In a letter to the Sixers ownership, a New Jersey official stated moving the team to Camden could potentially lead to up to $400 million in tax incentives.
In a letter to the Sixers, a New Jersey official stated moving the team to Camden could potentially lead to up to $400 million in tax incentivesNew Jersey is trying to lure the Philadelphia 76ers across the river with up to $400 million in tax credits and plans for a sprawling mixed-use waterfront development.
Gov. Murphy confirmed in July that New Jersey officials were speaking with Sixers leadership about possibly relocating the team to Camden before their lease agreement expires with the Wells Fargo Center in South Philadelphia in 2031. “The results of our focus on economic growth are clear: New Jersey has added more than 200,000 new jobs since 2018, and New Jersey now ranks third among American states for venture capital investment,” Sullivan wrote.
“Thank you to Governor Phil Murphy and his team at NJEDA for promoting Camden, NJ as the prime location for a new sports and entertainment arena. This type of large scale redevelopment would be a game-changer,” Carstarphen wrote. “This project would be a catalyst for additional development, attracting new residential and commercial investment, not to mention transforming the adjacent North Camden waterfront and neighborhood.
NBC10 reached out to the city of Philadelphia for a response to the letter. A city spokesperson said Tuesday they had “no statement tonight.”The proposal has sparked resistance and protests from leadership in the city’s Chinatown community. Members of the community have said that the proposed arena could cause street parking to disappear as well as a rise in traffic. They also said it could be harder to hold festivals.
At an unrelated event in suburban Philadelphia on Tuesday, Democratic Gov. Josh Shapiro said the team wants to remain in Philadelphia and that he hasn't been asked for tax incentives or offered any.According to the study, the impact on Market East is"inconclusive" and with or without the arena, the area will still face challenges in terms of development.
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