PHILADELPHIA-The Archdiocese of Philadelphia is going to lease 13 cemeteries to Stone More Partners L.P. in Levittown in a deal valued at $89 million over 35 years.
The archdiocese structured the deal to receive as much money as possible early in the term to help turn around its finances, according to The Inquirer. The archdiocese needes to address a $350-million liability for pensions, self-insurance and a parish fund.
"It is too big a number to kick down the road," Timothy O'Shaughnessy, chief financial officer for the archdiocese, said. "It's also a number that's so big that our approach against it can't be a small approach. We're in a position where we've got to consider significant assets. That's unfortunate and there's a sadness to that, but that's where we're at."
Other measures taken by Archbishop Charles J. Chaput include a 25% reduction in the diocese's workforce at the church's headquarters and other property sales. See story in The Inquirer.
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