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Farnese: Massive $20 Million State Investment in Philadelphia Projects to Spur Economic Growth
On December 22, 2017
Harrisburg – December 22, 2017 – State Sen. Larry Farnese (D-Philadelphia) hailed today’s announcement of more than $20 million in state investment for an assortment of projects in Philadelphia, including the Walnut Street Theatre, a new manufacturing center at the Philadelphia Navy Shipyard and Aramark, among other projects.
“This is a huge state investment in significant projects that will help Philadelphia grow its business and arts base, and infuse new dollars to spark economic development in manufacturing,” Farnese said. “The grants also include dollars for library development, a hotel and a sizable investment in Delaware River waterfront facilities.”
The grants are being made available through the state’s Redevelopment Assistance Capital Program. The program funds important economic initiatives, as well as cultural and historical improvements.
According to Farnese, the grants include $1.4 million for SLS International Hotel and Residences and $1 million for the expansion of the Walnut Street Theatre. Two additional grants targeted at projects along the Delaware River include $3 million for the construction of the Industrial Manufacturing Center at the Philadelphia Navy Yard and $2 million for the continued development of the Spring Garden and Festival Piers.
Another $1 million was approved for the Philadelphia Transload and Intermodal Terminal, a boost for port operations, Farnese said.
The 21st Century Libraries Initiative undertaken by the Free Library of Philadelphia is set to receive a $1.25 million grant and The Philadelphia Academy of the Fine Arts will receive $500,000 for the campus master plan.
The Center City lawmaker noted that an office development project was also funded. Aramark’s Project Next is slated to receive $7 million. In addition, Spring Arts Redevelopment Project is slated to receive $1.5 million and Vine Street Development Partners $1.5 million. The First City Troop’s Armory Restoration is set to receive a $500,000 grant.
“These state grants are incredibly important tools that are used to complete important development projects,” Farnese said. “The release of dollars for these projects will create economic activity, boost job creation and spur even more investment.”
RACP projects are authorized by the General Assembly.