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Article: Loan Shark; Questions arise regarding funds lent by the city's Economic Stimulus Program.
- Article from:
- Philadelphia Weekly
- Article date:
- September 8, 2004
- Author:
CopyrightCopyright Philadelphia Weekly Sep 8-Sep 14, 2004. Provided by ProQuest LLC. (Hide copyright information)
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Philadelphia's financial watchdog is auditing economic stimulus loans awarded by the Philadelphia Commerce Department, including $1.8 million given to Sunoco Welcome America! The mayor's office now says the organization, which coordinates Philadelphia's high-profile July 4th celebration, is not expected to repay the funds.
The Commerce Department distributes economic stimulus dollars to about a dozen businesses and nonprofits annually, but the money originates from a quasi-governmental agency, the Philadelphia Industrial Development Corporation (PIDC). Last November voters passed a ballot measure empowering the city controller to audit quasi-governmental agencies, such as PIDC, the ...