Philadelphia’s City Controller estimates that a $325 million redevelopment of the Gallery could generate as much as $194 million in new tax revenues over two decades.
Alan Butkovitz, the city controller, said those new revenues would come only if the companies redeveloping the urban mall -— Pennsylvania Real Estate Investment Trust and Macerich -— receive a proposed tax increment financing package, or what is commonly referred to as a TIF.
The city needs to sign off on the TIF, which Butkovitz will discuss Thursday when he testifies before City Council. The School Reform Commission and the Philadelphia Redevelopment Authority, which also need to approve the financing, already gave it the go-ahead.
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