Philadelphia archdiocese leasing its 13 cemeteries
PHILADELPHIA - September 28, 2013 (WPVI) -- The Roman Catholic Archdiocese of Philadelphia is outsourcing maintenance of its cemeteries in the midst of a budget shortfall.
The archdiocese announced this week that it will lease its 13 cemeteries to Levittown-based StoneMor Partners LP for a total payment of $89 million over 35 years.
There will be an initial upfront payment to the archdiocese of $53 million.
The archdiocese will retain ownership of the cemeteries, which cover about 2,400 acres in the five-county Philadelphia metropolitan area.
Leasing the cemeteries is one of several planned restructuring steps that enable the archdiocese to address the $350 million liability it has for pensions, self-insurance and a parish trust fund.
philadelphia news, philadelphia archdiocese, local/state
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