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Please Touch Museum in line for $550,000 city grant

The City of Philadelphia has agreed to give the Please Touch Museum a $550,000 grant toward general operating expenses when the children's museum in Fairmount Park leaves bankruptcy.

The City of Philadelphia has agreed to give the Please Touch Museum a $550,000 grant toward general operating expenses when the children's museum in Fairmount Park leaves bankruptcy.

At the same time, according to a court filing Friday, the city has agreed to give the museum a break on its $638,477 parking-tax claim, reducing it by 16 percent, to $538,022.

That reduced claim is due within 90 days of the tax-exempt Please Touch's exit from bankruptcy, expected in March, the filing said.

The museum filed for bankruptcy protection on Sept. 11 after reaching a deal with municipal bondholders owed $61 million.

The bondholders settled for $8.25 million, including an immediate payment of $2.5 million, leaving it up to the museum to raise $5.75 million from donors. A Feb. 23 filing showed that the museum had received pledges of $5.73 million toward that goal.

hbrubaker@phillynews.com

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