Per the Philadelphia Business Journal, the Philadelphia 76ers have applied for an $82 million grant for their new practice facility in Camden, New Jersey. This $82 million grant will be spread out over the course of 10 years and would be coming from the State of New Jersey.
The 76ers are looking to have the grant under the “Grow New Jersey Assistance Program.” This program provides tax breaks for companies that bring jobs to distressed areas.
The article from the Philadelphia Business Journal brought up the following points about the practice facility:
That program provided funding to 10 other companies since last year, ranging from $972,790 a year for 10 years awarded to Vintage Pharmaceuticals to create 25 jobs in Cranbury, N.J., to $39.5 million a year for 10 years awarded to Biovail Americas, which created 550 new jobs and help retain 270 jobs in Bridgewater, N.J.
Team officials have not publicly commented on their Camden plans to date. It’s unknown exactly how many front office jobs the Sixers would bring to Camden, but more than a dozen highly paid professional basketball players will be free of Philadelphia city wage taxes when they practice in Camden. That’s big dollars.
Moving the practice facility for Camden would be a great move for the city of Camden and would help further a partnership between New Jersey and Philadelphia. The 76ers currently practice at the Philadelphia College of Osteopathic Medicine in northwest Philadelphia. The new practice facility is being looked to be built on the Camden Waterfront, which is a great destination in the city. A practice facility in Camden would also allow a lot of the players to move to New Jersey, which would help with expenses. Above all, this would be most helpful for the city of Camden.