New Jersey Offering $400M In Tax Credits For Sixers Move

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New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#1 » by RealGM Wiretap » Wed Sep 4, 2024 5:59 am

New Jersey is offering up to $400 million in tax credits to the Philadelphia 76ers for a new stadium that will anchor a mixed-use waterfront development.


In a letter, Governor Phil Murphy's administration wrote that it envisioned a multi-billion dollar plan in Camden that would feature residential, commercial, and retail properties.


The Sixers currently practice in Camden.


The team is negotiating a $1.3 billion arena in Philadelphia's Chinatown neighborhood.


Their current lease at the Wells Fargo Arena expires in 2031, with the team not planning to remain in the stadium when the lease is over.


The Sixers said that New Jersey's offer was "thoughtful and compelling."

Via ESPN

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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#2 » by Lockdown504090 » Wed Sep 4, 2024 3:49 pm

imagine winning the title and celebrating in new jersey lmao
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#3 » by moocow007 » Wed Sep 4, 2024 5:12 pm

So what exactly is the deal? Philly doesn't want the Sixers there? Or the Sixers trying to get "incentives" to build a new arena and that's what the city is coming up short at? I would imagine that the owners don't really want to move all things equal.
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#4 » by HartfordWhalers » Wed Sep 4, 2024 5:49 pm

moocow007 wrote:So what exactly is the deal? Philly doesn't want the Sixers there? Or the Sixers trying to get "incentives" to build a new arena and that's what the city is coming up short at? I would imagine that the owners don't really want to move all things equal.


The short answer is the team is planning on going from being a renter in someone else's stadium to a home owner of their own stadium.

Currently all of Philly's stadiums are in south Philadelphia in basically a stadium zone, with nothing else there (old shipping etc). The area has solid mass transport (at least in terms of how Philly does it) with a straight line up the north south central artery to the city that then connects to all the east west and massive amounts of parking as you can do in an area with nothing.

But in essence, this is more akin to a stadium along the PATH than in downtown manhattan like where MSG is. Sixers owners don't just want to own a building, they want prime real estate and there happens to be prime central real estate that is 'somewhat' available because the idea of having big department stores and similar in the center of a city isn't a thing anymore. So the owners have a site all picked out, and a proposed building plan even.

Normally this is when the team further shakes down a city, but here the story is really that the site picked has a couple of issues, so the shakedown is just whether the site gets approved. The main issues are:
-- It is in the middle of the city which means finding room for all the parking/traffic from the suburban folks that don't mass transport into the city will be a royal pain. Picture people getting to MSG without a good transit system from the burbs, and make the roads smaller while you are at it, less parking etc.
-- It is on the edge/in Chinatown, which means that a historic area of the city would be very likely to have its fabric forever altered in a way that many find unacceptable.

As for NJ, Camden is doing a ton to try and make it like hopping over to Brooklyn from Manhattan and really reinvent itself. As a general rule massive state subsidies to billionaire sports owners is just bad business, but here really is a decent argument that it could help turn the area into more of a destination and spark a full change.

Course, if you live downtown and could suddenly walk to a stadium and aren't worried/concerned about the Chinatown impact, the owners stadium sounds pretty awesome instead of NJ.

{Also, the current stadium has tried to claim that they won't make money if the Sixers leave. Both with losing the Sixers and also not being the best concert and event venue compared to the new to be built stadium in a better location. Which shouldn't really matter to anyone else, but they are trying...}
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#5 » by Luv those Knicks » Wed Sep 4, 2024 5:51 pm

moocow007 wrote:So what exactly is the deal? Philly doesn't want the Sixers there? Or the Sixers trying to get "incentives" to build a new arena and that's what the city is coming up short at? I would imagine that the owners don't really want to move all things equal.


EDIT - never mind. Better answer above. - - -

I don't have a lot of inside info, but I think this is a case of New Jersey looking to bring some business into Camden. The team will probably stay the Philadelphia 76ers, and it's just a 10 mile stones throw move across the river, but if it happens, the State of Jersey gets an NBA team and the State of Pennsylvania loses one.

They might not even change their name. Philadelphia 76ers is so Iconic. Camden 76ers? Jersey 76ers? I don't see it happening, but if they get the team, it's local revenue, boosts to local businesses, taxes on players salaries, other events like concerts at the arena. All that stuff.

I think this is just a case of the State of New Jersey making a bid to pluck a team from another state. No idea what Philly ownership wants or if it'll happen, but owners tend to go where the money is, so maybe there's a chance. Maybe the city of Philly and the State of PA will have to up their offer. At least, that's my take on this. My guess is nothing will come of it, but it's just a guess.
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#6 » by Pickled Prunes » Wed Sep 4, 2024 6:19 pm

It's right across the river and seems like a non issue for anyone unafraid of crossing bridges. Now the rebranding begins for the Camden Commodores! Commanders? Philly Flee'ers?!
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#7 » by the_process » Wed Sep 4, 2024 7:19 pm

They won't change the name even if they move across the river.

HW covered it all in depth.
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#8 » by SkyHookFTW » Wed Sep 4, 2024 7:34 pm

The City of Camden is waiting for the 76ers to do the improvements promised in the immediate area after the practice facility was built. The Sixers received over $80 million in tax breaks for the project. I'm certain this has been brought up during discussions.
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#9 » by FeatheryTouch » Wed Sep 4, 2024 8:11 pm

the_process wrote:They won't change the name even if they move across the river.

HW covered it all in depth.


Yeah they aren't going to change the name if they move across the river to Camden, but it would be a fun thought experiment just to watch 76ers fans go into meltdown mode if the idea gets floated.
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#10 » by niha17 » Wed Sep 4, 2024 9:30 pm

They 100 percent wont go there. Camden is the worst town in NJ. Nobody would ever go there with a family. Do some research and you will see why. They literally have a arena at the meadowlands and at the prudential center. those would be the only options not the **** hole in camden
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#11 » by Nazrmohamed » Wed Sep 4, 2024 10:06 pm

Isn't Camden the embodiment of wrong side of the tracks, or did they fix it up?
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#12 » by Luv those Knicks » Thu Sep 5, 2024 12:35 am

Nazrmohamed wrote:Isn't Camden the embodiment of wrong side of the tracks, or did they fix it up?


Camden is getting better. Money has been spent and efforts have been made to improve it, but getting better is a long way from safe and family friendly. It still tends to land in the 100 most dangerous cities in the USA, so . . .
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#13 » by the_process » Thu Sep 5, 2024 12:45 pm

FeatheryTouch wrote:
the_process wrote:They won't change the name even if they move across the river.

HW covered it all in depth.


Yeah they aren't going to change the name if they move across the river to Camden, but it would be a fun thought experiment just to watch 76ers fans go into meltdown mode if the idea gets floated.


Fun for you maybe.

For me, it' would be a way to finally be done with the league as a whole.

But it's a moot point as it won't happen.
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Re: New Jersey Offering $400M In Tax Credits For Sixers Move 

Post#14 » by hippesthippo » Thu Sep 5, 2024 2:41 pm

SkyHookFTW wrote:The City of Camden is waiting for the 76ers to do the improvements promised in the immediate area after the practice facility was built. The Sixers received over $80 million in tax breaks for the project. I'm certain this has been brought up during discussions.


We had the same issue after building LCA in Detroit. Contractors promised us so much more... what was supposed to be an entire shopping district and renovated hotel basically turned into a small, pointless outdoor space for ticket-paying customers only.

I remember when we finished building it and asking "Wait, when are we doing the rest of it?" I'm still waiting to hear back on that one.

HartfordWhalers wrote:As for NJ, Camden is doing a ton to try and make it like hopping over to Brooklyn from Manhattan and really reinvent itself. As a general rule massive state subsidies to billionaire sports owners is just bad business, but here really is a decent argument that it could help turn the area into more of a destination and spark a full change.


Buyer beware: outsourcing city redevelopment to private business doesn't always work out the way you hope. At the end of the day, it takes more than smart business deals imo. It certainly helps having a Mayor like Duggan in Detroit, someone who has all the connections, but you still need well spent tax dollars and any federal money you can get your hands on because those companies will take you for every dollar you're worth, or take their business to another city.

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