Tom Corcoran Appointed New President of the Delaware River Waterfront Corporation (DRWC)

PHILADELPHIA, PA, Aug 17 (MARKET WIRE) --
Mayor Michael A. Nutter announced today that Thomas P. Corcoran has been
appointed as the new President of the Delaware River Waterfront
Corporation (DRWC). Mr. Corcoran joins the DRWC from the Cooper's Ferry
Development Association, Inc. (CFDA), where he has served as Founding
President and CEO for 25 years.

"I am very excited that, after an extensive search involving over 100
national and international highly qualified individuals, we have found the
perfect candidate right across the Delaware River," said Mayor Nutter.
"Tom Corcoran takes the helm at a very exciting time for the DRWC as we
are finally in a position to realize the full potential of the Delaware
River waterfront."

Mr. Corcoran founded the CFDA which has spearheaded the development of the
Camden waterfront. He has attracted over $550 million in private and
public investment to the waterfront and initiated many flagship projects
including the Susquehanna Bank Center, Campbell's Field, the Adventure
Aquarium, RiverLink Ferry, and Camden Children's Garden. He transformed
Cooper's Ferry from a waterfront organization into a citywide economic and
community development corporation, engaging neighborhoods along the length
of Camden's 15 miles of waterways.

"Mayor Nutter has made it clear from the beginning of his Administration
that developing a world-class waterfront is key to his vision of
Philadelphia's future," said Tom Corcoran. "I am honored to have been
selected by the Mayor and the board of the DRWC to help lead this effort."

On January 30, 2009 Mayor Nutter transformed the former Penn's Landing
Corporation into the Delaware River Waterfront Corporation, an
organization dedicated to the design, development and management of the
entire Central Delaware riverfront. Last month it was announced that Donn
Scott of Wachovia Bank has been appointed Chairman of the DRWC Board,
replacing former Deputy Mayor for Planning and Economic Development
Andrew Altman who left the City of Philadelphia to take up a position as
founding CEO of the Olympic Park Legacy Company.

"In Tom we have a highly qualified candidate with a proven track record of
transforming urban waterfronts," said Donn Scott, Chairman of the DRWC
Board. "Together with an accomplished Board of Directors, and talented
DRWC staff, this organization is poised to achieve Mayor Nutter's vision
of a world-class waterfront."

Tom Corcoran replaces Acting President Joseph Brooks who will be leaving
the Corporation on August 31, 2009.

"Joe Brooks has provided 20 years of service to Philadelphia and leaves as
a legacy a waterfront that is finally ready to realize its full
potential," said Mayor Nutter. "We thank him for leading the DRWC through
this time of transition and wish him well for the future."

"I sincerely wish the Mayor, the new DRWC Board, and, most importantly, my
friends and colleagues on our staff the greatest success as they embark on
this next phase of our waterfront revitalization," said Joe Brooks.

Biography

Tom Corcoran was born and raised in Chicago, Illinois, where he attended
Loyala University and graduated in 1966 with a Bachelor's Degree in
political science. He then joined the Peace Corps and was part of that
agency's first group of volunteers in the Republic of Chad.

As a rural development volunteer assigned to a village on Lake Chad he
supervised the construction of earthen dams and developed alternative
irrigation systems to increase agricultural production. Following his
volunteer service, Mr. Corcoran was selected as a Peace Corps Fellow and
participated in a one-year management internship in Washington, D.C. In
1969 he returned to Africa as Assistant Peace Corps Director in the
Republic of Benin, becoming the Country Director in 1971 at the age of 27.
Under his leadership the program in Benin was recognized as one of the
most effective Peace Corps programs in Africa.

In 1973, Mr. Corcoran returned to this country and enrolled in the Wharton
Graduate School at the University of Pennsylvania, from which he received
an MPA in 1975.

Upon graduation, Mr. Corcoran went to work for the City of Camden, New
Jersey, one of the poorest cities in the United States. During the next
four years he fulfilled a variety of responsibilities, including the
development of parks throughout the City. In 1979 he became director of
the City's department of utilities where he obtained funding for and
supervised major upgrades of the City's municipal water system.

In 1981 Mr. Corcoran became Camden's Business Administrator, the highest
non-elective position in City government. In that position he helped lead
the City out of bankruptcy after one year in office, renegotiated all
collective bargaining agreements for over 1,000 employees represented by
five bargaining units to increase productivity and generate savings,
completely revamped the City's health insurance program, and initiated a
long-term capital program.

In 1984 Mr. Corcoran helped form, and then was named President and CEO of
Cooper's Ferry Development Association, Inc. (CFDA), a non-profit
corporation initially established to plan and coordinate the redevelopment
of Camden's abandoned downtown waterfront. The goal of this effort was to
create a new center of economic activity that would serve as a catalyst
for the redevelopment of the downtown area, and to help change the image
of the City. The board of CFDA consists of 25 leaders from the corporate
and institutional sectors, as well as heads of community organizations and
elected officials.

Over the past 25 years CFDA has attracted more than $550 million of
private and public investment to the Camden waterfront, which now
attracts over two million annual visitors, and is the location for over
2,000 office workers and home to 600 residents. Notable projects
initiated and coordinated by the organization include: the construction
in five different phases of Wiggins Waterfront Park, a 1.3 mile park
along the Delaware River directly across from Penn's Landing in
Philadelphia; Adventure Aquarium; the RiverLink Ferry; the Susquehanna
Bank Center; the Camden Children's Garden; Campbell's Field, the home of
the Camden Riversharks; the campus of L-3 Communications East; and the
redevelopment of the historic Victor Building into market rate apartments.

Cooper's Ferry's goals for the next 10 years are to coordinate all of the
public actions needed to effectuate the design and build-out of a 1,200
unit town center, to be undertaken by Dranoff Properties, and the
development of another 400,000 square feet of office space, as well as
ancillary retail, dining, and entertainment.

Cooper's Ferry will also be working with community groups and elected
officials in the implementation of new waterfront development plans that
the organization helped formulate for the neighborhoods of North Camden
and Cramer Hill.

Michael A. Nutter
Mayor
Douglas I. Oliver
Press Secretary
Office: 215-686-6210
Cell: 215 439-4655

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