Pennsylvania Real Estate Investment Trust and Macerich Co. are getting $90.5 million public subsidy to aid its redevelopment of the Gallery into an outlet mall.
As part of the arrangement, the two developers have also released the city’s redevelopment authority from all past and future liabilities associated with the property.
The project totals $325 million and the $90.5 million will come from two main financing sources from the state and city including grants and tax increment financing, or TIF.
The state has already ponied up $15.5 million. The Philadelphia City Council and School Reform Commission need to sign off on the TIF.
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