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PHILADELPHIA-The Delaware River Port Authority has approved funding for three projects along Philadelphia’s eastern Delaware River boundary. Two of them, the Simon Family Entertainment Center at Penn’s Landing and the Greater Philadelphia World Trade Center, have been in limbo.

DPRA approves $16 million in equity financing for the $300-million Penn’s Landing entertainment center to be developed by Simon Property Group. The funds are to assist in construction of the site’s Please Touch Museum, an amphitheater and a tram to link the two sides of the river.

The DPRA financing is contingent on Indianapolis-based Simon getting the long-delayed project off the ground.

An $8-million loan guarantee and $6-million investment from DRPA for the $684-million World Trade Center, proposed by New York-based Carl Marks & Co., is contingent on the project’s ability to obtain primary financing from other sources.

DRPA grants a $500,000-loan guarantee to the Ship Recycling Research Institute at the Philadelphia Naval Business Center to develop a research institute to determine how to recycle obsolete ships. The institute estimates that as many as 4,000 ships a year are retired. Some are sunk to create artificial reefs. Others are scrapped for metal and parts or preserved as museums.

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