350 million in tax and revenue anticipation notes.

The thick prospectus released last week that accompanies the offering is, of course, a sales pitch to investors. It soberly describes the financial challenges facing the city’s budget.

There’s no avoiding the historical numbers showing employment declining in the city. Non-farm payroll has gone from 685,200 in 1999 to 662,400 in 2007.

But there are some interesting lines in the prospectus worth noting:

* AppTec Laboratory Services, which provides contract manufacturing services to the pharmaceutical sector, opened at the Navy Yard with 40 employees. It now has more than 260.

* The Philadelphia Industrial Development Corp. closed nine land sales in the fiscal year ended June 30. “Publicly-owned industrial land holdings in the City are reaching all-time lows,” the prospectus states.

* Rent per square foot for office space in Philadelphia was $23.97 in March 2003, according to CB Richard Ellis. In May 2008, it was $24.35. That upward trend is better than a lot of other metro areas.

Condo sales

So how’s the luxury condominium business?

Thomas Properties Group Inc. provided an update on sales at the Murano, the nearly completed 42-story high-rise at 21st and Market Streets.

Of its 302 units, the Los Angeles-based developer said it had closed sales on 101 units and 94 parking spaces. An additional 24 units and 28 parking spaces are under contract.

Earnings

Today: Campbell Soup

Tuesday: Charming Shoppes

Wednesday: Encorium Group

Friday: Pep Boys - Manny, Moe & Jack.

Quotable

Our ability to fund losses is not strong, nor is it something we should tolerate going into the future.

- Robert Lux, chief financial officer of the Temple University Health System, talking to investors about the hospital network’s financial condition.

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