Morning Headlines: DRPA Keeps Funding Economic Development Projects

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Bridge commuters will be interested in hearing this: Despite the Delaware River Port Authority putting an end to the funding of economic development projects (i.e. projects unrelated to transportation) two years ago, said projects continue to get money.

An example of this is the $2.2 million allotted “to guarantee bank loans made to the¬†Battleship New Jersey on the Camden riverfront, L3 Communications Corp. in Camden, and the Ship Recycling Research Institute in South Philadelphia.” DRPA deputy CEO Michael Conallen says that if the loans are paid off, the $2.2 million “will revert back to the¬†DRPA,” according to Philly.com’s Paul Nussbaum.

Nussbaum reports the DRPA, a self-sustaining transportation agency who’s borrowed close to $500 million over the last sixteen years for economic development, has “about $23 million left in its economic development fund.”

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