76ers reps have already discussed the Penn's Landing proposal with local and state transit agency leadersGETTY IMAGES
The 76ers are "exploring the possibility of building a new basketball arena at Penn's Landing, and the team is lobbying local officials to get behind a plan to help finance construction with taxpayer support," according to Walsh, McCrystal, Saffron, Seidman & Brennan of the PHILADELPHIA INQUIRER. The team "wants to move out of the Wells Fargo Center," which it shares with the Flyers and which is owned by Comcast Spectator, by the '31 season, when its lease is up. The team is "proposing to finance the project using the state Neighborhood Improvement Zone (NIZ) program, which allows development bonds to be issued based on future tax revenues from businesses within a certain area." The document said that "no direct appropriation of taxpayer money would be needed." It suggests that Sixers representatives have "already discussed the proposal with leaders of local and state transit agencies," and it "touts a promise of $1 billion in economic benefits for communities of color through construction and operations" (PHILADELPHIA INQUIRER, 8/27). In Philadelphia, John George cited a source as saying the franchise believes a new Penn's Landing arena will:
- Provide "billions of dollars in net new revenue to the city and the school for a property that currently produces no tax revenues" for the city or the state of Pennsylvania.
- Create "thousands of new jobs, and provide significant new tax revenue" for the city and school district.
- Include the creation of schools, parks and an African-American Museum at Penn's Landing.
- Directly invest "unprecedented funds" in minority-owned businesses (BIZJOURNALS.com, 8/26).
