The 76ers are thinking about changing their home base to New Jersey after state officials designed a plan that would include favorable benefits for the team.
In this move to Camden, the 76ers would receive just about $1 billion in incentives. State officials also detailed other aspects of the proposal, including the renovation on the land of a former state prison.
Within recent months, the 76ers have been working with officials in Center City, Philadelphia to construct a new arena for their home games. This proposal to revamp their home location, called 76 Place at Market East, has faced some complications and delays, especially from Philadelphia residents and city officials. The project would bring in a $1.3 billion privately funded arena to the Fashion District Philadelphia, but it will also exacerbate transportation issues and lower tax revenues while also impacting Chinatown.
As tension continues to unfold, Governor Phil Murphy seeks to redirect the team’s attention to the Garden State. The relocation would occur following the conclusion of the 2030-2031 season.
On Monday, NJEDA CEO Tim Sullivan outlined this proposal, mentioning that the state organization wants to gain $400 million in tax incentives, and they are willing to negotiate with the State Legislature on arranging $500 million in government bonds. The NJDEA, seeking to bolster state development, has constructed a letter, along with Governor Murphy’s endorsement, to Tad Brown, owner of the 76ers and CEO of Harris Blitzer Sports and Entertainment.
The 76ers’ practice facility relocated to Camden in 2016. This current proposal would benefit both the team and state residents financially, with $400 million in tax credits for the arena and its exterior infrastructure as well as for the building of homes, retail and offices in the surrounding area. Sullivan mentioned that the “. . . development of [the] arena would be subject to a standard Net Benefit Test, ensuring that NewJersey taxpayers are more than paid back for their investment via incremental state, county and local tax revenues.” He also noted that the $500 million in government bonds would be sanctioned by ticket, concession and parking prices, which would help eliminate the financial impact on state residents.
The team will continue to consider proposals as they face difficult negotiations with Center City, Philadelphia.
