By David Madden
PHILADELPHIA (CBS) — The Delaware River Port Authority has been working over the last few years to get out of the economic development business.
Today, the agency is just about there, with the books closed on a pair of major projects.
A $3 million loan to finance turning the old RCA building in Camden into apartments is now paid off. And a $10 million loan guarantee to the New Jersey Economic Development Authority has been discharged.
DRPA CEO John Hanson says a couple of projects at the Chester soccer stadium and down in Salem County are still outstanding, but they’re minor in scope.
“They’re old legacy projects from back when we did economic development, and our goal is to close them out as quickly as possible,” Hanson says.
That RCA loan payoff totaled some $4.2 million, and that money’s going into the authority’s general fund.
The agency has been moving toward involvement solely in projects connected to its 4 bridges and PATCO.