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REGION’S BUSINESS
PHILADELPHIA EDITION
A JOURNAL OF BUSINESS AND POLITICS
HIGH-RISE HOPES DASHED In 2007, it seemed Philadelphia would host a slew of new high-rise buildings. Six years later, most projects are forgotten, but a few still offer hope
MOODY’S SUPPORTS BORROWING FOR PHILLY SCHOOL DISTRICT AUTISM-CENTERED BUSINESS WINS STARTUP OF THE YEAR THE ECONOMICS OF MINOR LEAGUE BASEBALL
22 AUGUST 2013
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CONTENTS
3 1519 Walnut Street
16 HIGH HOPES DASHED In 2007, it seemed Philadelphia would host a slew of new high-rise buildings. Six years later, most projects are forgotten, but a few still offer hope
Analysts: Airline Merger Odds ‘Favorable’
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Moody’s Supports Borrowing for Schools
6
YEAR OF THE INNOVATOR
11
Autism-Centered Business Wins Startup of the Year
8
AFL-CIO, Sierra Club Make For Odd Bedfellows
12
The Economics Of Minor League Baseball
19
$2.9M Tudor Estate In West Chester
13
Same Old Cheesesteak, New Vision at Geno’s
REGION’S BUSINESS A JOURNAL OF BUSINESS & POLITICS
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PRESIDENT AND PUBLISHER James D. McDonald MANAGING EDITOR Terrence J. Casey ASSOCIATE EDITOR Rich Coleman CONTRIBUTORS Brandon Baker, Eric Boehm, Charlie Gerow, Don Lee, Christopher Wink PROOFREADER Denise Gerstenfield ADVERTISING DIRECTOR Larry Smallacombe DIRECTOR OF BUSINESS DEVELOPMENT Deirdre Affel
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22 AUGUST 2013
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DEALBOOK
HEALTH CARE
Mercy Health System Signs Insurance Deal Mercy Health System and Health Partners said Monday, August 19, they have signed a three-year agreement that provides for Health Partners insurance plans to be accepted at Mercy Health System facilities, the Philadelphia Business Journal reports. Financial terms of the deal were not disclosed. Health Partners of Philadelphia has 170,000 Medicaid and Pennsylvania Children’s Health Insurance Program (CHIP) plan members in the Philadelphia region. Mercy Health System of Conshohocken, Pa., is the parent organization for four acute-care hospitals including Mercy Philadelphia and Nazareth hospital in Philadelphia.
Some Analysts Think Airline Merger Odds Are Favorable The Philadelphia Inquirer reports that some industry analysts say there is still a good chance the American Airlines-US Airways merger will go through, with concessions by the carriers to divest disputed routes and add routes and services to perceived gaps in the network. A federal judge recently delayed approving American’s plan to emerge from bankruptcy protection after the U.S. Justice Department and a half-dozen states, including Pennsylvania and Texas, filed suit last week to block the merger. One airline analyst, Daniel McKenzie of Buckingham Research, put the chances of the merger’s being approved at 50-50. “We doubt Justice will prove its
case if and when it comes to trial,” bond analyst Vicki Bryan of the independent research firm Gimme Credit said in a client note. The government makes “blanket statements that consumers will pay more and get less” but the evidence “seems weakly supported,” she wrote. “We assume the merger will close.” The merger aims to allow two smaller carriers, No. 3 American and No. 5 US Airways, to come together to better compete with United and Delta, which are No. 1 and 2 in passenger traffic. If the merger is scuttled, the result would be a “duopoly” between United and Delta, Helane Becker, analyst with Cowen & Co. in New York, said in a note to clients.
PARKS AND RECREATION
North Philly Park Will Undergo Renovations Mayor Michael Nutter announced plans last week to restore the field located at 11th Street and Cecil B. Moore Avenue in North Philadelphia. The $2.5 million project will replace the grass field with new artificial turf. New field goal posts and a scoreboard will also be installed. SPORTS
Phillies, Union Join Together For Promos The Philadelphia Phillies and Philadelphia Union will be hosting co-promotional nights at PPL Park and Citizen’s Bank Park. Phillies promos will run for the Union game on August 31, while the inverse will occur at CBP on September 4.
22 AUGUST 2013
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WEEKLY BREIFING EXECUTIVE BOOKSHELF
WHO TO FOLLOW
@SDPHite
Dr. William Hite Philadelphia schools will indeed open on time on September 9. If you’re a parent in Philadelphia or just keeping a close eye on the situation, now’s the time to follow Superintendent William Hite. RT @SDPHite: Advocacy for more funding will continue until we have longterm structure that supports students, staff and ensures SDP’s sustainability. RT @SDPHite: #phillyeducation back to school info: http://webgui. phila.k12.pa.us/offices/s/ school-opening
Content Rules It’s quite a jump from recognizing the need for content and knowing just how to create it. Content Rules: How To Create Killer Blogs, Podcasts, Videos, eBooks, Webinars (And More) That Engage Customers and Ignite Your Business bridges that gap. The authors, Ann Handley and C.C. Chapman outline the “rules” for crafting compelling content and offer a “how to” section for using a variety of formats, from blogs to webinars. They also provide a series of realworld success stories, complete with ideas that can be duplicated for your own business.
At Susquehanna Bank, we’re doing what counts to offer competitive financial products and services, local decision-making and outstanding customer service to build lasting relationships — with people like you. Susquehanna combines the strengths of a community bank with those of a diverse financial services company. Thanks to our regional structure, we have local leaders with lending authority and teams who are committed to providing personalized service. Plus, we have the resources to provide funding ranging from small business loans to complex financing packages. Call 800.311.3182 or stop in to talk about what we can do for you.
Doing what counts™. susquehanna.net | Member FDIC
RESTAURANT ROUNDUP
MUST-HAVE APP
Contacts+ Whether you’re on iOS or Android, the stock contacts application can be a little bland. Contacts+, a free contacts app for both Android and iOS, is a nice alternative. The app syncs information from all of your connected services, like Twitter, Facebook, Google+, LinkedIn, and your address book to give you complete contact cards for your friends. It’s organized with big photos of each person. One tap can call them, while another gets you up to speed on what they’ve been doing lately. The app also makes it easy to organize your contacts into groups, or quick call them by tapping and holding their contact photo. It’ll even notify you when it’s one of your friends’ birthday, so you can call them or send them a text to wish them well. Developers say the app will always be free, so check it out.
Doing what counts for your business.
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Ocean Prime Gears Up For Opening Ocean Prime is opening at 15th and Sansom in Center City with Columbus, Ohio restaurateur Cameron Mitchell at the helm. Mr. Mitchell is as synonymous with that city as Stephen Starr is with Philly. When it does open, the restaurant will serve high-end steaks and seafood and evoke the feel of a supper club. The restaurant’s 8,000 square feet will seat 260 guests and offer private dining rooms on the side. There will be a lounge with an ample menu of cocktails and wines. Ocean Prime promises to be open come this September.
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REGIONSBUSINESS.COM
WEEKLY BREIFING
ENERGY
City Issues RFQ For Potential PGW Sale The City of Philadelphia took the first formal step today in the process to identify a qualified buyer of the Philadelphia Gas Works (PGW) by issuing a Request for Qualifications (RFQ). In this phase, those interested in participating in the sale must demonstrate their financial capability and operational expertise to purchase, own and manage the PGW system. Parties that are determined to be qualified by the City will be invited to participate in the initial bidding phase. DEVELOPMENT
Largest Passive Project Underway In East Falls The mixed-use Ridge Flats in East Falls is on track to be the largest “passive project” in the country. Passive projects are structures built to an exacting zero-net energy-efficiency standard. Once complete, Ridge Flats will contain 146 apartments, 1,000 feet of commercial space and 120 above-grade parking spaces. The building will also feature green roofs and a rain garden. DEVELOPMENT
Schuylkill River Boardwalk On Track
Moody’s Approves Of City’s ‘Credit Positive’ $50M Borrow BY ERIC BOEHM The city of Philadelphia plans to borrow about $50 million to ensure its schools can open on time, and they’ve been given a thumbs-up by at least one major creditrating agency. In a report released Monday, Moody’s said the $50 million in borrowing would be “credit positive,” for the Philadelphia School District. The district’s bonds need all the help they can get, since they are essentially rated as junk by Moody’s, one of the three big credit-rating firms. The report notes that borrowing to fund the school district would be a credit negative for the city if it became part of a pattern — but as long as this is a one-time event there seems to be no real concern. The city plans to use a portion of a one percent city sales tax to repay the loan. But Moody’s noted “the city’s decision to borrow money for the benefit of the school district for operating purposes is an unusual and significant action.” What’s so unusual about it? It’s rare for a municipality, even one as large as Philadelphia, to borrow money for a school district. Usually, if districts or other smaller political entities get into a situation where they are unable to borrow for themselves, the state will step in. But the state will not give the school district more money until the Corbett administration is satisfied the district is making “fiscal savings and academic reforms.” That includes changes to the collective bargaining agreement between the district and
the Philadelphia Federation of Teachers, a union. The report also points to growth in charter schools in the city. Philadelphia School District made $533 million in payments to charter schools in 2012, up from $126 million in 2008. That’s because more students are leaving the traditional public school system for the city’s charter schools. For the 2013-14 school year, 30 percent of the city’s students will attend charter schools. The City of Philadelphia’s bonds are rated A2 with a stable outlook, meaning Moody’s does not expect any changes in the near future. The school district’s bonds are rated Ba2 with a negative outlook. And Moody’s warns that its issuance of a “credit positive” review does not connote a rating or outlook change. It is indicative of the impact of a distinct event or development as one of many factors. This article was originally published on PA Independent at PAIndependent. com.
Superintendent Defends Pay Raises
Construction on the Schuylkill River Boardwalk is scheduled for completion by August 2014, Philadelphia Real Estate Blog reports.
Some school district employees will see salary increases after the district borrowed $300 million to open on time and pay the bills. S u p e r i n t e n d e n t W i l l i a m Hi t e defended the salary increases Tuesday, August 20, saying they coincided with additional responsibilities for employees in the district’s IT, finance, and human resources departments, KYW Newsradio reports.
“Some individuals were in teaching positions, some were administrators in schools,” he told KYW, “and then by moving into these new positions the salaries associated with those positions naturally gave those individuals an increase.” Though some in the teachers’ union are skeptical, superintendent Hite said the $300,000 for the raises was already budgeted.
HIGHER EDUCATION
First Settlement Reached In Sandusky Case The first of numerous civil claims filed against Penn State amid the Jerry Sandusky sexual abuse scandal has been settled, NewsWorks reported. The Philadelphia Inquirer, which first reported the settlement, said it amounted to several million dollars. The paper said settlements are expected soon in 25 more claims over the actions of the former assistant football coach.
Penn State Drops to 19 In Merch Sales Penn State has fallen to 19th on the list of universities that generate royalties from merchandise sales, the Associated Press reports. Penn State dropped seven slots, from 12th, in the most recent year tracked by Collegiate Licensing Co. A Penn State spokeswoman attributed some of the drop to the Jerry Sandusky scandal.
Hanger Unveils Plan For Free Up-Front Tuition John Hanger unveiled his plan to end upfront tuition costs to state and community colleges. The Democratic candidate for Governor supports a system that would allow students in state and community colleges to pay back the cost of their education as a small percentage of future income. POLITICSPA.COM
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22 AUGUST 2013
POLITICAL COMMENTARY
REGIONSBUSINESS.COM
AFL-CIO, Sierra Club Unlikely Bedfellows
Charlie Gerow is CEO of Quantum Communications, a Harrisburg-based public relations and issue advocacy firm.
CONTRIBUTE Send comments, letters and essays to feedback@ regionsbusiness.com. Opinions expressed by guest writers do not necessarily reflect those of Region’s Business.
When the head of one of the nation’s most recognizable organizations candidly admits that his group is in trouble and has to take dramatic steps in order to save itself, it’s big news. When that organization is the AFL-CIO, the world’s most prominent labor union, it’s really big news. Richard Trumka, a Pennsylvanian who now heads the national union, recently told USA Today “we are in crisis,” an honest assessment of an organization that has seen steady declines in membership and influence over the past few decades. Mr. Trumka’s proposed solution to his organization’s woes raised the most eyebrows though, including more than a few within his own ranks. To bolster lagging membership and recharge decreased political vitality, Mr. Trumka says he’ll try to get the AFL-CIO to forge “partnerships” with such left-leaning groups as The Sierra Club, the NAACP and the National Council of La Raza. In effect, he’d like to form a liberal super-club to try to salvage his last vestiges of influence. Mr. Trumka acknowledged that not all within his organization are in favor of such a move. No wonder. A juxtaposition of protests in Washington, DC on Valentine’s Day eve illustrates why. Daryl Hannah, who lives on the environmentalist fringe, was joined by the head of
the Sierra Club in front of President Obama’s White House, protesting against the Keystone Pipeline. Completing the Keystone Pipeline would create tens of thousands of union jobs in addition to increasing domestic energy security and independence. So, just a few blocks away, the head of the AFL-CIO’s powerful Building and Construction trades was part of a rally in favor of the pipeline. Closer to home, when a major Pennsylvania power company announced last month it was shutting down two coal-fired power plants, the Sierra Club cheered. Not so joyful were the nearly 400 workers, most of them union members, who stand to lose their jobs. Politics has always made strange bedfellows, but it’s hard to imagine what it will be like under the covers if Mr. Trumka has his way. The truth is the bed likely isn’t big enough. Mr. Trumka’s idea, it turns out, isn’t new; it’s just getting more attention than previous attempts. His predecessor, John Sweeney, tried to forge “collaborative relationships” with environmentalists, feminists and anti-war protestors. Union membership fell 30 percent under his regime. During World War II nearly one in three workers were unionized. Today it’s fallen to 11 percent and private sector union membership is less than 7 percent. Mr. Trumka can count. He knows he’s got to
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get membership and activism above these anemic levels. The problem is he has the wrong solution. Instead of focusing on what will feather his political nest (i.e., coalescing left wing groups under his banner) right before his re-election campaign, Mr. Trumka could focus on what’s best for his members. The most important thing to any worker is a job. When the Democratic State Committee of Pennsylvania passed a nutty resolution this summer calling for a moratorium on natural gas development in Pennsylvania, Rick Bloomingdale, the President of the state AFLCIO, loudly reminded his fellow Democrats of the jobs that would be lost should their advice be followed. For several years, the Pennsylvania AFLCIO and the Pennsylvania Manufacturers Association worked together to try to find ways to revitalize the commonwealth’s sagging manufacturing base. Instead of running into the arms of the job-killing, economy-destroying arms of the environmentalist left, Mr. Trumka should embrace alliances that build jobs, boost wages and create tax policies that allow workers to keep more of what they earn. Good policy is always good politics, and he might find that those workers who are no longer on his rolls return. A hard left turn only assures that they’ll continue to leave.
22 AUGUST 2013
POLITICAL COMMENTARY
REGIONSBUSINESS.COM
9
State Left To Clean Up Philadelphia’s Mess
Eric Boehm is bureau chief for PA Independent, a project of the Franklin Center for Government and Public Integrity
CONTRIBUTE Send comments, letters and essays to feedback@ regionsbusiness.com. Opinions expressed by guest writers do not necessarily reflect those of Region’s Business.
The Philadelphia School District will open September 9, thanks to a last-minute $50-million loan secured by the city government. But the stop-gap measure does nothing to address the larger problems at the School District, almost all of which will require action from the General Assembly in Harrisburg. First and foremost on the list of problems: the School District’s pension funds, which will continue to drive up costs in coming years as decades of underfunding by the state — combined with higher retirement rates — blast the school district’s budget. Pension payments will climb from $73 million this year to as much as $349 million by 2020, according to a new report from the Thomas Fordham Institute, a conservative education reform nonprofit. But the district really is helpless to solve the pension mess, which was caused by state officials and can only be solved by state action. Unlike local governments, which run their own pension systems in most cases, Pennsylvania public school employee pensions are handled by the state. And the Public School Employees Retirement System, or PSERS, is facing a nearly $30 billion unfunded liability, meaning it doesn’t have enough money to cover all of its promises.
While the situation in the Philadelphia School District is one particularly acute example, the same crisis is playing out — or will soon play out — in districts across the state. So far, attempts to fix the pension mess have left much to be desired. Lawmakers made changes in 2010 to benefits for new hires, but that does virtually nothing to bring down the costs that have piled up during the past 10 years as state lawmakers deliberately underfunded the pension plans. This spring, Gov. Tom Corbett backed a plan to cut benefits for current employees along with further changes for new hires, but there is little interest in the General Assembly in going after benefits of those already on the job. That plan, certainly, would bring the full force of public sector unions to bear. And it is unclear this plan would be constitutional. But one needs only to look at the mountain of costs hanging over the Philadelphia School District to know that something must be done. A second major cost-driver at the School District is payments to charter schools. With more than 30 percent of the student population in Philadelphia now attending those alternatives to traditional public schools, the district is shelling out an estimated $533
million to charter schools, up from $126 million in 2008, according to Moody’s. The state recently changed the rules for reimbursements to school districts for payments to charter schools, cutting off some of those payments. Advocates of charter schools — including Gov. Corbett and many in the Republican majorities in Harrisburg — point to the fact that it is cheaper to educate a child in a charter school on a per-pupil basis. The money should follow the students, they say, instead of being handed over to the district even as kids choose to be educated elsewhere. And while all that may be true, lawmakers have spent much of the past two years in an on-again, off-again debate over further changes to how charter schools are structured and operate. Finishing a package of comprehensive funding- and accountability-focused reforms would be good for the charter schools and the struggling school districts where most of them are popping up. The district has other problems to solve for itself — like a terrible bond rating, hundreds of millions of dollars in debt, and a decreasing student population — but it could sure use some action from our Legislature.
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2013: YEAR OF THE INNOVATOR
REGIONSBUSINESS.COM
LeadID Takes The Guesswork Out Of Buying High-Cost Leads Business: LeadID Founders: Ross Shanken Contact: ross@leadid.com
BY BRANDON BAKER After hitting big with caller ID company Targus Information Corp., having sold the 250-employee company in 2010, Ross Shanken entered January 2011 with a clean slate. Certain he wanted to take on a new startup, but unsure of what that might entail, he did his homework and stumbled into the all-too-common problem of major businesses — including bigleague players like University of Phoenix and Liberty State Mutual — spending millions of dollars on leads each year. These companies, in essence, take multi-million dollar shots in the dark on which leads are either genuinely verifiable, misleading or altogether phony. The solution: the lead-origintracking company LeadID. “If you were to buy a car, you would get the VIN number of that car, and do the CarFax report to see if there have been any accidents or if it was a service car,” said Mr. Shanken, founder of LeadID. “When it comes to leads sold between companies, the buyer has no idea if it’s a legitimate lead, current lead or if it’s authentic — was it really X person who entered information into the form?” The technology attaches code to a user’s form to determine when, where and by whom the information was entered. Websites using the technology are issued a “Lead ID” that links the platform to the
LeadID founder, Ross Shanken, started the company after researching problems businesses had with million dollar leads. SUBMITTED
site. The company was officially started by Mr. Shanken in January 2011, growing to four people by the end of that year, 11 by the end of 2012 and now sitting at 18 — with an expectation of growth to 22 employees by the year’s end. In July 2012, the company received $1.7 million in funding from Genecast Ventures, which invested a second round of $1 mil-
lion just last month. Now, the company is planning a move to Ambler, Pa., to a 6,400-square-foot office space, with Mr. Shanken’s sights set on growth to 37 employees by the end of next year and an expansion beyond the company’s current 30-customer client base. “It started with just me and an idea,” Mr. Shanken said. “And I think we’re going to keep growing from here.”
Steadily, but almost quietly, Philadelphia has become a hotspot for entrepreneurs. The combination of great ideas, available capital and a welcoming environment have set the stage to make 2013 a breakout year for innovation and new businesses. To Learn More ... For more information on sponsorship opportunities or to suggest story ideas, call our main office at 610-940-1656. The web: RegionsBusiness.com Facebook: Facebook.com/regionsbusiness Twitter: @RegionsBusiness Sponsored by
22 AUGUST 2013
2013: YEAR OF THE INNOVATOR
REGIONSBUSINESS.COM
DIARY OF A STARTUP
SpeSo Post-Incubator Sees Many Transitions
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Autism-Centered Business Takes Home Startup Of The Year At 2013 Philly Geek Awards
Creators of the BizVizz app, which lets users scan corporate logos to get campaign finance reports, speaking at the Philly Geek Awards. TECHNICALLY PHLLY
BY CHRISTOPHER WINK SpeSo Health, a healthcare IT company that aims to connect patients diagnosed with rare diseases to specialists who hold their best shot at a cure, jumps on board the Region’s Business “Diary” train this week. For their first entry, Jonathan McEuen explains what life is like post-DreamIt. To read more about SpeSo’s backstory, see philadelphia.regionsbusiness.com/innovators. In their words: Our business just graduated from the DreamIt Ventures Healthcare incubator in Philadelphia, months after our co-founders graduated Wharton and Penn Law. The DreamIt Program provided incredible mentorship, community and support for SpeSo Health as a team and as a business. Graduation is challenging in some ways, but is critical to prove that our business can sustain and scale. Life post-DreamIt is full of transitions: We are testing out new workspace, bringing in additional team members and evolving from a product focus to building a national customer base. It requires dedication. We use agile development strategies and work around the clock to hit our goals. Our focuses range from technical challenges — improving algorithms, capturing more data — to commercial hurdles, like delivering impactful insights to customers and creating impactful partnerships. The work has been hugely rewarding. Though we are a small and growing team, SpeSo has already brought together a comprehensive set of data that describes many facets of the healthcare system, and is using that to help both paying customers and patients who use our current site for free. We hear every day from patients and advocacy groups who have used our site to find answers that otherwise could have taken months, and are already navigating several discussions for with external investors. But it is a mission we believe in, and we feel lucky to have this chance, and to be building in Philadelphia.
During Saturday night’s third annual gala Philly Geek Awards, a digital literacy training company for Autistic youths took Startup of the Year, a high school robotics teacher was named Geek of the Year and Skeletor brushed shoulders with the Drexel professor who put PONG on the Cira Centre. After a cocktail hour, the more than 300 attendees, which sold out the event this year in less than 90 minutes with tickets at $25 a pop, piled into the Academy’s auditorium. Here are the winners from the event, which is organized by geek culture blog Geekadelphia, operated by founders Eric Smith and Tim Quirino and supported by a host of friends, like developer Mikey Il, Academy staffer Jill Sybesma, O3 World project manager Robert Perdue and others. Though sponsors supported the event and catering — including glowing robot awards from maker space NextFab Studio — the effort is done by volunteers, including an intern. “It’s to shine more light on the great work we’re all doing,” Mr. Smith said. Geek Story of the Year — Pong on the Cira Centre: Dr. Frank Lee of Drexel took his dream to the clouds to kick off Philly Tech Week this April. Startup of the Year — Autism Expressed: The online digital literacy learning tool for kids with Autism. Hacker of the Year — Dr. Frank Lee: The night’s only two-time winner. Social Media Campaign of the Year — #GunCrisis: The hashtag and news source focused on gun crime in Philadelphia. Visual Artist of the Year — Braille Street Art: The effort from visually-impaired Austin Seraphin and his friend Sonia Petruse to put political slogans in art on Philly’s walls that the blind can use is on the cover of Philly Citypaper this week. Of winning this category, Seraphin, who was aided on stage by Petruse and a
cane, deadpanned: “I have a confession. I am not actually a visual artist.” Scientist of the Year — Kimberlee Sue Moran: The Rutgers-Camden forensic archeologist who has done work with the Philly Science Festival and done work like exploding a transit bus to offer a training to area first responders. Indie Game of the Year — Perfection: Built by Greg Lobanov, the Drexel student (who hired himself for his own co-op) behind Dumb and Fat Games, has gotten widespread acclaim for this early effort. Web Project of the Year — AxisPhilly: The dataminded public affairs outlet has had a rough few weeks, including its CEO’s departure and some conversation about its future, but tonight the focus was on the data journalism it has put out in its short history. Mobile App of the Year — BizVizz: It’s an app that allows you to scan corporate logos and find campaign finance disclosures and other backroom filings. Event of the Year — Open Air Philadelphia: The epic light show above the Ben Franklin Parkway was called the largest art display in the city’s history. Feature Length Indie Film of the Year — Backyard Philly Project: Put together by a Drexel University alumnae, this documentary follows four students from Penn Town, a community of public housing and lower-rent homes west of Northern Liberties. Viral Project of the Year — We are Never Ever Going to Win with Andy: He may be the most successful coach in the history of the Philadelphia Eagles (or not), but Andy Reid’s coming up short of the Super Bowl year after year spawned a viral hit. Geek of the Year –Dan Ueda: The mild-mannered physics teacher at the illustrious Central High School has gained a reputation of shorts around growing the Philly Robotics Expo, which has been part of Philly Tech Week, and leading Central’s popular robotics team. More recently, his words of caution about the city’s budget shortfall caught the attention of the Washington Post. This article was originally published on Technically Philly at Technical.ly/Philly.
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22 AUGUST 2013
2013: YEAR OF THE INNOVATOR
REGIONSBUSINESS.COM
The Economics Of Minor League Baseball
Robert J. Chalfin is a lecturer at The Wharton School, attorney, CPA, entrepreneur and has invested in numerous businesses. He can be reached at bob@chalfin.com or 732/321-1099. This article was originally published on the Wharton Entrepenuership Blog at http://beacon.wharton. upenn.edu/
CONTRIBUTE Send comments, letters and essays to feedback@ regionsbusiness.com. Opinions expressed by guest writers do not necessarily reflect those of Region’s Business.
The New Hampshire River Cats’ field. FLICKR.COM/ROBREED
Owning minority interests in two minor league teams has enabled me to combine my passion for baseball with investments. As a baseball fan I consistently monitor the batting averages and the earned run averages of my favorite team, and now I also monitor the average attendance and earnings of my teams. In addition, losses have assumed an expanded meaning. This column will discuss some of the economics that are inherent with owning an interest in a Minor League Baseball (MiLB) team. While most of the attention in the national sports press focuses on Major League Baseball (MLB) and college teams, MiLB still occupies a vital place in the hearts and minds of fans around the country. The affordability of the games coupled with the family oriented atmosphere of the venues has enabled attendance to remain strong despite the recession. There are 30 Major League Baseball and 160 affiliated minor league teams, 120 of which are full-season teams. The 120 affiliated full-season MiLB teams are divided into four levels- AAA, AA, high- A, and A. The MLB teams supply the players, coaches, and player development staff for the MiLB teams. The majority of the costs of the bats, helmets, and balls are paid by the MLB teams. As a result, the assumption of the expenses for all of the field personnel as well as the bulk of the equipment contributes to the MiLB teams’ overall margins and profitability. “Minor League Baseball”, which is a trademarked term, refers to teams that are affiliated with MLB teams. The unaf-
filiated teams, which are referred to as independent or semi-pro teams have a very different business model from the MiLB teams since they are responsible for the athletes’ salaries, as well as locating their players and opponents. This posting will focus only on MiLB teams. All affiliated MiLB teams pay a small portion of their gross ticket revenues to their MLB parent. MiLB do not share their non-ticket revenues with their parent. Each affiliated MiLB team receives a “protected territory” which includes the county in which it operates along with a fifteen mile radius from the home county’s borders. Ticket sales, advertising, concessions, and merchandise comprise the majority of a MiLB team’s revenues. Many MiLB teams contract their concessions to large food service providers. Merchandise sales can be subject to licensing and other requirements. The terms of the stadium lease, which are typically rented from a government entity, has a significant bearing on the MiLB team’s profitability. Many leases enable the team to generate revenue from non-baseball events and provide that the municipality contribute to the operating and capital expenses of the stadium. Through its player development personnel, the MLB affiliate of each MiLB team determines, who will be on each team. Since the players on the MiLB are frequently transferred between the other teams within the organization, they generally have less individual fan recognition than the players on MLB teams.
While the MLB affiliate is responsible for the on-field offering, the MiLB team focuses on the overall business operations, which includes the marketing functions. A MiLB team’s promotional efforts can take numerous forms including offering additional attractions at the games such as fireworks, on-field contests, co-branded promotions or giveaways that are sponsored by local businesses, schools, civic and charitable groups, and reduced ticket sales to established or affinity groups. Mascots roam the stands entertaining the crowd. Since most fans purchase food, beverages, and souvenirs when they attend a game, many teams distribute tickets at reduced rates to encourage the non-ticket sales and to create a buzz at the ballpark. Increased attendance also boosts the rates that can be charged to advertisers. There are several factors, outside of the control of the team that have direct ramifications on the profitability of the organization. Local demographics including unemployment rates and macroeconomic factors top the list. But weather looms as a very important determinant. Simply stated, fans don’t come to the game when rain is predicted or the temperatures are low. While some teams have purchased rain insurance, on a long-term basis the purchase of this is revenue neutral, at best, to the buyer. Other events, such as a popular MLB player undergoing a rehabilitation assignment following an injury and playing for the MiLB team can cause attendance at the handful of games to skyrocket.
22 AUGUST 2013
2013: YEAR OF THE INNOVATOR
REGIONSBUSINESS.COM
13
Same Old Cheesesteak, Brand New Vision For Geno’s BY BRANDON BAKER Geno Vento was practically born with a cheesesteak in his mouth. Born in 1971 and named after the ever-familiar family business Geno’s Steaks, Mr. Vento has lived and breathed steaks and “cheese whiz” since he started working at the shop at age 17. (Though if you ask him, he’ll tell you he “started late.”) It’s only natural, then, that when his parents passed away less than two years ago, he took the helm of the ship — and now, he’s steering that ship in a new direction. “We’re launching a whole bunch of new stuff in the coming year, with new ideas. We started an online store for exclusive merchandise, we’ve got some ad stuff going on throughout the city, we just signed with the Eagles for some radio commercial advertising and we’re going to pick a lucky winner every month who will get to sit inside the [Geno’s] VIP booth,” Mr. Vento said. “I’ve had a lot of turmoil and family stuff to deal with, and I’ve finally got my head above water, so I want to take Geno’s to the next level.” Still, to be sure, there’s nothing revolutionary about Geno’s changes.
The menu will remain the same — “Why mess with perfection?” he said — and there are no current plans for expansion, but he hopes to make his own mark on the business in a way he was never able to when his father was alive. “Thank God my dad showed me some stuff,” he said, “but I’m just taking things to a new level in my own eyes. My dad had his vision, and I have my vision.” He emphasized that, when it comes to competition in the city, he feels no need to borrow from other shops. The reality, he said, is that other shops instead like to draw from what he and his 33 employees do on the regular. “We have businesses come in and ask questions when they first start up: ‘How did you do this?’ or ‘How did you move the line so fast?’” Mr. Vento said. After all, he said, “People come from around the world for a ‘Philly cheesesteak.’” Mr. Vento dispelled rumors that he would sell the business. Instead, Geno’s Steaks will celebrate its 46th anniversary in September with now familypatriarch Geno Vento right behind the counter — Geno Vento, owner of Geno’s Steaks, is preparing a new strategy for Geno’s from promos to selling merchandise online. cheesesteak surely still in mouth.
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Inaugural
MARCUM I N N O VATO R of the Year
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November 14, 2013 Is your company a catalyst for change? Have you pushed the boundaries in your industry? Is your innovation helping to boost Philadelphia’s growing economy? Marcum LLP and Region’s Business are in search of Greater Philadelphia’s top innovators, and we want to hear from you. The Inaugural Marcum Innovator of the Year Awards will honor businesses of all sizes that are pioneering new advancements in the fields of Health/Biotech, Technology, Business Management, and Energy. Three winners will be named in each category, based on company size. Tell us about your break-through innovation and what makes your company a leader in our region by visiting our website – www.marcumllp.com/innovator. Submissions must be received by September 15, 2013. Winners will be announced at a Gala Awards Ceremony at the Franklin Institute on November 14, 2013. Don’t miss out on this spectacular opportunity to join our region’s business leaders in recognizing and celebrating the spirit of innovation in and around Philadelphia. For complete details including nomination criteria, please call Jacki Hallinan at 484.270.2715. Ben Franklin may have been Philadelphia’s first and most celebrated innovator, but he did not have a corner on the market. Who knows? You could be Philadelphia’s next Innovator of the Year! For tickets to the event, please call 610-572-7112 ext 102. If you are interested in sponsoring this event, please call Deirdre Affel at 610-572-7136. Marcum LLP is a top national accounting and advisory services firm.
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22 AUGUST 2013
REGIONSBUSINESS.COM
FINE ESTATES PREVIEW
$2.9M Tudor Estate In West Chester This six-bedroom, eight-bathroom located at 1 Bittersweet Drive in West Chester, spans over seven acres of secure privacy and hand crafted luxury with easy access to Philadelphia, Wilmington and Baltimore. The breathtaking foyer welcomes you to the grand formal living room with dramatic fireplace and dining room with custom cabinetry, vaulted ceilings and sweeping backyard views. The masterpiece kitchen with butler pantry and additional chef ’s kitchen provides plenty of opportunities to create culinary delights. The entertainment options are endless in the lower level area with a game room, gym, sauna/steam rooms, wine cellar and theater. The master suite includes his and her separate baths, a library with a fireplace and a study. Two ancillary buildings contain a threeroom office studio and a pool house with full service kitchen, bath and guest suite. For more information, please contact Matt Fetick of Keller Williams Realty at (610) 427-4420
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REGIONSBUSINESS.COM
HIGH-RISE HOPES DASHED Nearly six years ago, Philadelphia had a slew of plans to build vertically. Most of those plans are no more, but a few could still reach for the sky in the near future BY JARED BREY
I
n the fall of 2007, just before Michael Nutter was elected mayor and the real estate market slumped, PlanPhilly reported on development plans that, if all built as proposed, would have added more than five thousand condominium units to the Central Delaware waterfront. Those plans ranged in scale from ambitious to dreamy, and since that piece was published, no new condos have been built on the waterfront. Only a few of the proposals are even still on the table. In the meantime, the city completed waterfront visioning and master planning processes that culminated in the passage in June of a zoning overlay for the Central Delaware. That overlay includes a height limit of 100 feet for all waterfront development, with exceptions for projects that provide public amenities. Virtually all of the proposals for waterfront development in 2007 would have built higher than 100 feet, and the guideline is a sore point with some developers still. The following is a look at what happened to some of those 2007 proposals, as well as a brief description of some current waterfront proposals.
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REGIONSBUSINESS.COM
Pier 40 North
Waterfront Square, 901 North Penn St. Originally, Waterfront Square was supposed to be a five-tower development. Today, only three of the buildings have been completed, and the occupancy was so low in 2012 that the project was put into receivership. The occupancy of the troubled Reef Tower has just surpassed 50 percent, according to a spokeswoman for the project, and while there are no plans to build the remaining two towers, there may be additional construction at a smaller scale sometime in the future.
1143 North Delaware Avenue Louis Cicalese of Ensemble Realty has been proposing some version of a residential tower for this site, at 933 North Penn Street, for more than five years. Mr. Cicalese met with the Planning Commission last summer with the most recent iteration of his proposal, a 215-foot apartment complex with 200 residential units, to be built on
the land at the foot of the pier. Mr. Cicalese says that the pier itself is not safe to build on, and offered to give it to the City in exchange for an exception to the height limit in the new Central Delaware master plan. Planning Commission officials reacted unenthusiastically to the developer’s offer of the unusable pier.
1035 North Front Street
The vacant property directly south of Penn Treaty Park in Fishtown was once home to Club Maui, and later the site of the proposed Penn Treaty Tower, a 35-story, 168-unit condominium tower. That proposal, which included no active uses on the ground floor and a six-story parking garage, made it through zoning and won the approval of the Planning Commission, but never got off the ground.
The property was foreclosed on in 2010, and is now owned by Third Federal Bank in Newtown, Pa. Patrick Green, executive vice president of CBRE Inc., said his group is marketing the property for $6.9 million. According to Mr. Green, there are four viable offers for the property, and he expects that the tract will be sold for the asking price before the end of the year.
910 Shackmaxon, 1000-1052 Frankford Ave.
PlanPhilly described this proposal as a 21-story townhouse-and-condo project proposed for one of the many vacant lots on the east side of Front Street between Laurel and Girard streets. At the time, it was reported that the owner, Gianni Pignetti, was
possibly looking to sell the project. According to Office of Property Assessment records, though, the parcel hasn’t changed hands since 2003, when Mr. Pignetti bought it for $55,000. Mr. Pignetti has not returned calls from PlanPhilly.
In 2007, the property at the corner of Delaware Avenue and Shackamaxon Street was apparently the site of a proposed 67-unit condo tower called Penn’s Point. There were also plans to replace the Ajax Metal Co. complex with a 20-story mixed-use condo tower. Today, both properties have been bought by Michael Samschick of Core Realty, and may be incorporated into his plan for the Canal Street North project, a multi-parcel entertainment complex including a Live Nation concert venue and a country music bar.
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REGIONSBUSINESS.COM
400 Christopher Columbus Boulevard
709 North Penn Street A Donald Trump affiliate’s plan to build a 45-story condo/hotel tower in Philadelphia has crashed and burned. A Trump affiliate bought the 92,000-square-foot waterfront parcel in 2006 for $10 million. But earlier this year, the owner declared bankruptcy in order to prevent the property going up for a sheriff ’s sale. The developers, VTE Philadelphia
LP, apparently borrowed $17 million from U.S. Bank for the development, which they never started, and the bank is pursuing collection of that debt even as the group goes through bankruptcy. PlanPhilly has so far been unable to contact representatives of the developer, their attorneys, or attorneys for U.S. Bank.
1143 North Delaware Avenue
Waterfront Renaissance Associates, an affiliate of the Carl Marks real estate group, spent 20 years working on plans for a Philadelphia World Trade Center. That project fell apart during a spat over a 2006 Old City zoning overlay, a spat which also contributed to the disbanding of Old City and River’s Edge civic associations, both named in a lawsuit brought by the developer.
As of last summer, the group was proposing a residential complex of nearly 1,500 units with one tower rising to more than 400 feet, twice the height allowed under the new overlay even with every height bonus for public amenities. Last month, the development team came back with a new proposal for five buildings, the tallest of which would be 240 feet.
Once the location of a proposal for Bridgeman’s View Tower, a 66-story mixed-use condo tower that would have been the third-tallest building in Philadelphia, this property is now another one of Michael Samschick’s holdings.
He bought the parcel in 2010 for $4 million, according to OPA records. So far, no new plans have emerged for the site, which is adjacent to the developer’s Penn Treaty Penthouses, which are currently under construction.
700 North Delaware Avenue
101 Spring Garden Street This site at Front and Spring Gar- ago, but it’s still just an empty lot den streets was supposed to be home today. to a 21-story luxury condominium So far, PlanPhilly has been unable building called Sky 101 several years to track down the owners.
In 2007, developer Daniel Gans of Hoboken Brownstone was planning to build four curvaceous towers at 700 North Delaware Avenue, containing more than 1,000 residential units. The plans fell apart when the real estate market slumped, and last sum-
mer the property was sold to VMDT Partnership for $10 million, according to OPA records. That partnership includes Vincent Piazza, owner of a local Honda dealership. No plans have surfaced for the property yet, and PlanPhilly was unable to reach Mr. Piazza.
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REGIONSBUSINESS.COM
Marina View, 230 N. Columbus Boulevard
1301 S. Christopher Columbus Boulevard Liberty Landing, the property that’s home to the Local 19 Sheetmetal Workers Union, was once the subject of plans for a 1,100-unit apartment complex with four 30-story towers. Today, nothing has been developed there, but the Delaware River Waterfront Corporation has built a small trail segment that connects to Washington Avenue Green. The prop-
erty is still owned by Liberty Landing Association. There’s also word that Eric Blumenfeld, the would-be savior of the Divine Lorraine Hotel on North Broad Street, has an option on the site as well, though he’s had a bit of financial trouble recently. Mr. Blumenfeld didn’t immediately return a call from PlanPhilly.
Piers 34 and 35
In 2006, the plan for Marina View Tower, another Louis Cicalese project, was a 30-story tower with just under 200 condominium units. PlanPhilly previously reported that the owner pre-sold 60 of the units, but then stopped the project because the condo market wasn’t strong enough. Mr. Cicalese came back last year with a new proposal for a 130-foot building with just over 200 apart-
ments and retail space on the ground floor. Attorney Carl Primavera, who represents Ensemble, said that the Marina View project “should still be happening,” but he couldn’t say when it would get started. Mr. Primavera said he believes the condominium market on the waterfront is going to rebound, despite the depths of its crash, and that the site of Marina View “gets better almost monthly.”
412 North Front Street Developers CNO Properties drew up plans for a 33-story condo tower on Front Street between Callowhill and Spring Garden, but weren’t able
to build the project. The CMX-4 zoned site was sold last year for just $123,000, according to OPA records.
Last fall, Louis Cicalese and Ensemble Real Estate presented the Planning Commission with a proposal for a 209-unit residential complex on Piers 34 and 35, on the Delaware waterfront near Christian Street in South Philly. Residents of Queen Village and other nearby neighborhoods wanted a commitment that the developer would market ground floor space for retail, and the developer promised to try. Although the Planning Commission approved the plan of development, nothing has happened with the property since. Architect David Ertz of Cope Linder, who designed the project,
said that Ensemble is trying to market the site or look for a joint venture. He said it’s “unclear” whether the developer still intends to move forward on the plan he presented to the Planning Commission last fall, and that the project is “in flux.” “The restrictions put on the site made it very difficult for the program to work,” Mr. Ertz said. “So they’ve got to find something else to do with it, if anything.” Carl Primavera said that Ensemble hasn’t scrapped the plan but likely would wait until the market for condominiums returns, then reorient the project and start it moving again.
Jared Brey is the zoning and development reporter for PlanPhilly.com. Email him at jbrey@planphilly.com or follow him on Twitter @jaredbrey.
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REGIONSBUSINESS.COM
OPINION
How Congress Can Improve Its Approval Rating
A
Stephen Tryon, a former fellow in the office of Senator Max Cleland, is a Senior Vice President at internet retailer Overstock. com and the author of Accountability Citizenship
CONTRIBUTE Send comments, letters and essays to feedback@ regionsbusiness.com. Opinions expressed by guest writers do not necessarily reflect those of Region’s Business.
recent article, “Rancor in Washington Fans Public Disapproval” (Wall Street Journal, p. A1, July 24) noted that public disapproval of Congress has reached an all-time high of 83 percent. More telling still, the same article indicated people are finally making the shift from a general disapproval of Congress to a specific disapproval of the members of Congress who represent them—only 32 percent indicated their congressional representatives deserved re-election. These statistics should bother members of Congress. Sixteen months from now, Americans will have the chance to replace 87 percent of Congress if enough Americans choose to replace the Senators and Representatives who will stand for re-election next year. There are two easy steps our Senators and Representatives can take now that will dramatically improve the public approval rating of the United States Congress. First, members of Congress need to change their websites to get them out of the 1990s and into the 21st century. Any internet executive will tell you that an engaging website is the key to driving desired behaviors by customers. Yet the websites of our members of Congress are still little more than electronic bulletin boards: one-way streets for members to pound their chests and tell us how wonderful they are. The techniques for soliciting constituent input are old-school and perfunctory: We can write letters or send emails, texts and blogs. These techniques are the 1990s’ equivalent of a suggestion box—they offer no meaningful affirmation that a constituent’s input will be read or acted upon, and no feedback that shows an aggregation of what other voters think. Skyrocketing disapproval ratings tell us something needs to change. Marketing professionals like to talk about the “call to action” in their promotional materials. They also like to talk about the “value proposition” included with any offering. The websites of our members of Congress have neither calls-to-action nor value propositions that are meaningful to most voters. Incorporating some basic features common to virtually all internet businesses would be easy. Member’s websites should have a secure account for every voter registered in that member’s district (or state, for websites of senators). Every bank in America has a secure-account feature; Congress could adopt this technology in short order.
GLYN LOWE PHOTOWORKS
Once this feature is in place, a member of Congress could solicit input from her constituents (call to action!) and display the results of all input received to date as a reward for citizen participation (value proposition). This simple strategy alone would dramatically and rapidly improve public approval ratings for Congress. Second, members of Congress could all agree to take the Political Courage Test available online at votesmart.org. Richard Kimball, the President of Project Vote Smart, tells me that the numbers of congressional representatives who take the Political Courage Test has dropped from about 75 percent to less than 20 percent over the past 15 years. It has become common wisdom in both major parties that taking the test is politically risky because it forces yes or no answers to questions that officials would prefer to answer in an essay. But this merely highlights another major source of the public’s dissatisfaction. Many people have trouble telling politicians apart because of the politicians’ unwillingness to clearly take a stand on many issues. Last year’s presidential debates exemplified this problem: each candidate accused the other of holding views which the other candidate subsequently denied. When each of the two leading candidates for the presidency of the United States cannot discern what the other believes, we have a communication problem. There is undoubtedly risk for a politician to communicate clearly and succinctly, but it is a job requirement of any elected public servant to accept that risk. Even as a business executive, my colleagues expect me to answer yes or no to yes-or-no questions, providing additional detail if invited or as required. This standard of conduct is
essential for accountability to our shareholders and our employees. Congress has sent many Americans in harm’s way in recent years. Those Americans have gone willingly because they were sworn to defend our Constitution. Members of Congress also take an oath to defend our Constitution—they should not be exempt from the political risk of taking a standardized Political Courage Test. The mere fact that members of Congress shy away from the test implies that they are somehow tricking voters into sending them to Washington through clever messaging. Consumers today are uncomfortable with this ambiguity. We can compare prices between like products using our cellphones as we walk from store to store. The fact that our elected officials feel it necessary to avoid a clear, standardized statement of their beliefs contributes to the public’s perception that members of Congress are hiding something, telling us what we want to hear at campaign events while doing we-knownot-what when out of public view. Having every sitting member of Congress take the Political Courage Test would send a clear message to Americans that our representatives are committed to giving us what we vote for. Two simple steps could rapidly and dramatically improve the public approval ratings for the United States Congress. Adopting standard 21st century web site technology would engage voters and give them the immediate gratification of knowing their views count. Taking the non-partisan Political Courage Test en masse would send a clear message that members of Congress care about the public’s perceptions and are doing their part to provide effective governance.
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REGIONSBUSINESS.COM
OPINION COMMENTARY FROM ACROSS THE WEB
Voter ID Law Where It Belongs: In Limbo
Transportation Funding Vital To PA’s Growth
The latest court ruling on Pennsylvania’s burdensome new voting requirements puts the photo ID law where it belongs, in legal limbo. It deserves to stay there unless and until the state makes a credible, well-funded effort to put the necessary credential in the hands of every lawfully registered voter. The so-called voter ID law was an admittedly partisan move by Pennsylvania politicians trying to tilt the election field in their favor. They did so by hitting a gnat of a problem — theoretical possibility of voter impersonation -- with a sledgehammer of a law. It forces tens of thousands of lawfully registered voters to run a multistep bureaucratic gauntlet just to exercise the most fundamental right that a citizen in a democracy possesses. On its face, the anti-voter impersonation measure imposes a suspiciously heavy burden on a particular class of registered voters. The state is telling people who don’t have the most common form of ID, a drivers license, to somehow get to one of just 71 bureaucratic offices that issues drivers licenses.
...The members of the caucus were glad to see Gov. Tom Corbett establish transportation as an early priority of his administration and commend him and his Transportation Funding Advisory Commission for their work on this issue. The commission met the formidable challenge of identifying revenue sources to begin closing the funding gap that jeopardizes the safety of our roads, transit systems, and bridges. We applaud the Senate for passing Sen. John Rafferty’s bill to increase funding and urge the House to pass legislation this session to adequately fund transportation, using the revenue sources identified by the governor’s commission as a guide. As the Transportation Funding Advisory Commission stated in its report, “The importance of our transportation system to the state’s economy cannot be overstated. Our transportation system facilitates the movement of workers to jobs, students to schools, consumers to stores, and products to their next stop in the global supply chain. As our economy becomes more integrated into the global economy, Pennsylvania requires an efficient and effective transportation system.” Our region’s ability to provide reliable, effective, and efficient transportation options will determine our ability to remain competitive – and to ensure economic opportunity for the residents of each of our counties. We’ve waited long enough – it is time to take action and provide the funding needed to ensure that Delaware County, southeastern Pennsylvania and all of Pennsylvania have a transportation system worthy of this great commonwealth.
THE PATRIOT-NEWS 19 AUGUST 2013
Health Care Voting Could Mean Life, Death Stories of ruined lives and sometimes death are what’s at stake every time Congressman Fitzpatrick demagogues about the health care law. His votes can mean life or death for people. Access to the congressman in well-publicized town halls, where many can benefit from unscripted, real dialogue, matters. People need to hear all sides. I would hope the outrage would be the congressman does not post a town hall schedule on his home page for all to see. Yet, people who want to challenge the congressman on his positions cannot ... and when they insist as is their right in a democracy, they are demeaned.
Diggin this cloud sign @PhillyFolkFest #pff2013.
@andersonatlarge
#FF @PhillyJazzApp model for how #civicinnovation can help preserve cultural heritage & build new audiences
@JOURNALIST_JEN
@TheFranklin
The big Ben Franklin memorial Statue operation starts in about 1 hour. (HINT: Ben will be looking a little “different”)
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20 AUGUST 2013
@melissamdaniels
@Penn
Because quitters never win, the Senate Transportation Committee is holding two more hearings to look at long-term effects of no new funding.
So glad she’s joining us! #PennMoveIn RT @praba01: My daughter begins her 4 years in UPenn today. On our way to Philly. #WIT
19 AUGUST 2013
20 AUGUST 2013
@donnaserdula
@DustinSlaughter
If You Wouldn’t Eat Cereal With a Fork, Why Would You Use Social Media for a Job Search?
Newly-released @PhillyPolice docs hint at widespread social media surveillance of #Occupy, despite “lost” emails
15 AUGUST 2013
19 AUGUST 2013
@IMPACTvcConf
@AxisPhilly
Get in the conversation: use our official hashtag #IMPACTvc to spark conversation before, during and after the summit!
Millions spent on blight through labor intensive, expensive govt programs. There’s a better way to address vacancy
14 AUGUST 2013
19 AUGUST 2013
DELAWARE COUNTY COUNCILMAN JOHN MCBLAIN, CHESTER COUNTY COMMISSIONER RYAN COSTELLO, BUCKS COUNTY COMMISSIONERS CHAIRMAN ROBERT LOUGHERY, PHILADELPHIA MAYOR MICHAEL A. NUTTER,
THERESA BROWNGOLD
MONTGOMERY COUNTY COMMISSIONER JOSH SHAPIRO
BUCKS COUNTY COURIER TIMES
DELAWARE COUNTY TIMES,
20 AUGUST 2013
20 AUGUST 2013
REGION’S BUSINESS A JOURNAL OF BUSINESS AND POLITICS © COPYRIGHT 2013 INDEPENDENCE MEDIA 350 SENTRY PARKWAY, BLDG. 630, SUITE 100C BLUE BELL, PA 19422 (610) 572-7112 | WWW.REGIONSBUSINESS.COM
@RobTornoe
@Geekosystem
Just finished drawing my Charlie Manuel goodbye toon. Check it out in tomorrow’s @PhillyInquirer
The Philadelphia Geek Awards were this weekend, and we think that’s tremendous.
EDITORIAL BOARD CEO and President James D. McDonald Managing Editor Terrence J. Casey Associate Editor Rich Coleman
17 AUGUST 2013
19 AUGUST 2013
HOW TO CONTRIBUTE To contribute, send comments, letters and essays to feedback@regionsbusiness.com. Opinions expressed by guest writers do not necessarily reflect those of Region’s Business. We reserve the right to edit all submissions for content, style and length.
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REGIONSBUSINESS.COM
BY THE NUMBERS
10
Ranking for West Goshen Township, according to CNN Money’s Best Places to Live
22,421
West Goshen Township’s population
$321,500
West Goshen Township’s median home price
4.9%
TV viewers who watched the Colts vs. Giants preseason football matchup, Sunday, August 18
2.5%
Viewers who watched the Yankees vs. Red Sox regular season baseball game, Sunday, August 18
$111,404
34
Ranking for Horsham, according to CNN Money’s Best Places to Live
Annual median family income in West Goshen Township
15,094
$83,184
Horsham’s population
Annual median family income in Horsham
$228,950
1
Crime incident per 1,000 population for West Goshen Township and Horsham
Horsham’s median home price
FLICKR.COM/CCPCPHOTOGRAPHY
57%
Increase in Marcellus Shale gas production during the first half of 2013, according to data from Department of Environmental Protection
792
The leading number of unconventional Marcellus Shale gas wells by a single company (Chesapeake Energy)
2.1B
Cubic feet of Marcellus Shale gas produced in Centre County
343B
Cubic feet of Marcellus Shale gas produced in Bradford County
83%
Completion rate for starting Eagles QB Michael Vick and backup QB Nick Foles combined during preseason
3
Season-ending knee injuries during Eagles practice
157
Offensive plays run by the Eagles in two preseason games
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