Rebuilding Place in the Urban Space

"A community’s physical form, rather than its land uses, is its most intrinsic and enduring characteristic." [Katz, EPA] This blog focuses on place and placemaking and all that makes it work--historic preservation, urban design, transportation, asset-based community development, arts & cultural development, commercial district revitalization, tourism & destination development, and quality of life advocacy--along with doses of civic engagement and good governance watchdogging.

Friday, January 28, 2011

Who needs an infrastructure bank when you have rich foreigners who want US citizenship

According to "SEPTA to borrow $175 million for new fare system" from the Philadelphia Inquirer, the cost of implementing a smart card fare system will be paid by bonds/borrowed money from the Philadelphia Industrial Development Corporation, a government agency. From the article:

The money for the new fare system is being borrowed through a low-cost loan program developed by the PIDC with CanAm Enterprises, of New York, that allows foreign investors to invest in job-creating U.S. projects in return for U.S. residency. The "Welcome Fund" will provide SEPTA with the $175 million in three installments, at an interest rate of 1.75 percent per year.

The same program has provided funding for the Convention Center, the Temple University Health System, and the Comcast Center, among others, said PIDC president Peter S. Longstreth.

Maybe it's time to give a second glance to those spam inquiries peppering my junk mail box...

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