Just reading the Phila PArking Authority financials and came across this tidbit: : "...Since the Disney Quest project at 8th & Chestnut Streets has not been completed, the debt service for its bond issue (1999A Indenture) usually exceeds the revenue generated from its present parking facility, thus contributing in great part to the Off-Street payment to the City of Philadelphia being negative. The City of Philadelphia guarantees this bond issue. During fiscal year 2012, the 1999A indenture (i.e., the parking lot at 8th & Chestnut Streets) did operate at a deficit. The City provided almost $1.2 million to cover debt service payments during fiscal year 2012. As of March 31, 2012, the City of Philadelphia has provided slightly over $9.9 million in funds in its role as guarantor of these bonds...
Posted on: Thu, 15 Aug 2013 00:35:57 +0000
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