EDITORIAL: A world-class partnership

Penn's deal to buy up parts of the Civic Center is a win-win situation with many benefits. To say that the agreement is in the best interest of all parties involved is an understatement. And assuming that City Council approves the deal, the benefits will be virtually endless. The city, which owns the historic site, will get $40 million for the land and approximately $4 million a year in wage taxes. More importantly, Philadelphia officials will preside over the return to glory of a landmark that has largely found itself unneeded. Penn and the Children's Hospital of Philadelphia, for their parts, receive what they've always wanted -- the ideal location for their world-class cancer-research and -treatment center. Located just southeast of Penn's campus near the heart of the University of Pennsylvania Health System, the Civic Center has been eyed by Penn for well over a decade because of its proximity to existing facilities. Now, two University City institutions have the chance of a lifetime. The cancer center will be an exciting source for patient care and top-of-the-line research. In raw dollar figures, the potential of this venture is simply extraordinary. Moreover, if all goes well, this could just be the beginning of Penn and CHOP's investment in the Civic Center. With much more land remaining, the potential exists for even further expansion in the years to come. At a total price tag for development of about $450 million, the Civic Center deal is a huge one for the University. But it's clear that the money will be well spent.