Governor Tom Wolf Announces Development of Philadelphia Community Center

By on October 16, 2020

first_imgGovernor Tom Wolf Announces Development of Philadelphia Community Center Press Release Harrisburg, PA – Governor Tom Wolf today announced that Commonwealth Cornerstone Group (CCG) has completed a $9 million New Markets Tax Credit (NMTC) financing transaction that will help fund development of commercial and community portions of the Eastern Tower Community Center project in Philadelphia’s Chinatown. The center is a mixed-use development at the northwest corner of 10th and Vine streets.“This project is exciting not only for its commercial and recreational offerings for families in that area, but it has the potential to help reconnect the Chinatown community that is split by the Vine Street Expressway,” said Governor Wolf.The project was envisioned more than a decade ago by the Philadelphia Chinatown Development Corporation (PCDC) as a much-needed community, event and public recreation space in that neighborhood. Planned in collaboration with co-developer JNA Capital, a Philadelphia urban mixed-use developer, the project includes 45,000 square feet on the ground to fifth floors of the 20-story building. In addition to the community and recreation center, the commercial space is envisioned as possibly including a convenience store, a restaurant, a coffee and tea shop, a pre-school and a medical practice. The upper floors of the building will eventually include 150 residential units.The Eastern Tower Community Center project is expected to support 371 full-time jobs during the construction phase. Once work on the building is completed, it is anticipated that 19 current full-time positions will be retained and 52 new full-time positions will be created. The finished, leased space will provide job opportunities at various skill levels ranging from retail sales to licensed professional positions.“We believe this project will provide a vital recreational and community gathering place for people living in that neighborhood,” said Brian A. Hudson Sr., CCG chairman and executive director of the Pennsylvania Housing Finance Agency (PHFA). “It also will support the continued revitalization of the 10th Street commercial corridor.“PHFA has a longstanding productive relationship with the Philadelphia Chinatown Development Corporation, and we look forward to building on the strength of that relationship with the launch of this new project.”CCG was created in 2004 by PHFA to serve as a nonprofit community development entity.“We are delighted and honored to have the support of the Governor’s Office and PHFA, along with a wide range of funders including equity and debt financing, to advance the long-term vision of Chinatown community,” said John Chin, executive director of PCDC.Ahsan Nasratullah, president of JNA Capital, added, “Building on the deep community roots of PCDC as a community developer, PCDC and JNA Capital have assembled a strong development team to effectively advance commercial development along the 10th Street corridor to the north of Vine Street and unite the Chinatown community.”About Commonwealth Cornerstone GroupThe goal of CCG, through its administration of New Markets Tax Credits, is to fund projects in key areas of communities that have historic or cultural value and offer opportunities to spark economic revitalization. CCG utilizes NMTCs to provide loans and equity investments for business expansion, mixed-use development, and community facilities across Pennsylvania. Examples of past developments that have benefited from CCG’s investment of these tax credits include Bakery Square in Pittsburgh, the Coal Street Community Facility in Wilkes-Barre, and Schmucker Hall in Gettysburg. Learn more at: the New Markets Tax Credit ProgramThe New Markets Tax Credit Program was established by Congress in 2000 to spur new or increased investments in operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making equity investments in specialized financial institutions called community development entities, such as Commonwealth Cornerstone Group. The program is administered by the U.S. Department of the Treasury.About Philadelphia Chinatown Development CorporationPCDC is a Philadelphia nonprofit 501(c)(3) community development corporation established in 1969 with a mission to preserve, protect and promote Philadelphia’s Chinatown as a viable ethnic, residential and business community. Since its inception, PCDC has developed more than 320 units of mixed-income housing and 27,000 square feet of retail space, plus it has implemented streetscape improvement projects. It also sponsors community program services and has been recognized with numerous awards. See: JNA CapitalJNA Capital is a boutique real estate finance and development company that has more than $90 million in urban mixed-use and community anchored real estate ventures under management.  JNA Capital’s focus has been in creating economic development solutions through real estate development in distressed communities in and around anchored-communities and academic/anchor institutions. Learn more at: SHARE Email Facebook Twittercenter_img July 26, 2017last_img read more

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Premier League action tonight

By on September 16, 2020

first_imgSouthampton takes on rivals Bournemouth – and will move to within a point of the Europa League places if they can get a win.Norwich manager Alex Neil says he’ll decide at the last minute if Wes Holohan will feature against Chelsea this evening at Carrow road.The Canaries boss says the Ireland attacker has a “a niggle” but would not give any more detail than that. In the nights other games bottom side Aston Villa host Everton and Sunderland welcome Crystal Palace.In the Championship Middlesbrough will go top with a win away to Blackburn Rovers.All of those matches kick off at 7.45last_img read more

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Darvish has no-hitter through 6 innings for Cubs vs Brewers

By on September 8, 2020

first_img Yu Darvish of the Chicago Cubs is pitching a no-hitter through six innings against the Milwaukee Brewers at Wrigley Field. Chicago, which entered with a major league-best 12-3 record, leads 2-0 on Thursday night.Darvish has struck out nine, allowed three baserunners and thrown 92 pitches in his third straight dominant start. The 33-year-old right-hander from Japan walked Ben Gamel in the second and Orlando Arcia in the fifth, and hit Christian Yelich with a low pitch in the first.Yelich smacked a hard liner, but straight to right fielder Steven Souza, Jr., to start the fourth.Darvish signed a $126 million, six-year contract with the Cubs as a free agent in February 2018, but has been hampered by elbow and triceps injuries since coming to Chicago.Darvish has twice come within one out of a no-hitter, both times with the Texas Rangers.Image credits: AP Written By FOLLOW US Associated Press Television News First Published: 14th August, 2020 07:04 IST COMMENTcenter_img Last Updated: 14th August, 2020 07:04 IST Darvish Has No-hitter Through 6 Innings For Cubs Vs Brewers Yu Darvish of the Chicago Cubs is pitching a no-hitter through six innings against the Milwaukee Brewers at Wrigley Field. Chicago, which entered with a major league-best 12-3 record, leads 2-0 on Thursday night WATCH US LIVE LIVE TV SUBSCRIBE TO USlast_img read more

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Mateusz Juroszek: Building the STS brand outside of Poland

By on August 30, 2020

first_img VBET agrees Armenian Premier League and Armenian Cup sponsorship August 13, 2020 It was confirmed late last week that STS, the biggest bookmaker in Poland, was ready to enter 11 new European markets – including the UK and Germany – after reaching a deal with BetConstruct for the provision of both sports betting and gaming content.Just a few days on, we caught up with Mateusz Juroszek, CEO of STS, to discuss lessons learned from Poland, the freedom to work under less penal tax conditions and the key targets for the operator’s BetConstruct-powered expansion.SBC: What have you learned from your Polish operations to guide your successful expansion into new markets?MJ: STS is not only the biggest bookmaker in Poland, but also one of the biggest companies in the country. We have developed half of the domestic sector, and our brand is recognized by 80% of Poles. Therefore, the time has come for the next step, i.e. development outside the country’s borders. In the first phase of our foreign expansion we want to reach mainly the Polish diaspora – in Great Britain there are nearly one million Poles, in Germany there are not much less, and in Norway nearly 100 thousand, and in Iceland another 50 thousand Poles. This is a great potential for a company like STS, because we know the Polish player very well and we know how to convince him to our offer. Ultimately, however, we want to become one of the key players . We have ambitious development plans for our group.SBC: With less penal tax restrictions than in Poland, how much more freedom does this give you, both in terms of allocating money to product development, and adjusting margins to a more attractive level for customers?MJ: Outside Poland, the STS offer is complementary, as local legislation allows it. The offer includes a casino or live casino. We have been repeating for a long time that in Poland the Act strongly limits the development of the industry. On foreign markets we can take full advantage of our potential. This is also reflected in the competitive odds offered by the world’s biggest players.SBC: What has been the impact of boosting the number of streamed events for your customers?MJ: We notice that streams in STS TV become more and more popular. This is the reason why we are still expanding the number of broadcasts in our offer. It is highly important due to live betting and its growing interest among the customers.STS TV is one of the bookmaker’s most popular features on all online channels. Top matches are watched by thousands of unique users. STS cooperates with three providers to make our coverage as wide as it is possible. In Poland, only three licensed bookmakers have live streaming, one of them is STS. So it drives our retention rate at very high level.SBC: What are the key aims for this expansion?MJ: In the first phase of our foreign expansion, we want to reach a large number of Polish immigrants in Europe. Ultimately, however, we want to become one of the key players. We want to work with multiple languages (other language versions of our website) apart from Polish, English and German.SBC: What do you expect to be the big breakthrough for STS in 2019?MJ: Undoubtedly the biggest breakthrough is that we start operations in as many as 11 foreign markets – in Great Britain, Germany, Norway, Iceland, Luxembourg, Slovenia, Andorra, San Marino, as well as in Gibraltar, Malta and Latvia. We hope that activities outside of Poland will be more and more visible in our revenues. At the moment, it is our priority. StumbleUpon Polish wagering report highlights STS market dominance  August 17, 2020 Related Articles Share Submit Share MoneyMatrix boosts wire transfer options by integrating Klarna’s Sofort August 24, 2020last_img read more

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