PhillyInc

Phillyinc has gotten a copy (download PDF here, 8MB 34 pages) of the redevelopment agreement under which Campbell Soup Co. would take over the Sears Roebuck & Co. site. It says, among other things, that the Camden Redevelopment Authority would acquire (buy or take under eminent domain) the site from the current owner, Camden Gateway LLC (created three years ago under Brian Jackson. Its status report is here. If it buys the site, the purchase price likely would be around $2.4 million, according to Jim Harbeson of the CRA. After CRA buys from Gateway, the CRA would flip the site to Campbell for roughly $2.9 million. That means $500,000 net for the quasi-municipal agency. There's more. Phillyinc is still poring over it.