Most of the analysis done for other cities is in reference to the financial return taxpayers receive for subsidies offered to arena developers. Since we aren’t seeking any subsidies and will privately fund this project, the calculus is different here. Initial analysis by MuniCap, a nationally-recognized finance consultant, shows the new arena will generate additional tax benefits totaling $200M for the School District of Philadelphia and $800M for the city until the end of the 30-year lease term. This estimate is based on a conservative estimate by CAA Icon, a sports and entertainment consultant, of 50 new events in Philadelphia as a result of creating a second arena. In addition, the arena will generate an estimated $472 million in new net state tax revenues. The analysis identified five major categories of tax revenues the arena would generate: personal income taxes, sales and usage taxes, corporate net income taxes, liquor taxes, and realty transfer taxes. The supporting calculations are contained in studies that have been shared with the city government. All of the analysis have been turned over to the City for independent review by their consultants.