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.
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.
Today: Campbell Soup
Tuesday: Charming Shoppes
Wednesday: Encorium Group
Friday: Pep Boys - Manny, Moe & Jack.
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.