What data suggests 76 Place will attract and sustain enough events to support year-round employment for arena workers?
CAA ICON, an industry leading sports and entertainment consultant, performed a market study that analyzed key demographic and supply/demand metrics for Philadelphia as compared to other peer cities. Its analysis, which was supplied to the City for independent review, estimates that the arena would host approximately 150 event days per year. Live Nation, Feld Entertainment […]
When the Sixers moved their headquarters to Camden they promised tax revenue, revitalization and jobs to residents. Today, that facility employs only 11 Camden residents. Will you publicly release your business plan detailing how 76 Place will fulfill its promises of tax revenue, jobs, increased economic activity and revitalization?
The 76ers are incredibly proud to have far exceeded the commitments it made when it relocated its headquarters to Camden and is proud of the work we’ve done to support the Camden community and its residents since relocating our headquarters in 2016. Although there was no requirement for hiring Camden residents, we have hired locally […]
If 76 Place falls short of the projected $1B in new tax income, will the Sixers or developers Adelman, Harris and Blitzer commit to making up the difference to the City, state and school district?
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 […]
What are the specific calculations, data and sources that show how 76 Place would reliably generate $1B in new taxes?
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. To […]
Can you share concrete data on the economic benefits that will result from an arena in Market East?
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 […]
In detail, how did 76DevCo come to estimate its claims of tax revenue and economic output? How are those numbers backed up by data?
The 76 Place development team engaged MuniCap, a firm with over 20 years experience in tax projections and advising municipal governments, who estimated tax revenues by applying the City’s taxing methodology and tax rates to the taxable operations for both the arena and Fashion District Mall. Their analysis assumes removal of the arena parcels from […]
