New Jersey Offers Tax Incentives to Attract 76ers to Camden
The New Jersey Economic Development Authority has proposed up to $400 million in tax credits to entice the Philadelphia 76ers to relocate to Camden, where a new arena could be built on a former prison site. The 76ers are currently negotiating a new arena in Philadelphia but are considering all options as their lease at the Wells Fargo Center expires in 2031.
| Score | Value |
|---|---|
Scale | 6 |
Novelty | 6 |
Positivity | 4 |
Reliability | 7 |
Actionability | 2 |
Society | 5 |
Journalism | 4 |
Highlights
- The New Jersey Economic Development Authority has offered the Philadelphia 76ers up to $400 million in tax credits to build a new arena in Camden.
- The proposed arena site is located on the former Riverfront State Prison, north of the Ben Franklin Bridge.
- The 76ers' current lease at the Wells Fargo Center in Philadelphia runs through 2031, and they are seeking a new arena to open by the 2031-32 NBA season.
- Negotiations for a new arena in Philadelphia's Chinatown have faced backlash from local businesses and community groups.
- New Jersey officials, including Governor Phil Murphy, are committed to bringing the 76ers to Camden.
Perspectives
- Some New Jersey officials believe relocating the 76ers to Camden would be a transformative opportunity for the city, potentially leading to significant economic development and job creation. [22][23][24]
- Community members and local businesses in Philadelphia's Chinatown express concerns that the proposed arena could negatively impact their neighborhood, citing potential traffic issues and the risk of gentrification. [20][25][26]