Community Renewal Good Stories - Philadelphia-Camden

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EZ Bonds Help Camden Play Ball

Philadelphia, Pennsylvania/Camden, New Jersey, EZ

"It will be the Main Street of South Jersey- the place to go." This forecast for the future of the Camden Waterfront comes from Tom Corcoran, head of Cooper's Ferry Development Association (CFDA). CFDA is a Camden nonprofit development agency that-in the words of the Courier Post-"has guided the transformation of what was once a postindustrial hodgepodge into the most visible engine of the city's renewal."

Instrumental in this turnaround was the New Jersey Economic Development Authority's 2002 issue of $7 million in bond financing for Campbell's Field, located on the waterfront in the Camden EZ. The EZ bonds were then sold to refinance an equal amount of loans issued by local banks for stadium construction. The state development authority also made a $2 million loan to CFDA Baseball Property, Inc., the baseball field development arm of Coopers Ferry Development Association. CFDA owned the stadium during the construction phase, turning ownership over on completion to Rutgers University.

"The EZ bonds were the crucial element in the overall financing package for the ballpark," said Corcoran of the bond financing. Camden's new minor league baseball stadium opened May 11, 2001, to a record crowd of 7,192 fans. Campbell's Field is the home of the River Sharks, who play in the Independent Atlantic League, and is also the home field of the Rutgers Camden baseball team.

Campbell's Field sits near the Ben Franklin Bridge that connects Camden and Philadelphia, giving rise to the two cities, one waterfront theme-a vision for turning the waterfront areas of the cities of Philadelphia and Camden, which face each other across the Delaware River, into a unified tourist attraction. The Battleship New Jersey Museum, the Tweeter Center (performances and sports), the Camden Children's Garden (horticultural park), and the New Jersey State Aquarium are also located in the Camden Waterfront.

In 2001 Camden Baseball LLC, which owns the River Sharks and operates the stadium, provided 8 permanent full-time and 210 seasonal part-time jobs for parking lot attendants, cashiers, ticket-takers, food vendors, and others.

Full-time employment has fluctuated between 10 and 15 in subsequent years, with some part-time services being absorbed by vendors under contract, according to Managing Director Rick Cummings of the Camden EZ Corporation. Every year Camden Baseball LLC has met the critical IRS requirement for EZ bonds that 35 percent of the employees be EZ residents, he said.

In March 2004 new owners purchased the River Sharks, easing debt problems that had emerged after the May 2003 death of former owner Steve Shilling.

For more information on the programs of the Philadelphia EZ, please contact Elinor Haiderat (215) 683-2157.