Charity to provide $100M for Philadelphia parks, libraries

Markets Associated Press

A Philadelphia charity says it will contribute $100 million to help Mayor Jim Kenney renovate city parks, libraries, recreation centers and playgrounds.

Continue Reading Below

The William Penn Foundation said Sunday the money committed to the mayor's "Rebuilding Community Infrastructure Initiative" is the largest single grant in the foundation's history.

Board Chairwoman Janet Haas says the grant underscores the foundation's focus on "generating new approaches for investing in under-resourced communities."

The "Rebuild" program envisions the city selling $300 million in bonds and securing hundreds of millions of dollars from other sources for projects around Philadelphia.

Haas says the program could serve as a national model for community reinvestment with strong involvement from local residents.