Philadelphia City Councilman Mark Squilla has introduced six bills aimed at advancing a $325 million redevelopment of a shopping mall.
Squilla's April 23 legislation came a week after the city announced a tentative agreement with Pennsylvania Real Estate Investment Trust and The Macerich Company to invest in the Gallery shopping mall.
The two-year project would transform the Gallery into The Fashion Outlets of Philadelphia at Market East and include $90.5 million in public investment from Pennsylvania and Philadelphia through a combination of state grants with $15.5 million already committed.
The project would also include a proposed tax increment financing district that would generate a $55 million investment from the city, according to Mayor Michael Nutter.
"This once-in-a-generation project has the potential to transform Market East, create thousands of jobs, and offer a new shopping and entertainment experience to Philadelphians and visitors to our city," said Nutter in a statement. "I thank Councilman Squilla for introducing these six bills and one resolution on behalf of the Administration to begin the legislative process and move this project forward."
The proposed plan is subject to approval by the Philadelphia City Council, the Philadelphia Redevelopment Authority and the School Reform Commission. The city of Philadelphia general obligation bonds are rated A2 by Moody's Investors Service, A-plus by Standard & Poor's and A-minus by Fitch Ratings.
