The state's Economic Development Authority voted unanimously
Tuesday to award an $82 million grant to the Philadelphia 76ers to build a
practice facility and offices on Camden's waterfront.
Sixers CEO Scott O'Neil sat beside Camden Mayor Dana Redd at
the packed meeting as the board approved the grant to be paid out over 10
years.
The board will meet in executive session to discuss land
transfer details.
According to the project summary, the net benefit to the
state will be $76.6 million over 35 years. The move would also bring 250 full
time jobs with a median salary of $45,000 to Camden, though its unclear if
residents would benefit from those jobs.
The project involves a 60,000-square-foot practice facility
and a connected three-story commercial building with 60,000 square feet for
business operations and offices.
The EDA will purchase land at the southeast corner of
Delaware Ave and Martin Luther King Boulevard on the waterfront from the Camden
Parking Authority and enter into a ground lease with the Sixers to build the
facility.
The team had pursued design and planning at the Navy Yard
but after the enactment of the Economic Opportunity Act of 2013, began
exploring location in Camden, according to the project summary.
The EDA also approved a $6 million grant for student housing
across from Rowan University's medical school in Camden. That project is
expected to create 105 construction jobs.
A link to the New Jersey Economic Opportunity Act of 2013
may be found here…
Source: Philly.com
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