Tag: Pennsylvania

Arena

In Oklahoma, some believe that an ownership group is proving their “commitment” to the area when they pay just 5% for a $900M new arena

In the NBA, the value of teams is rising at a rather insane pace. In 2006, the current owners of the Thunder bought the team for $350M. Now, the value of the team hovers around $3.5B. But that doesn't matter because these owners are committed to the area. Right? Some have even claimed that these owners bring a “tremendous selflessness” towards the team and city.

William Neilson Jr.
Stadium

Philadelphia Union swear that this time, the new stadium will be an economic engine for Chester residents

The Philadelphia Union, the local MLS team, will get $250,000 in county tax breaks for their new Stadium, WSFS Bank Sportsplex. Specifically, the Delaware County Council allowed the Philadelphia Union to not pay any county real estate taxes. This lasts for the next 10 years and will be done on a sliding scale that starts at the team being exempted 100% this year and down to 10% at the end. According to the city and not a single economist alive, this should allow for the city to see direct spending increase by $9 million dollars. Why? Because this new…

William Neilson Jr.
Arena

In the past, the Philadelphia 76ers have promised to hire locals in exchange for a new facility. They didn’t.

How could this happen? Because the 76ers were not required to hire Camden residents for the practice facility. This happens across the country. This site has written about instances where a sports team promises but does not deliver on hiring local workers. Why didn't the city mandate this before giving out the taxpayer money? Because New Jersey’s Economic Development Authority did not require a community benefit agreement for the Camden project. Just looking into this deal is mind-boggling. For example, the deal required the creation of 250 jobs at the site, not including construction. So far, so good.

William Neilson Jr.