State Agency OKs Millions More In Loans For Projects In Downtown Reading

English: Downtown Reading, Pennsylvania; with ...

English: Downtown Reading, Pennsylvania; with Berks County courthouse on left; July 2007 (Photo credit: Wikipedia)

A state agency has approved an extra $5 million in low-cost loans for new projects in downtown Reading, as well as an extra $1 million for the planned Doubletree Hotel on Penn Street.

The loans, sought months ago and already part of the hotel’s financing package, were formally approved today by the Commonwealth Financing Authority.

Both packages will go through the Greater Berks Development Fund.

The $5 million will be available for as-yet-undetermined downtown projects, said Edward J. Swoyer, Greater Berks executive director.

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Boscov Asks Reading To Take $1 Million Loan For Proposed Hotel

Retailer Albert R. Boscov, whose nonprofit Our City Reading is trying to get financing for a four-star Doubletree Hotel along Penn Street, asked City Council on Monday to approve a $1 million federal loan as part of the package.

“If you can help us here, I promise you a hotel,” Boscov told council members.

Council is slated to vote on the deal Monday.

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