The 76ers are proposing to give the land to the city, and lease it back from the municipal government. That would make the property exempt from real estate taxes that fund city services and schools.
The Sixers arena studies due in December still aren t done inquirer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.com Daily Mail and Mail on Sunday newspapers.
The Philadelphia 76ers' proposed arena in Center City is criticized in a new analysis being promoted by opponents of the project in the Chinatown Coalition. A researcher claims the project on East Market Street could cost the city millions of dollars in tax revenue and threatens the survival of existing businesses. The 76ers called the new study 'fatally flawed.'
A new analysis finds that 76 Place could cost Philadelphia and Pennsylvania more than $1 billion in lost tax revenue, a scenario that would nearly offset the public revenues the