Philadelphia 76ers analysis of net tax revenue from potential new arena in Chinatown off by $1,110,000,000: Report
The Philadelphia 76ers are exploring the idea of a brand new arena in the Center City area. The $1.55 billion project named the "76 Place at Market East" would be located near the Chinatown neighborhood. While the NBA organization feels its would provide a major boost to the area, some people disagree on the scale of the financial benefits.
On Monday, the City of Philadelphia released four reports that detailed how the project could influence the surrounding areas. While the Philadelphia 76ers were bullish on the financial impact on the region, the latest reports from the city were far more downbeat.
The recent independent studies state that the new project would generate approximately $1.9 billion in direct spending over 30 year of operating. According to a recent artile on Whyy.com, that would equate to $390 million in new tax revenue, a significantly lower figure than the $1.5 billion that the Sixers proposed in their initial findings.
The $1,110,000,000 difference between the two studies has created a new issue for the 76ers, and could lead to some pushback down the line.
In many cases a new stadium can lead to an economic boost to the neighborhood, the creation of new jobs and an improved living standard for local residents.
While some are in favor of the team building a new stadium within the city limits, residents and business owners in the Chinatown neighborhood have already voiced their concerns about the negative impact this astronomical project would have on the community. The report also stated that only a small portion of business owners in that area would benefit from the newly constructed arena.
Philadelphia 76ers have played their home games at the Wells Fargo Center since 1996
Founded in 1946, the Philadelphia 76ers are one of the oldest franchises in the NBA. The team started in Syracuse but moved to Philadelphia in 1963 and has been a staple amongst the community ever since.
The Sixers had plenty of succes in the original Spectrum, but moved to the Wells Fargo Center (referred to as the Spectrum II during the construction phase) in 1996. The stadium cost approximately $210 million to build and has a capacity of 21,000 for basketball games.
The Wells Fargo Center has hosted some of the world's biggest sporting events including the NCAA Basketball Tournament, US Gymnastics and Stanley Cups finals. The 2001 NBA finals between the Philadelphia 76ers and LA Lakers also took place in the stadium.