The report came in before 7 a.m. at the Wissahickon Transportation Center on Ridge Avenue.
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Police tell Action News the report indicated something resembling a circuit box with wires sticking out of it was seen attached to bus #5629.
Video from Chopper 6 HD showed Philadelphia police, SEPTA Police and Philadelphia firefighters surrounding the facility, which was evacuated.
Ridge Avenue was shut down in both directions as explosives experts arrived to investigate.
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It was not immediately clear what, if anything, was found.
It was determined that there was no threat, and the all-clear was sounded before 8 a.m.
Ridge Avenue was reopened in both directions.
SEPTA said passengers traveling on Bus Routes 1, 123, 124, 38 and R may experience delays as a result of the incident.