76 Place will generate approximately $1.5 billion in new taxes for the city, state and School District — over $800 million for the city, $200 million for the School District and $450 million for the state. These are new funds that would otherwise be unavailable if the 76ers remained at the Wells Fargo Center. These are conservative estimates based on the addition of 50 events a year.
76 Place will be one of only a handful of sports venues in the country developed without a requirement for public subsidy. Taxpayer projects are generally judged by whether or not they generate enough income to payback the public funding. When they don’t the municipality is left holding the bag on any shortfall. Since 76 Place does not require any public money, the almost $1.5 billion is all NET NEW tax revenue and there wouldn’t be a “difference” for which the City or State are left responsible. It is unprecedented that any private development would guarantee a level of tax revenue, and we don’t plan on breaking that precedent. We are confident in our projects, and because the 76ers projections are conservative, we do not expect the total taxes generate to fall below projections.
