The City of Philadelphia is subsidizing Philadelphia Media Network Inc.’s move to 801 Market St. with nearly $3 million in special loans. Around $2 million is in the form of a low-interest loan, while close to $1 million is for the security deposit on the 12-year lease, to be paid back over the life of the lease. The state is also funding the move, though to what extent is not yet clear.

The move is seen as a boost to the Market East section of the City. Ballard Spahr’s Michael Sklaroff and David Gifford are representing PREIT, the building’s owner, in the move.

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