New Jersey floats $400 million in tax breaks to lure Philadelphia 76ers

Source: Associated Press

New Jersey floats $400 million in tax breaks to lure Philadelphia 76ers

Updated 9:22 PM EDT, September 3, 2024

CAMDEN, N.J. (AP) — Seeking to lure the Philadelphia 76ers across the river, New Jersey is offering up to $400 million in tax credits and outlining plans for a sprawling mixed-use waterfront development.

In a letter dated Monday, Democratic Gov. Phil Murphy’s administration said it envisioned a multibillion- dollar plan in the city of Camden featuring residential, commercial and retail properties, with the Sixers as an anchor.

The pitch from Economic Development Authority CEO Tim Sullivan comes as the team and Philadelphia negotiate over a future $1.3 billion arena the team had announced near the city’s Chinatown neighborhood. The team has said it doesn’t plan to stay at the Wells Fargo Arena in the city’s stadium district past 2031 when its lease is up.

The Sixers, which already have a training complex and headquarters facility in Camden, called New Jersey’s offer “thoughtful and compelling,” though the team is still talking to Philadelphia leaders about a new arena in the city.

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Read more: https://apnews.com/article/76ers-new-jersey-tax-credits-tax-break-c40b24f8ecc532f48bdc7117a3107a99