Board Approves Subsidy for 76ers Practice Space
CAMDEN (AP) — New Jersey’s Economic Development Authority has approved an $82 million tax break for the Philadelphia 76ers that could cover the entire cost of putting the team’s practice facility and offices in Camden.
The board voted unanimously on Tuesday to approve the 10-year deal.
The Sixers are the only team in the NBA without its own practice facility.
In an economic development bill adopted last year, New Jersey added special incentives for businesses locating in Camden.
The team plans to build a 120,000-square foot space on the Camden waterfront and bring 250 jobs to the city.
The team would have to stay in Camden for at least 15 years.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)