PHILADELPHIA: A developer hopes to turn an historic hotel into senior housing.
He and two others are asking the city for money to support the scheme.
The developer has secured private financing for the rest of the project, but there’s a gap that has to be met for the project to move forward.
“The city in this capacity is being asked to fill the gap. It is essentially gap financing that will be paid back over time because of the increased value of this property will generate higher taxes for the community,” said the…