On the same day that the Governor’s Task Force examining the use of Economic Development Authority (EDA) tax credits reconvenes at the Trenton War Memorial, The Philadelphia Inquirer released a story with more details about the program under investigation by law enforcement authorities:

When Cooper Health System was awarded $40 million in tax credits five years ago to move jobs to Camden from Cherry Hill and Mount Laurel, hospital executives and local officials celebrated the deal as a sign of progress in the long-struggling city.

The health care network’s decision to lease space a few blocks from the Delaware River was supposed to contribute to the city’s revitalization.

But it also bolstered a lucrative new investment opportunity in the brick building where Cooper Health would use the tax credits to pay its six-figure rent each month.

That building was part of a 575,000-square-foot campus known as L3. It was owned by the New Jersey Economic Development Authority (EDA), the same state agency that approved Cooper Health’s tax-credit package on Dec. 9, 2014. Three weeks later the agency sold L3 for $32.7 million to a Camden nonprofit that on the same day transferred the property for the same price, plus a fee, to two investors.

For the full Philadelphia Inquirer story, please go here.